DrStool Posted September 24, 2021 Report Share Posted September 24, 2021 The market peaked yesterday afternoon around 2 PM at 4458 on the ES S&P futures. In the short short run, it was a higher high. But in the longer short run, since the September 6 high, it was a lower high. So is the short term trend bullish or bearish? It all depends on what happens here at 6:15 AM in New York. There are support lines at 4425 and 4417 and then around 4415 at about the time New York opens for trading. If they hold, then the short short term bullish trend still rules. If they fail to hold, then 4380 would beckon. At that level the market would make a decision about the future of the world as we know it. 2-3 day cycle projection says we're going to 4420 here. If you are a new visitor to the Stool, please register and join in! To post your observations and charts, and snide, but good-natured, comments, click here to register. Be sure to respond to the confirmation email which is sent instantly. If not in your inbox, check your spam filter. Meanwhile, for your longer term infotainment and edification: Liquidity Matters, The Fed’s BS Doesn’t Stock Market on the Brink Get Ready for the Coming Bond Market Bloodbath When Hope Is Not a Good Thing Lots of Sell Signals Again From Friday’s Swing Trade Screen Useless Banking Indicators Except for One Giant Red Flag Link to comment Share on other sites More sharing options...
DrStool Posted September 24, 2021 Author Report Share Posted September 24, 2021 30 minute bars perspective. Link to comment Share on other sites More sharing options...
DrStool Posted September 24, 2021 Author Report Share Posted September 24, 2021 The Vistula is swollen and brown. Link to comment Share on other sites More sharing options...
DrStool Posted September 24, 2021 Author Report Share Posted September 24, 2021 Link to comment Share on other sites More sharing options...
jp6 Posted September 24, 2021 Report Share Posted September 24, 2021 All it was Short covering and bulls Buying. Double rocket fuel. Nothing has changed. Fake break down was followed by Fake breakout. Today will find out if Bulls have any more rocket fuel for another Huge green candle. Bob Farrell's 10 Rules Click here A lesson I learned early is that there is nothing new in Wall Street. There can't be because speculation is as old as the hills. Whatever happens in the stock market today has happened before and will happen again. Link to comment Share on other sites More sharing options...
DrStool Posted September 24, 2021 Author Report Share Posted September 24, 2021 Fed pumping $180 billion a month into Primary Dealer trading accounts is new. It's never been done before. Link to comment Share on other sites More sharing options...
DrStool Posted September 24, 2021 Author Report Share Posted September 24, 2021 This kinda speaks for itself. Link to comment Share on other sites More sharing options...
DrStool Posted September 24, 2021 Author Report Share Posted September 24, 2021 Would it be going out on a limb, a bridge too far, to say we're kinda at a standstill here. Link to comment Share on other sites More sharing options...
Jorma Posted September 24, 2021 Report Share Posted September 24, 2021 China bans crypto transactions and mining. Crypto mining, that cracks me up every time. Bullish I guess. Link to comment Share on other sites More sharing options...
Jimi Posted September 24, 2021 Report Share Posted September 24, 2021 Die, crypto-pig. Die. Link to comment Share on other sites More sharing options...
potatohead Posted September 24, 2021 Report Share Posted September 24, 2021 my guess is the 2 Treasury year note saw very little of that T-Bill paydown? Link to comment Share on other sites More sharing options...
DrStool Posted September 24, 2021 Author Report Share Posted September 24, 2021 8 minutes ago, Jimi said: Die, crypto-pig. Die. Now now Jimbo. Play nice. Link to comment Share on other sites More sharing options...
DrStool Posted September 24, 2021 Author Report Share Posted September 24, 2021 1 hour ago, potatohead said: my guess is the 2 Treasury year note saw very little of that T-Bill paydown? RRP slush fund, i.e. the institutional money fund of money market funds rose by $70 billion yesterday, and they only withdrew about $40 billion today. The rest is still sitting there. Over the last week it is up $96 billion. Liquidity Matters, The Fed’s BS Doesn’t Link to comment Share on other sites More sharing options...
DrStool Posted September 24, 2021 Author Report Share Posted September 24, 2021 We need to be clear again about where that $69 billion came from. Yesterday the US Treasury paid down $86 billion in T-bills. $17 billion went somewhere else. Just a coincidence of course that stocks rose a zillion points. No causal relationship there. No sir. Liquidity Matters, The Fed’s BS Doesn’t Link to comment Share on other sites More sharing options...
DrStool Posted September 24, 2021 Author Report Share Posted September 24, 2021 5 day cycle projection 4505-10 Link to comment Share on other sites More sharing options...
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