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Downtrend Broken, But Wait! There's More! 9/30/21

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The ES fucutures edged through the top of the 5 day downtrend channel at around 2 AM this morning New York Time, but they didn't get far. They ran into resistance at the 38.2 fiber nacho line of the previous decline. As of 4:45 AM ET, the futures are back to the downtrend line that they broke nearly 3 hours ago. 

The number to watch on the upside 4399. If they get through that however, it's still not quite clear sailing. They could bump their head and recoil from 4405. 

Under 4377,  bears should be in control. 

Hourly oscillators are iffy, particularly momentum, which is the middle one. 

A 5 day cycle projection of 4390-95 for the up phase was hit. 

Click here for the longer term big picture.

tvc_8fad1cdaf36c76df8f5c82e9a974ac74.png

 

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Meanwhile, for your longer term infotainment and edification:

The Ugh Market

Liquidity Matters, The Fed’s BS Doesn’t

Get Ready for the Coming Bond Market Bloodbath

When Hope Is Not a Good Thing

Useless Banking Indicators Except for One Giant Red Flag

 

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5 minutes ago, Jorma said:

It seems the debt ceiling is going to be suspended till Dec 3.  That's the current consensus by seers.  With a due date in 2 months the Treasury is going to stuff the coffers with every penny it can, I would think.

Catastrophic market impact. The could rebuild the cash account to a trillion if they wanted to. 

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Positive divergences in the hourly oscillators versus Tuesday's low. 2-3 day cycle projection 4317 done. Looks like 2-3 day cycle low in the second half of a weak 5 day cycle up phase. Next rollover should smash the lows. 

tvc_04bfcf21c30337d0d567709f436db1a2.png

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2 hours ago, DrStool said:

Catastrophic market impact. The could rebuild the cash account to a trillion if they wanted to. 

I'm not so sure suspension of the celling is what is happening. No news source says because they don't understand the subtleties.

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