DrStool Posted May 9, 2022 Report Share Posted May 9, 2022 Chart traders like round numbers, and they'll set their algos accordingly. Shorts will set orders to cover at ES 4000, and bulls would like to buy there. So look for 4001 on the ES 24 hour S&P futures, and around that number on the cash. 😉 In fact, that's what the 5 day cycle projection points to. Wait for it. Wait for it. First they need to break a few trend sport levels. Like 4040, 4020, and 4005. On the upside, if they push it through 4100, bulls' ball. Meanwhile, buttcoin, continued its slow irregular track to its top pattern breakdown measured move price objective, and intrinsic value, of zero. If it doesn't stop dropping right here at 33,600, the proximate target would be 30k, and it should get there fast. Meanwhile the US Central Bank is about to start removing doodahs from the world banking system, while the European Central Bank hasn't even thought about it yet. So the currency of the ECB, aka the geuro, which you can get on pita bread with tomato, onions, tzatziki, and fries, keeps getting cheaper for holders of US American doodahs. Next stop on the geuro is $1.04, and when they break that, the only question will be how fast it gets to parity, or party, with the doodah. But the real catastrophe of the day is this one. If you own bonds, I can only ask WHY WHY WHY! I've been inveighing against them for 18 months! The 1 year cycle projection on the 10 year Treasury is now 3.55. If you're serious about the underlying forces of supply and demand that drive the markets, join me! 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. For the big picture: Buys Beat Shorts in This Week’s Swing Trade Screens May 9, 2022 Big Tops Lead to Big, Bad Bear Markets May 8, 2022 April Tax Collections Still Running Red Hot Mean That Fed Must Get Tighter May 4, 2022 Time to Catch Gold Knives May 3, 2022 The Fed is Tightening Into a Sheet Storm May 2, 2022 Link to comment Share on other sites More sharing options...
DrStool Posted May 9, 2022 Author Report Share Posted May 9, 2022 Enjoying late lunch early dinner on La Croisette in Cannes. Beautiful day! how's the market? Have I missed anything? Link to comment Share on other sites More sharing options...
Jorma Posted May 9, 2022 Report Share Posted May 9, 2022 I think that Devils Tower pattern is a keeper. Link to comment Share on other sites More sharing options...
Jimi Posted May 9, 2022 Report Share Posted May 9, 2022 37 minutes ago, DrStool said: Enjoying late lunch early dinner on La Croisette in Cannes. Beautiful day! how's the market? Have I missed anything? Are they open? Link to comment Share on other sites More sharing options...
DrStool Posted May 9, 2022 Author Report Share Posted May 9, 2022 6 hours ago, DrStool said: Chart traders like round numbers, and they'll set their algos accordingly. Shorts will set orders to cover at ES 4000, and bulls would like to buy there. So look for 4001 on the ES 24 hour S&P futures, and around that number on the cash. 😉 In fact, that's what the 5 day cycle projection points to. Wait for it. Wait for it. First they need to break a few trend sport levels. Like 4040, 4020, and 4005 Zeyewuzsane... Link to comment Share on other sites More sharing options...
DrStool Posted May 9, 2022 Author Report Share Posted May 9, 2022 22 minutes ago, Jorma said: I think that Devils Tower pattern is a keeper. Link to comment Share on other sites More sharing options...
Jimi Posted May 9, 2022 Report Share Posted May 9, 2022 Anyone ever wonder how stablecoins could offer high interest rates without corresponding risk? https://www.business2community.com/cryptocurrency/earn-interest-on-stablecoins The answer is: they can't. I'm not versed in stablecoin mechanics, because... well, I don't care, but it seems there's something coming unglued therewith today. And that is Nature healing. Link to comment Share on other sites More sharing options...
potatohead Posted May 9, 2022 Report Share Posted May 9, 2022 4 minutes ago, Jimi said: Anyone ever wonder how stablecoins could offer high interest rates without corresponding risk? https://www.business2community.com/cryptocurrency/earn-interest-on-stablecoins The answer is: they can't. I'm not versed in stablecoin mechanics, because... well, I don't care, but it seems there's something coming unglued therewith today. And that is Nature healing. Can there be such thing as a ponzi squared or ponzi cubed? Link to comment Share on other sites More sharing options...
DrStool Posted May 9, 2022 Author Report Share Posted May 9, 2022 Speaking of Oh the Humanity, intermediate projection of 113 done. Due for a bounce off the tarmac. Liquidity Trader- Money Trends Link to comment Share on other sites More sharing options...
Jimi Posted May 9, 2022 Report Share Posted May 9, 2022 9 hours ago, DrStool said: Meanwhile, buttcoin, continued its slow irregular track to its top pattern breakdown measured move price objective, and intrinsic value, of zero. If it doesn't stop dropping right here at 33,600, the proximate target would be 30k, and it should get there fast. I didn't think, uhh.... I didn't think you meant... today? Link to comment Share on other sites More sharing options...
DrStool Posted May 9, 2022 Author Report Share Posted May 9, 2022 27 minutes ago, Jimi said: I didn't think, uhh.... I didn't think you meant... today? Whynot? Link to comment Share on other sites More sharing options...
DrStool Posted May 9, 2022 Author Report Share Posted May 9, 2022 10 hours ago, DrStool said: Shorts will set orders to cover at ES 4000, and bulls would like to buy there. So look for 4001 on the ES 24 hour S&P futures, and around that number on the cash. 😉 LOD 4000.8 Link to comment Share on other sites More sharing options...
potatohead Posted May 9, 2022 Report Share Posted May 9, 2022 26 minutes ago, DrStool said: LOD 4000.8 Mr. Margin Clerk may have the last say in the matter. Link to comment Share on other sites More sharing options...
Jimi Posted May 9, 2022 Report Share Posted May 9, 2022 28 minutes ago, DrStool said: Whynot? 'cause the only thing I lack more than trading acumen is imagination? Link to comment Share on other sites More sharing options...
Jimi Posted May 9, 2022 Report Share Posted May 9, 2022 3-handle. Link to comment Share on other sites More sharing options...
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