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They Need to Do More to Break the Crash Risk 5/16/22

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Running late today so I'll keep this short. We have an uptrend channel on the hourly ES S&P 500 24 hour fuguetures chart. As of 8 AM in NY, trend support is at 3990. As long as they hold above that, there's a shot at a higher high than Friday's. It would require clearing resistance at 4020. Then they could test Friday's high of 4042.9. On the other hand bears would be back in charge if they drop below 3990. 

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Stay tuned for all the exciting action.

 

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1 hour ago, potatohead said:

Lee,

I am sure you have an opinion on this one....please unleash....

Bernanke says the Fed’s slow response to inflation ‘was a mistake.....coming from the guy who made QE a household name...

https://www.cnbc.com/2022/05/16/bernanke-says-the-feds-slow-response-to-inflation-was-a-mistake.html?__source=sharebar|twitter&par=sharebar

Bernanke is evil. Pure evil. The Adolf Eichmann of central banking.  The Street reveres the guy. That's all you need to know. 

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If the take out 4069.50, it will make a fearsome looking bottom that will suck everybody in. Everybody. Ferocious short covering, and bulls will pile on.  

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