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Hourly Pattern Still Bullish for Stocks 6/2/22

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The current pattern on the hourly ES 24 hour S&P continuous fuguetures remains bullish. The key numbers in the hour coming up to 6 AM in New York are 4126 and 4144. If they clear those resistance areas, it should be off to the races again. If they don't clear it, then we're back in triangulation mode. The area of ambiguity would be between that resistance zone and uptrending sport dating from the May 20 low. That will be around 4110 around the time NY opens. 

Hourly indicator patterns are neutral and inconclusive. They don't know either, but given that they are near neutral, any move that starts from this area is likely to be a decent sized run. 

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Meanwhile, anything above 2.96 on the 10 year should trigger a breakout to the next upleg in yields. Ugly and dangerous. https://liquiditytrader.com/index.php/2022/06/01/quantitative-tightening-is-here-and-the-effect-will-be-devastating/

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For the big picture: 

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I just ran the withholding tax data for May. It's a shocking decline. I'm writing a report on it now that explains WTF is going on, what it means for the markets, and how to play it to protect and grow your capital. 

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55 minutes ago, aussiebear said:

image.jpeg.a3d318efaec849f943678c2eaf97b2f9.jpeg

My idea of a beach:  80 mile beach north west Western Australia ..😎

What good is a beach without half naked bodies? 😁

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2 hours ago, DrStool said:

Doc,

as always: Fantastic job!

But somehow I have to say it smells fishy. The FED knows that data too. It is public now, you know 😂. The FED isn‘t dumb. It knows everything we do. The question: Is the FED trapped like we think it is, or will Flash God come and save her:

😂🏻

In May 2000 FED stopped hiking THEN the shit really started hitting the fan, so there is hope for the bears.

Bears are often their wirst enemy, they are getting as greedy as bulls. Seeing 1500 ever again is a nice dream, but that‘s that. Below 3000 the pressure n the FED will start to get gigantic.

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Put 12 geniuses in a room and you get group psychosis. The Fed has proven time and again that it's clueless because it is delusional in its own self grandeur. It operates on behalf of its bank cronies. It does not make policy to benefit the public or anyone else other than itself and its friends, and it can't even get that right. 

Everybody saw this inflation developing, except the Fed. Think about that. How is that possible? 

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