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Yesterday's V Bottom Looks Like a Keeper 7/15/22

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OK, we're a day trading thread here, so let's keep that headline in perspective. On the other hand, if this sticks for more than a few days, then we should keep in mind that this low was higher than the one in June. But we''d still need to clear 3919 on the ES 24 hour S&P fuguetures to have that higher higher low, higher high sequence to call an intermediate uptrend. 

Here in the short run, the ES was in the process of breaking out of a one week downtrend at 3800 as of 5 AM New York time. If this sticks, then the next target would be a resistance convergence around 3825. If they clear 3810, the bottom pattern would have a conventional measured move objective of 3890. 

So stay tuned for more chills, thrills and excitement through this summer Friday in this Saga of the Temporary Bull. By the way, I think the ES would need to drop back below 3765 to put the bears back in business. Rule nothing out in this environment. 


For the longer view that concerns most of us, see Advantage Bulls, But It’s Over If This One Thing Happens This Week

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The Fed is not really doing any real QT.

The balance sheet is going sideways.

This needs a new name;

How about "Quantitative null"

Stocks cant really rise under such a regime.

They can go down some more.

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The good news is they stopped at resistance. The bad news is that the 5 day cycle projection is now 3900. 



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Look at all those "busted Charts"

and all it takes is opening JAM JOB (Daily)

and a closing Bell HOD OF DAY RIP JOB

Crime still Fecking Pays, for them.............

Amazing, Interest rates down, Rate Cuts back to ZERO------World Wide......

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