DrStool Posted October 12, 2022 Report Share Posted October 12, 2022 The pattern currently developing on the hourly chart of the ES 24 hour S&P fugutures looks like a bottom. But it snot. It's a consolidation. How do we know that? Because the 5 day cycle has been in an up phase for 2 1/2 days, which means it is now at its midpoint in time. This being a bear market within a bear market, it's overdue for its down phase, now, as of 5 AM New Yak time. Something else may be afoot however, if in fact, a longer cycle of the sort that I track in the Technical Trader, is turning up. Then this up phase would extend. The key will be whether the ES ends the first hour of regular New York trading above 3635. If it does, then let us all turn our eyes toward the heavens to behold the power of the Golden Calf. At the moment the 2-3 and 5 day cycle projections point to around 3630-35. That says that a breakout on this mini leg is not in the cards. On the other hand, we'd need to see a print below 3560 to think about any extension to the downside over the next couple of days. Friend arriving from the US this morning. I'll be back witchoo late. I'll post a Liquidity Trader update tonight. Swing Trade Screens – Plunging in on the Short Side October 11, 2022 Market Reaches Do or Die, Right Here October 10, 2022 Look Out For the Real Fallout of Declining Withholding Tax Collections – Part 2 October 6, 2022 Look Out For the Real Fallout of Declining Withholding Tax Collections October 5, 2022 Swing Trade Screens – Beware! This Swing is Old October 3, 2022 Stocks Have Much At Stake Right Now October 2, 2022 Gold Reason to Hope No Reason for Optimism September 30, 2022 Markets Face Catastrophe as Dealers Mitigate Too Little Too Late September 26, 2022 Fed Speeds Into Dead Man’s Curve, More Black Tuesdays Ahead September 15, 2022 There Will Be More Black Tuesdays September 14, 2022 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. Link to comment Share on other sites More sharing options...
DrStool Posted October 12, 2022 Author Report Share Posted October 12, 2022 What'll it be boys and girls? Decision time! Link to comment Share on other sites More sharing options...
DrStool Posted October 12, 2022 Author Report Share Posted October 12, 2022 Click here for official reaction. Link to comment Share on other sites More sharing options...
Jorma Posted October 12, 2022 Report Share Posted October 12, 2022 It's a well managed decline. Link to comment Share on other sites More sharing options...
fxfox Posted October 12, 2022 Report Share Posted October 12, 2022 The Huge Manatee approaches the East Coast and will apear on surface at 8:30 a.m EST tomorrow morning. Link to comment Share on other sites More sharing options...
DrStool Posted October 12, 2022 Author Report Share Posted October 12, 2022 Look at the hourly cycle oscillators. They're almost perfectly neutral and flat. One way or the other, it's gonna be a big move. It's decision time. 5 day cycle is due to turn down. Link to comment Share on other sites More sharing options...
DrStool Posted October 12, 2022 Author Report Share Posted October 12, 2022 Link to comment Share on other sites More sharing options...
Jimi Posted October 12, 2022 Report Share Posted October 12, 2022 BREAKING: FED'S BRAINARD ANNOUNCES TRADES ON THE S&P WILL ONLY EXECUTE WITHIN 10 POINTS OF 3600 FOR THE REST OF ETERNITY Link to comment Share on other sites More sharing options...
Jorma Posted October 12, 2022 Report Share Posted October 12, 2022 So what is the number supposed to be tomorrow and will a .2% fall in the number give us a 1000 point rally? Asking for a friend. Link to comment Share on other sites More sharing options...
sandy beach Posted October 12, 2022 Report Share Posted October 12, 2022 1 hour ago, Jimi said: BREAKING: FED'S BRAINARD ANNOUNCES TRADES ON THE S&P WILL ONLY EXECUTE WITHIN 10 POINTS OF 3600 FOR THE REST OF ETERNITY Link to comment Share on other sites More sharing options...
Jorma Posted October 12, 2022 Report Share Posted October 12, 2022 I think it might be constipation, not consolidation. The rest of the joke write themselves. Link to comment Share on other sites More sharing options...
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