DrStool Posted May 23, 2023 Report Share Posted May 23, 2023 Yesterday I wrote: Quote I'd be more bullish if this were a 5 day cycle low juncture. But that's not ideally due until Wednesday. The problem for bears here is that if there's no breakdown, by Wednesday, it would set up another squeeze. Non Functional GPS Market We had a minor break overnight, so it appears to be headed into that expected 5 day cycle low tomorrow. Ideally, today would be a down day. But the market has yet to show the capacity to decline meaningfully. This morning the test will be at 4188 as of 5 AM NY time. If they manage to achieve the modest goal of breaking that, then we'd still be looking at sport levels at 4175 and 4170. Woopdedoo. If these levels or a reasonable facsimile hold, then I'd expect to see them test the highs again, but no breakout today. Cycles would be more conducive to that later in the week. I do not believe that there's enough liquidity in the market to support a bull move in stocks unless major investors are rotating out of bonds. Looking at the 10 year yield, that seems to be happening, although they face tests at 3.75 and 3.90. The Most Widely Forecast Economic Disaster In History Gold has been trying our patience for a dozen years. What else is new. 1957 is obviously an important sport level on the daily. If it breaks, next stop 1935. And if that breaks, you don't wanna know. Gold’s Immaculate Correction For moron the markets, see: Non Functional GPS Market May 22, 2023 Swing Trade Chart Picks – Let’s Get Ready to Rumble May 18, 2023 Gold’s Immaculate Correction May 19, 2023 The Most Widely Forecast Economic Disaster In History May 16, 2023 Weak Real Time Withholding Taxes Set Up a Showdown May 4, 2023 The Big One is Coming May 3, 2023 Enjoy the Market Mirage Now Because We’re Really In a Desert April 24, 2023 The Fed’s Circle Jerk, is ‘Twerking? April 18, 2023 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 folder. If you're serious about the underlying forces of supply and demand that drive the markets, join me! Link to comment Share on other sites More sharing options...
The CoinGuy Posted May 23, 2023 Report Share Posted May 23, 2023 "You will not see me here again." Best Regards, The CoinGuy 3 Link to comment Share on other sites More sharing options...
Jorma Posted May 23, 2023 Report Share Posted May 23, 2023 I'm taking a nap anyway. They bring her down midweek for a rally into the Memorial Day holiday. Well usually. Admittedly Armageddon seems possible. I'm headed to the mountains. Probably visit the Sand Hills on the way. Link to comment Share on other sites More sharing options...
MisFit Kid Posted May 24, 2023 Report Share Posted May 24, 2023 It is worthless, and even worse than takling D Vs R in the US...."US Debt Ceiling" .etc...... (My old folk family...Mom has 10 siblings)...they are as old or older than congress and they want to know what is wrong with "the other side".....(or young people) (guns, anger) I loudly said, do you know what the FED reserve has done in the last 20 yrs..... or the other central banks......they went straight back to D VS R.... Crime Pays, and yet both sides are "good as Gods" or more likely "Godless" and the other side is the problem... Should I no longer trust old people (who have vested interest)...... Link to comment Share on other sites More sharing options...
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