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Overnight Eraser 10/24/23

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An overnight melt-up wiped out 3/4 of yesterday's late selloff.  European hedge funds and other assorted algos covered shorts and set up more hedges. Now what? Nobody knows, least of all me. 

Technically, the ES 24 hour S&P futures have a 5 day cycle projection around 4260. Ideally, the 5 day cycle high would be due around noon New York Time. Resistance is indicated at 4258. If they clear that, it would complete a bottom pattern with a conventional measured move target of 4325-30.

If they pull back from here, trend spport comes in at 4230 in the opening half hour of regular trading. That line rises to 4240 at the close. Bears need that to break to retake control and put a crash back in play. Beware of Bear Market Crash Potential


Over in Gary, US Bond land, we had recognized that 5% was a probable short term top in the 10 year yield. But oh my gawd. What if they don't drop it under 4.80. Well, see for yourself. This thing could accelerate straight to da moon.  I have an update coming up on the liquidity front, but meanwhile here's the latest


Gold has had an explosive move since war broke out in the Middle East. But will it sustain? When the Market Is Ready, an Event Will Appear It's pretty obvious what the metal must do to confirm its bullish bona fides. 


For moron the markets, see:

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4 hours ago, fxfox said:

Mafiasoft and Giggle will disappoint after ze bell.























just kidding. 😂

Sell the news irregardless. 

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