Stocks in Trending Mode 12/13/23

[DrStool]

The only visible cycle in the hourly chart of the ES, 24 hour S&P futures is on a one day basis. The 3 and 5 day cycles are in trending mode, although a flat down phase would be in order for today. Boring.  Stock Market Dancing on the Ceiling

4648 is an old spport level. The centerlines of a couple of uptrend channels are at 4642 and 4645 as of 6 AM in New York. They rise at the rate of about 1 point per hour through the day. More significant trend spport sits at 4641, rising to 4643 at the close. Nothing will happen on the downside as long as they stay above that. 

Meanwhile trend resistance rises from 4659 at 6 AM to 4667 at the NY close. There's no indication of acceleration through that line, and cycle time doesn't support it. The conventional measured move target of the high base breakout is around 4660. But LTFO is they clear that. 

I'd expect a boring, rangebound day 4645-4660. 

For moron the markets, see:

• Swing Trade Screen Picks – No Gifts for the Holidays December 11, 2023
• Stock Market Dancing on the Ceiling December 10, 2023
• Gold Got There Fast But Race is Over December 6, 2023
• Tax Revenues and Liquidity are Crashing December 4, 2023
• This Chart Tells Us Exactly When the Bull Market Will End November 26, 2023
• A Rally Can’t Live on Hope Alone November 20, 2023

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[DrStool]

Hint of bottom formation in the 10 year Treasury yield. Tax Revenues and Liquidity are Crashing

[BurntOnce]

the future is ai enabled electronic and stealth warfare (modulated microwaves for the biggest punch). the thing about software is that there is always an answer and there areno limits given the computing power.

we're outmatched in manufacturing might and numbers. shelling and hand to hand combat is getting old.

Mcarthur advised that no more than 25,000 chinerman would cross the yalu river. it was more like 250,000. no wonder that forgotten war never ended.

[DrStool]

Here's where it could get interesting. 

Or not. 

[DrStool]

Wow. I completely missed that today was FOMCircus Day. 

What's Chairman Pao saying now. 

[MisFit Kid]

 

2 minutes ago, DrStool said:

Wow. I completely missed that today was FOMCircus Day. 

What's Chairman Pao saying now. 

Free Money to some.....

KISS My A$$ to everyone else......

 

>: Rate cuts, they see nothing wrong

>:: then again, why bother with the word "inflation" when it has no meaning

[DrStool]

4 hour bars for perspective on trend resistance. 

 

[DrStool]

Hourly chart lacks context today. 

 

[fxfox]

23 minutes ago, DrStool said:

4 hour bars for perspective on trend resistance. 

 

Well, there is always a trendline somehow somewhere…

[DrStool]

True. This one is an extension from the two peaks in October 2022, so it is a valid trendline. 

[fxfox]

And once the slush fund is empty they start buying bonds. Where is the problem? It will happen and everyone knows it.

[fxfox]

Liquidity was not plenty in 2023, right? So how can Nasdaq rise 50% and Bitcoin tripple? 

[DrStool]

I wonder how many of the longs on the swing trade pick list got stopped out early in the week. 

Swing Trade Screen Picks – No Gifts for the Holidays

 

[DrStool]

Just one, and one of the shorts. Average gain on open picks now 14.6% on average 23 day holding period. This is extreme. Reversal should be enemant. 

[Jorma]

I haven't believed TNX would go much higher than 5% or stay there very long at least until there was a correction.  Sorry Lee. It was these stupid charts that kept saying so.