DrStool Posted January 8 Report Share Posted January 8 Approaching 7 AM ET, the ES 24 hour futures were just 2 points below the intraday low of December 20, 2023. That low was broken last week to create a nice big top pattern with a measured move projection of around 4595. But then the market had an immaculate recovery above that line, and the breakdown was negated, for the time being. That makes today decision day. Or not. Meandering is always an option. Indeed there are a couple of triangle patterns in the works which vector towards apexes around 4695. I suspect that the ES will tend toward that in the hours ahead, and even the next couple of days. To get anything going on the upside they would need to clear 4720 by the end of today. On the downside the number to beat would be 4670. Unless they get taken out, be prepared for an exciting meander day. Nothing is Broken For moron the markets, see: Nothing is Broken January 8, 2024 Critical Pullback for Gold January 4, 2024 US Economy Didn’t Crash in December? January 4, 2024 US Economy Crashed in December – Nope, See Update January 3, 2024 Swing Trade Screen Picks – Starting the New Year with a Bad Idea January 3, 2024 Now, Take a Deep Breath January 2, 2024 Macro Liquidity – The Party’s Over January 1, 2024 Dealers Stay Extended December 16, 2023 This Chart Tells Us Exactly When the Bull Market Will End November 26, 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. Link to comment Share on other sites More sharing options...
DrStool Posted January 8 Author Report Share Posted January 8 Over in Bondland, the 10 year Treasury yield is attacking its 200 day moving average from below. Short term cycle oscillators suggest that a breakout is imminent, with the next target being an uptrend line at 4.25. US Economy Crashed in December – Nope, See Update Link to comment Share on other sites More sharing options...
DrStool Posted January 8 Author Report Share Posted January 8 Link to comment Share on other sites More sharing options...
DrStool Posted January 8 Author Report Share Posted January 8 Reverse head and shoulders breakout measures to 4770. Wow. Link to comment Share on other sites More sharing options...
SiP Posted January 8 Report Share Posted January 8 Market like talking about end of QT and even restarting QE. Everyone whats to be first and stay ahead of the masses so BUY first, sell later eg June 2024. Link to comment Share on other sites More sharing options...
DrStool Posted January 8 Author Report Share Posted January 8 5 day cycle projection 4765. Link to comment Share on other sites More sharing options...
fxfox Posted January 8 Report Share Posted January 8 The FED and Yellen will not even allow a 15% downmove. Link to comment Share on other sites More sharing options...
SiP Posted January 9 Report Share Posted January 9 Yeap, think the same in 2024. The only huge down move could come from really big bad event like was at Taiwan and freezing trade with China, so a total collapse. We will keep griding higher, same for Europe, even RE developers Link to comment Share on other sites More sharing options...
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