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Rebound Rodman Team US Stock Market 1/18/24

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The ES 24 hour S&P futures have rebounded overnight. The 5 day cycle has turned upward, with a peak due either today or tomorrow. It's too early for a 5 day cycle projection, but a 2-3 day cycle projection looks like 4760-65. That's also the conventional measured move implication of a small base breakout. 

The rally has already broken through several trend resistance lines on the hourly chart. The next resistance area is 4762-65, corresponding nicely with the price projections. A rollover below that, especially if they can't get it past 4756, would be bearish. 

Uptrend channel support is at 4745 as of 6 AM ET. That rises to 4748 at the NY open, and 4757 at the close. Stock Market Is Having Irving Fisher Moment


Meanwhile 4.10 is a key level on the 10 year Treasury yield. It's the locus of the 200 day MA and also a chart resistance level. If they get through that, look for 4.28-.30 over the next week. Otherwise, pull back to 3.90-.95 first. Weekly Bank Data and Fed Balance Sheet Say the End is Nigh


For moron the markets, see:

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Gold has broken trend support and is taking aim at the next support level around xxxx. This does not bode well for an upside breakout on the next rally. But if they hold above xxxx, the outlook would still be moderately bullish for the xxxxxxxxxxxxxx period. Non-subscribers click here for access.

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2 hours ago, fxfox said:

Tesla looks topish.

Their WLTP range is a hoax. It is an outright betrayal of their customers and their Head of Marketing should be sent to Gitmo.

Is that like WKRP? 

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