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Hourly Pattern Still Bullish 1/26/24

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The ES, 24 hour S&P futures are still in a bullish pattern. Higher highs, with the exception of yesterday, so far, and higher lows, although the angle of ascent has decreased sharply. The action is now in a trading range of 4860-4903. We wait for the breakout either way to give us a sense of direction from here.  There's no doubt about it. The outcome is absolutely, positively uncertain. 
Of course, on the bigger picture, not so much. It’s 5050 For Sure


Meanwhile, the Fed's RRP slush fund fell to another new low yesterday at $551 billion. Tick tock. Primary Dealers Are Maxed Out Again


For moron the markets, see:

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12 hours ago, potatohead said:

Looks like the jaws of life will be needed after this reversal

This is 2020. X Axis.

After 2020-01 we had covid and lockdowns in March so it's hard to compare the situation and what would happen then

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Barrona got long article on Microsoft, that it's pricey and maybe could not deliver in 2025.


For technology investors, this coming week is the Super Bowl. Earnings reports from the five most important companies in the business are just days away. Alphabet  and Microsoft  provide updates on Tuesday, then Amazon, Apple, and Meta Platforms check in on Thursday.

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"the strong dollar is pressing on the neck of gold and silver a bit this week. Given the balance sheet expansion and fiat debasement we have seen since 2010, silver should be ashamed of itself. Any way you slice and dice the data, equities and crypto have been a much better hedge for fiat debasement than precious metals. And to make matters worse, precious metals are negative carry. And to those that bought GDX. Man. That thing is a pig. Worse than the metals!"

Weekly speedrun

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The next 62-63 day cycle high is due in the next 3 days. Theoretically, it may be similar to the May high which was only a short term high, but unlike in May SPX is overbought on the weekly timeframe now so the odds of an intermediate term high are much bigger now.


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