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Read My Lips Says the Market 2/20/24

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But how many of us are lip readers? So we'll stick to the charts. For our purposes here, the chart of the day. That is the 24 hour ES, S&P futures, and looky looky. Not one, but count em, TWO red channels. If they break out of one, there's a backup to come to shorts' rescue. 

Or maybe not. The 5 day cycle projection is only 4970. And that is indeed a spport level around the time New York opens. If they don't break that, nothing doing, bears. 

On the other hand, to break downtrend channel number one, they only need to be above 4988 at the NY open or 4980 at the close. The second channel is more of a challenge. The top line is at 5003 at the open and 5000 at the close. If they clear that, then 5010-20 would be next up. 

Not much to get excited about either way. But with a 5 day cycle low due, the odds favor da bulls. Whlat


Charts Say- Read My Lips, One More Rally

There are indications of top formation in the 6-month cycle and 6-8 week cycles. But projections suggest at least one more rally with new highs targeted around xxx xxxx. The 10-12 month cycle high isn’t due until xxxxxxxxxxx, with the projection widening to xxxx-xxxx. Non subscribers click here to access.

Technical Trader subscribers click here to download the complete report.

In the short run, the 13-week cycle still has time on the meter for its up phase, with a projection of xxxx and a high due in xxx xxxx xxxx xxxxx.   Non subscribers click here to access.

Not a subscriber? Get price and time targets, and weekly swing trade chart picks, risk free for 90 days! 

Meanwhile, they're trying to pull off a rally in the bond market. They gotta get below 4.24 on the 10 year to succeed. Otherwise much higher yields dead ahead.  Market Sentiment vs. Liquidity Reaches Historical Hysterical 


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