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Unidirectional Market 3/4/24

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The ES, 24 hour S&P futures would need to have an hourly close below 5127 today, and must be below that at the NY close, to have even a prayer of getting anything going on the downside. Barring that, the path of least resistance remains up, up, and away. The latest high base breakout measures to 5170. The current channel upper limit will be at 5167 at the NY close. Will it get there? I don't see why not. 

And my god, Federal tax collections went through the roof in February. Is it because of retirees cashing out of IRAs and 401k's? Whatever the reason, it's bullish. Tax Collections Took Off in a Stunning Reversal in February 

Meanwhile, we're due for a 3 and 5 day cycle down phase through today and then through Wednesday. The trend argues for that to be no worse than a consolidation. As for the longer term, I'm working on a Technical Trader update now that will be posted before NY opens. Meanwhile, have a look at this report for swing trade chart ideas.  Swing Trade Screen Picks – Read My List, No New Shorts


For moron the markets, see:

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2 hours ago, potatohead said:

Amazing what money can buy you....

The U.S. national debt is rising by $1 trillion about every 100 days....


perception is everything

T-bills are money.

Deficate spending causes flatus. 

That is all. 

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The Fed’s weekly real time balance sheet data and its slightly lagged data on the condition of the US banking system still show little sign of an imminent end to the stock market rally. Only the Foreign Central Bank trend is negative, and that on its own isn’t sufficient to turn the market. It needs help, and there’s none to be found. The bulls are running wild. Non-subscribers, click here for access.

Subscribers, click here to download the report.

As they do, prices of stocks rise. And that creates its own vicious cycle of liquidity creation leading to higher prices, and so on. This is how manias become entrenched. They continue until they are exhausted. We look for signs of exhaustion both in the technical market data, which I report in the Technical Trader reports, and in the liquidity data that I report here. In neither case are there signs that this rally is finished yet. But I’m on the lookout.  Non-subscribers, click here for access.

The end may come quickly, so we need to be prepared and vigilant. Complacency is the trader’s enemy. We must guard against that.  Non-subscribers, click here for access.

KNOW WHAT’S HAPPENING NOW, before the Street does, read Lee Adler’s Liquidity Trader risk free for 90 days! Act on real-time reality! 

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