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You Just Can't Keep a Good Market Down 3/27/24

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We will test that maxim in the 7-8 AM hour in New York as the ES 24 hour S&P futures run into a trend resistance convergence at 5233. If they clear that little obstacle, there will be immediate running room to 5250.

If they don't clear it, they won't have far to go to hit the first spport level, which is around 5218-20. If they break that, then they should pull it back to test yesterday's low around 5205. 

So once again, it doesn't look like a very exciting day again. Only if the market breaks out of that range is a real move likely. The 5 day cycle up phase hasn't gotten off the ground and a high is due in that cycle today or tomorrow. Mid day Thursday to Friday's close and perhaps Monday present a better chance of a breakdown from this range. That assumes no upside breakout today.   The End Is Not Nigh

145tp8

For moron the markets, see:   

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Let the paydowns begin. But only after a massive coupon settlement.  The End Is Not Nigh

Date Security Type Total Offering Total Publicly
Held Maturing
Net New Cash or
(Pay Down)
04/02/2024 Bills $215,000 $240,961 $(25,961)
04/01/2024 Coupons $217,000 $92,224 $124,776
03/28/2024 Bills $213,000 $216,999 $(3,999)
03/28/2024 Coupons $16,000 $0 $16,000

 

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I went into the day nearly half short. However, I kept getting cover signals and by the end I was only 10% short. But I made zip on the day.  Hopefully the longs will make good Tamara.  

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