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Air Pockety 4/11/24

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The market has developed a penchant for air pockets within this recent trading range. They've been in both directions. One of these days an air pocket will open up outside the range, and there was be no coming back from it. But which way. That's the question. 

Is today the day? Not likely. We're due for a 5 day cycle low, and the 5 day cycle projection of 5230 has been reached. However, not like doesn't mean impossible. Crashes happen when bottom setups fail. 

Looking at the 2 hour bars of the ES 24 hour futures for today, there are numerous possibilities evident. One is that the low might be tested here at the NY open, hold and reverse into a rocket launch. Another is a break of the lows. But then what? 7 points? 20 points? 30 points? That last support around 5195 is the biggie. 

The tape must be watched today. If you are short, only fire when you see the whites of their eyes. Swing Trade Screen Picks – Well Hedged List Gives Steady Performance in the Wild Market


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Realize that the primary task of the FED is to save the US Government from the consequences of its fiscal profligacy and the danger of hard default by printing money.

Price stability is a secondary task.

If the two tasks conflict....as they currently do.....

Then task one wins at the expense to task two. 

And the wealth of lenders gets transferred to the borrowers.

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But there's a 2-3 day cycle projection of 5235, and if they get through 5220 the implied measured move would be 5305. 

The hourly indicators are bullish. 

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Looks like the dealers are backing the fruit train back into the station after shaking the low hanging fruits from the trees. 

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