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Market Souffle 4/29/24

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I will start with the 2 hour bars of the ES 24 hour S&P futures, just to give you some perspective of what a beautiful bottom we've just come through. It has a conventional measured move target of 5250. 

But wait, is that a little rounded top forming since Friday's close? If they take this back below 5095, then it could be. Below that, the rally could be extinguished. The 2 hour bar based cycle oscillators are certainly extended, so I can't rule this out. They Walked the Line


On the other hand, looking at the 1 hour bars, I suspect that this could go into trending mode on the upside. If they clear 5116 with a little oomph, the sky's the limit. 


For moron the markets, see:   

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32 minutes ago, potatohead said:

Market lower as Treasury boosts April-June borrowing estimates to $243 billion from $202 billion - Q3 $847 billion, when the Fed likely slows QT

Isn't that special. And yet, you would think that the Treasury market would sell off on that nooze. But No-o-o-oo-o

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