DrStool Posted June 6 Report Share Posted June 6 The market successfully lifted off the launchpad yesterday and has established orbit. The 5350 level now looms large on the ES. It was the May 23 high, and is also a trend spport convergence level this morning. If it holds above that, the sky is the floor. A 5 day cycle projection looks like 5365. On a 4 day basis it looks like 5385. 2-3 day cycle projection splits the difference at 5375. Under the Big Top We also have a bottom at a top pattern breakout. The lower neckline conventional measured move target is 5395. If they stay above 5350, then the big pattern would measure to around 5495-5500. Wooie. Hard to believe, Harry! I wouldn't get too excited yet if they do pull back below 5350. It would also need to break a signal moving average band in the 5335-40 area in the pre market to get a 5 day cycle sell signal. If those are broken, then there would be a theoretical basis for a pullback to 5225 or even 5220 by today's close. Conversely if the ES holds above 5340 this morning, then all of those higher targets would remain in play. Swing Trade Screen Picks – Still Tilted Buy June 3, 2024 For moron the markets, see: After Growth in the Spring Comes the Harvest June 4, 2024 Swing Trade Screen Picks – Still Tilted Buy June 3, 2024 Under the Big Top June 3, 2024 Why Gold’s Consolidation Is Probably Not Benign May 30, 2024 June Swoon Called Off May 29, 2024 The Fed Doesn’t Matter Any More May 1, 2024 If you are a new visitor to the Stool, please register and join in! To post your observations and charts, and snide, but good-natured, comments, click here to register. Be sure to respond to the confirmation email which is sent instantly. If not in your inbox, check your spam folder. Link to comment Share on other sites More sharing options...
DrStool Posted June 6 Author Report Share Posted June 6 Feels like a give up the ghost moment. Link to comment Share on other sites More sharing options...
DrStool Posted June 6 Author Report Share Posted June 6 There he is. Link to comment Share on other sites More sharing options...
DrStool Posted June 6 Author Report Share Posted June 6 When this guy shows up, you never know who's gonna get stomped. Link to comment Share on other sites More sharing options...
Takachi-1 Posted June 6 Report Share Posted June 6 Isn't it against the rules to take a profit in NVDA? NVDA been berry berry good to me! Link to comment Share on other sites More sharing options...
DrStool Posted June 6 Author Report Share Posted June 6 Absolutely nothing working at my end today. Link to comment Share on other sites More sharing options...
DrStool Posted June 6 Author Report Share Posted June 6 Momma said there'd be days like this. Link to comment Share on other sites More sharing options...
DrStool Posted June 6 Author Report Share Posted June 6 Yesterday, ... And it's gone. Link to comment Share on other sites More sharing options...
DrStool Posted June 6 Author Report Share Posted June 6 VSCO da Gama did not find my Silk Road today. Link to comment Share on other sites More sharing options...
DrStool Posted June 6 Author Report Share Posted June 6 Insane rally in bonds continues, after supply deluge put to bed last week. More coming, mid month. But the paydowns will absorb it, as I correctly foresaw (so far). Net Cash Pay Down in Millions of Dollars, by Date Date Security Type Total Offering Total Publicly Held Maturing Net New Cash or (Pay Down) 06/17/2024 Coupons $119,000 $50,468 $68,532 06/13/2024 Bills $246,000 $249,987 $(3,987) 06/11/2024 Bills $200,000 $214,973 $(14,973) 06/06/2024 Bills $200,000 $212,002 $(12,002) 06/04/2024 Bills $200,000 $204,981 $(4,981) May Tax Collections Were Super Bullish June 6, 2024 After Growth in the Spring Comes the Harvest June 4, 2024 Link to comment Share on other sites More sharing options...
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