On the Verge 8/9/24

[DrStool]

The ES 24 hour S&P futures tried to break out in the early pre market. They did for a bit, but that was it. Now they're on the verge of a 5 day cycle rollover, and break of the uptrend, as of 8:35 AM ET. The number to watch in the opening half hour is 5295. If that holds, then the uptrend is intact. If it doesn't, then we look at 5280 as the next holding area. Closing below that in New York could get the ball rolling on the downside. 

Meanwhile, 5348 is now established as resistance. On the off chance they blow through that, then we're looking 5400ish. Implications of Market Ahead of Itself

For moron the markets, see: 

• Swing Trade Screen Picks – Missing 80% August 5, 2024
• Implications of Market Ahead of Itself August 5, 2024
• Tax Collections Were Worse than the Jobs Report But… August 5, 2024
• Why Primary Dealers Net Short Fixed Income Is Now Bad News for Stocks August 1, 2024
• Stars Suddenly Align for Gold August 1, 2024
• End Stage Hysteria Breaks July 24, 2024
• Picking Up Nickels in Front of a Steamroller July 9, 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. 

[DrStool]

Still Looking Up for Gold

Lee Adler 3 - Gold Trader August 9, 2024

Gold’s cycle projections and trend structures still look moderately bullish but no such luck for the miners. It’s time to swing those picks up, or else.  Non-subscribers click here for access.

Subscribers, click here to download the report.

Try Lee Adler’s Gold Trader risk free for 90 days!

[Jimbo]

EXPLODING CARRY TRADES

First the short volatility trade blows.

Then the Yen carry trade blows.

The long magnificent 7 trade is blowing up.

What next???