Targeting Round Number Again 10/22/24

[DrStool]

Only this time, it's attacking from above and it's not all that round. 

The ES, 24 hour S&P futures look to be headed for 5800 this morning. That's the approximate 5 day cycle projection. Hourly cycle oscillators are plumbing the area of the last low on October 16, and it's 4 trading days since that low. Both 5825 and 5815 are spport areas.  A cycle low of sorts today is likely, but that test of 5800  depends on how much bouncy bounce is evident at 5825 and 5815. For More Upside

 

Over in Fixed Income, the bond market is getting crushed and yields are surging. Liquidity Measures Show Markets Stretched to the Limit

And gold takes it to the limit. Parabolic blowoff from here? Gold a la Mode 

The euro sinks against the dollar. Next stop 1.075.

No no, Noooooo breakout in BTC. 

Swing Trade Screen Picks – Letting It Ride

Lee Adler 2 - Technical Trader October 22, 2024

Current screens yielded 119 short-term buys and 520 short-term sells. That’s flipped from the week before as rangebound whipsaws dominate the action. After applying long term trend structure and intermediate term filters, there were 16 buys and 69 sells. Non-subscribers click here for access.

Technical Trader subscribers click here to download the complete report.

I’m not interested in buys at this late stage of the cycle, especially in view of the warning signs in the liquidity measures. I reviewed the sell side charts. Some of the setups were interesting, but I prefer to wait for more signs of a market top being in place before adding more shorts. So with a big list already, I prefer to sit and wait for it to shrink via hitting stops. Non-subscribers click here for access.

As of October 21 closing prices, the list had an average gain of 5.3% down from +5.8% the previous week, on an average holding period of 25 calendar days, up from an average of 26 days. Picks closed in September had an average gain of 1.6% on an average holding period of 20 calendar days. Picks closed so far in October had an average gain of +2.6% on an average holding period of 25 calendar days. Non-subscribers click here for access.

To view the list and charts of open picks, Non-subscribers click here for access.

 

For moron the markets see:

• Swing Trade Screen Picks – Letting It Ride October 22, 2024
• Liquidity Measures Show Markets Stretched to the Limit October 21, 2024
• For More Upside October 21, 2024
• Gold a la Mode October 18, 2024
• Liquidity Says, The End Is Nigh, Almost October 16, 2024
• Get Your Red Hots Here October 3, 2024

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[DrStool]

New low in the Fed slush fund. Tick tock.  Liquidity Measures Show Markets Stretched to the Limit

[DrStool]

If at first you don't suck, cede, then try try again.  

This is day 1 of a 5 day cycle up phase, so I expect one or two more tries at a breakout. First need to clear 5862, then 5875. If they manage that, the conventional measured move target would be around 5925-35.  Swing Trade Screen Picks – Letting It Ride

[DrStool]

Here's the try again part. 

[DrStool]

$106 billion in net new T-bills issued in 2 weeks? Holeeeeee COW! That's a lot of collateral. Liquidity Measures Show Markets Stretched to the Limit