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The following is excerpted from this week’s Notes From the Rabbit Hole, NFTRH 247:
As the 10-year to T-bill yield curve chart makes clear, we are not in Kansas anymore. We are in Wonderland and as you can see, in Wonderland interest rates and their interrelationships are at the center of events. (more…)
SPX hit and closed at the daily upper bollinger band yesterday. The upper bollinger band rose a very impressive ten points yesterday, which was more than I expected. Now that the upper bollinger band has been hit that should slow down to a more moderate 3 to 6 points maximum increase in a day. SPX daily chart: (more…)
I’l start by paraphrasing Mahatma Gandhi this morning in saying that if anyone were to ask me what I think of western capitalism, I would respond that I think it would be a good idea. Maybe we’ll try it sometime using the invisible hand of the market rather than the visible hand of the Fed. (more…)
I wasn’t entirely happy with the high yesterday, which at 1654.18 was just one tick below the mid-June high at 1654.19. A reversal from there would leave a sliver of a chance that the retracement might develop into something more. It also didn’t quite hit the lower trendline target I showed in the SPX 15min chart yesterday, though there is a little play in the target area and is was an arguable hit rather than the ideal hit that I was looking for a point or so higher. The chart below is the one I posted on twitter last night with a possible wedge retest retracement scenario from yesterday’s high, and we could see that today with clear negative RSI divergence on the ES 60min and SPX 15min charts here. SPX 15min chart: (more…)
