Trading Room

Global Interaction

Our Live Trading Rooms Bring Together Thousands of Traders from Around the World!

Learn More
Mike Paulenoff

ES Pops On Confluence Of Factors; What's Ahead For Longer-Term Yield?

Thu Oct 17th 2024
ES and 10-Year YIELD:ES has popped higher in reaction to a confluence of positive factors from TSM's (Taiwan Semiconductor) powerful quarterly report that has put a fire under the semiconductor stocks, stronger-than-expected economic data, and a European Central Bank rate CUT (perpetuating the underlying "liquidity injection effort" by global central banks). My attached Big Picture ES Chart shows the powerful Green Candle that has surged the index to another new ATH at 5927.25, in route to my next optimal intermediate-term upside Target Window of 5980 to 6000.

Musings: Palpable Tension as Market Continues Higher

Thu Oct 17th 2024
Someone asked if I had any thoughts this morning.  I jokingly said that my only thought on the market lately is "Are we there yet?"  This morning's answer was "No, not yet."  Here are some of my thoughts...Day by day, MMI keeps looking up.  There also have been many days lately it has not been able to calculate a definitive directional call.  There was a FOMO pattern over the last few days with a completion pattern today.  A FOMO pattern almost always either ends with or is followed by a pullback on some level.

Market Flat Going into Close

Thu Oct 17th 2024
After futures briefly exceeded Monday's high during pre-market trading, price quickly reversed lower following the session open and now looks set to close near the lows on the day and flat compared to yesterday's close. Therefore, it is possible that the pre-market high was enough upside to satisfy 5 waves up from the October low now complete. However, price would need to break back below the overnight low at 5871 and eventually the low made earlier this week as evidence of a top. Until then, more near-term upside is possible before wave v completes with 5935 - 5950 still a potential target range.

Round-The-Clock Expertise

Our Technical Analysts Share Their Expertise 24/7 on a Vast Range of Markets!

Learn More
Stacked Charts

Wide Recognition

Our Free Educational Presentations & Articles Reach Audiences Across Scores of Sites!

Learn More

Our Distribution

Market Watch
Forbes
The Street
Seeking Alpha
NASDAQ
Comtex
MoneyShow

 
  Matched “”
x