So, the low volume continues to plague these movements. Most of the movements have been in premarket trading now also. I think another day of sit and wait is in order for me.
We've gotten the 3hr/4hr/6hr uptrends. The 6hr was a lower high and was immediately violated with no hesitation. The 3hr and 4hr were higher highs, which we also pushed past. With the current momentum, I'd expect to see a 12hr uptrend here showing up soon.
As I sit out of the market, at this point I just hope we rocket up further, even if I'm not apart of it, and get a 12hr and Daily uptrend with no pullback. If we do, at that point we get to be maxed out to the upside.
The trends into today;
Last Macro Trend Signal Spots
30m - 4015 Uptrend (3/29/2023) Higher High
1Hr - 4029 Uptrend (3/29/2023) Higher High
2Hr - 4024 Uptrend (3/27/2023) Higher High
3Hr - 4058 Uptrend (3/29/2023) Higher High
4Hr - 4073 Uptrend (3/29/2023) Higher High
6Hr - 4041 Uptrend (3/29/2023) Lower High
12Hr - 4052 Downtrend (2/21/2023) Higher Low
Daily - 3955 Downtrend (3/9/2023) Higher Low
Weekly - 4366 Downtrend (2/14/2022) Higher Low
The Long Position;
With such low volume and no immediate economic condition that justifies these moves, I cannot get into a long position from here. I think this rally is unstable.
The Short Position;
My most likely will short will be patiently waiting for an additional low volume spike upward above the 12hr and potentially even a Daily uptrend. However, if this upward movement fails and we head back towards 4060 with a lot of momentum, I might short at 4060 to see if we lose the spike from yesterday, with a target of 4000 to jump out at or at least prepare to jump out at if we didn't crash down beneath there. In order to get into this though, I'd have to see the market reacting to the GDP or Jobless release in a rational way, and that rarely happens.
My sentiment is (from 4080)
The market is confused, so my sentiment is to stay out, honestly.
Safe trading, and remember your risk management!
We've gotten the 3hr/4hr/6hr uptrends. The 6hr was a lower high and was immediately violated with no hesitation. The 3hr and 4hr were higher highs, which we also pushed past. With the current momentum, I'd expect to see a 12hr uptrend here showing up soon.
As I sit out of the market, at this point I just hope we rocket up further, even if I'm not apart of it, and get a 12hr and Daily uptrend with no pullback. If we do, at that point we get to be maxed out to the upside.
The trends into today;
Last Macro Trend Signal Spots
30m - 4015 Uptrend (3/29/2023) Higher High
1Hr - 4029 Uptrend (3/29/2023) Higher High
2Hr - 4024 Uptrend (3/27/2023) Higher High
3Hr - 4058 Uptrend (3/29/2023) Higher High
4Hr - 4073 Uptrend (3/29/2023) Higher High
6Hr - 4041 Uptrend (3/29/2023) Lower High
12Hr - 4052 Downtrend (2/21/2023) Higher Low
Daily - 3955 Downtrend (3/9/2023) Higher Low
Weekly - 4366 Downtrend (2/14/2022) Higher Low
The Long Position;
With such low volume and no immediate economic condition that justifies these moves, I cannot get into a long position from here. I think this rally is unstable.
The Short Position;
My most likely will short will be patiently waiting for an additional low volume spike upward above the 12hr and potentially even a Daily uptrend. However, if this upward movement fails and we head back towards 4060 with a lot of momentum, I might short at 4060 to see if we lose the spike from yesterday, with a target of 4000 to jump out at or at least prepare to jump out at if we didn't crash down beneath there. In order to get into this though, I'd have to see the market reacting to the GDP or Jobless release in a rational way, and that rarely happens.
My sentiment is (from 4080)
The market is confused, so my sentiment is to stay out, honestly.
Safe trading, and remember your risk management!