As I state in the video, all movements into the no trend zone have reversed, however we are getting higher lows and higher highs on the 30m trend.
I still don't have a lot of faith that the 30m trend can take us upward by itself, however I may eventually have to accept that we aren't coming back down to 3930 or below.
If you just want the trends, here are they;
Last Macro Trend Signal Spots
30m - 4006 Uptrend (11/15/2022) Higher High
1Hr - 3882 Uptrend (11/10/2022) Higher High
2Hr - 3882 Uptrend (11/10/2022) Higher High
3Hr - 3912 Uptrend (11/10/2022) Higher High
4Hr - 3882 Uptrend (11/10/2022) Higher High
6Hr - 3935 Uptrend (11/10/2022) Higher High
12Hr - 3980 Uptrend (11/10/2022) Higher High
Daily - 3923 Uptrend (10/28/2022) Lower High
Weekly - 4366 Downtrend (2/14/2022) Higher Low
I definitely jumped into my trade early, and should have waited patiently to begin shorting anything above the 12hr trend line. That would have given me at least 2 if not 3 good trades.
That being said, as I mention in the video, I've been digging into the details of this rally, and it doesn't appear to be on stable ground other than a FOMO buy in. Not saying we are heading back down to test lows, just saying I don't know about the foundation of this rally at this point.
In terms of Earnings;
Walmart and Home Depot are today. I'll let you know later on when I check them, as they will also directly affect Target and Lowes.
Economic Info;
PPI comes out today. I am interested in seeing if there is a major increase in the costs of transporting goods from fuel usage. That comes out at 8:30am EST.
My current sentiment is;
Shorter Term - Bearish
Short Term - Neutral
Medium Term - Neutral/Bearish
Long Term - I am really undecided here.... I am going to just say Neutral
I'm listed today as "Short" because we are ALREADY 1% higher on the day, and I think we finish lower than this, even if it is a positive gain overall.
As always, safe trading and remember your risk management plan.
I still don't have a lot of faith that the 30m trend can take us upward by itself, however I may eventually have to accept that we aren't coming back down to 3930 or below.
If you just want the trends, here are they;
Last Macro Trend Signal Spots
30m - 4006 Uptrend (11/15/2022) Higher High
1Hr - 3882 Uptrend (11/10/2022) Higher High
2Hr - 3882 Uptrend (11/10/2022) Higher High
3Hr - 3912 Uptrend (11/10/2022) Higher High
4Hr - 3882 Uptrend (11/10/2022) Higher High
6Hr - 3935 Uptrend (11/10/2022) Higher High
12Hr - 3980 Uptrend (11/10/2022) Higher High
Daily - 3923 Uptrend (10/28/2022) Lower High
Weekly - 4366 Downtrend (2/14/2022) Higher Low
I definitely jumped into my trade early, and should have waited patiently to begin shorting anything above the 12hr trend line. That would have given me at least 2 if not 3 good trades.
That being said, as I mention in the video, I've been digging into the details of this rally, and it doesn't appear to be on stable ground other than a FOMO buy in. Not saying we are heading back down to test lows, just saying I don't know about the foundation of this rally at this point.
In terms of Earnings;
Walmart and Home Depot are today. I'll let you know later on when I check them, as they will also directly affect Target and Lowes.
Economic Info;
PPI comes out today. I am interested in seeing if there is a major increase in the costs of transporting goods from fuel usage. That comes out at 8:30am EST.
My current sentiment is;
Shorter Term - Bearish
Short Term - Neutral
Medium Term - Neutral/Bearish
Long Term - I am really undecided here.... I am going to just say Neutral
I'm listed today as "Short" because we are ALREADY 1% higher on the day, and I think we finish lower than this, even if it is a positive gain overall.
As always, safe trading and remember your risk management plan.
Note
Looks like Walmart missed expectations, but largely due to Opioid related legal settlements. Looking past that, they did well, and their forecast looked promising to investors also.Home Depot appears to have beaten estimates themselves, though reaction with their stock initially appeared a bit more mixed.
Note
PPI numbers came in looking good (as in, inflation is coming down). As you can see from the market reaction.Note
In consideration of the PPI rally, I don't know that it will hold all that gain.. because what are you pricing into the market with it? That inflation is coming down and the Fed is going to pivot to Dovish? I feel like CPI already priced that in.Note
I'm just gonna toss this out there. If you don't believe yet that trends run this market in the end... hopefully this movement makes a believer. We yet again, went outside of all trend windows here, and immediately fell back in.We are currently getting a 30m downtrend in this half hour market. See if it holds. I'd actually prefer it NOT hold, and then dip the next 30m and make a lower low, but we shall see.
Note
So we basically struck that cluster of lines I'd mentioned before. This area is likely where I will be taking my loss.We do have a 1hr downtrend at the moment. I'd like to see what happens with it
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.