So I exited my trade from yesterday for a profit just above $2000. That puts me at around $2800 for the week. I'm a bit unsure about our next movement. My instinct says we could head lower and have a total meltdown of a day, however, thus far each time we started to meltdown we immediately pulled back up and it has become apparent this 4000 zone is a battleground area.
So that being said, I might just sit and watch. I've made my weekly quota, and many of the short and mid range timeframes I use are calling for more potential upside or at least upward bounces. The 12hr is the main timeframe demanding we head lower, but we are close to seeing a Daily uptrend signal as well, so... I'm not fully convinced with the remaining timeframes (besides the 30m now) calling for upward movement that the 12hr can move the market alone.
Those trends going into today are;
Last Macro Trend Signal Spots
30m - 4004 Downtrend (1/25/2023) Lower Low
1Hr - 4013 Downtrend (1/24/2023) Higher Low
2Hr - 3972 Uptrend (1/20/2023) Higher High
3Hr - 3987 Uptrend (1/20/2023) Higher High
4Hr - 3987 Uptrend (1/20/2023) Higher High
6Hr - 4045 Uptrend (1/23/2023) Higher High
12Hr - 3993 Uptrend (1/11/2023) Lower High
Daily - 3810 Downtrend (12/28/2022) Lower Low
Weekly - 4366 Downtrend (2/14/2022) Higher Low
For Economic Data;
Not much today. Some oil data but nothing I think will impact the S&P. Tomorrow will be a key date to watch with GDP and Jobs data.
Earnings;
Lots of Earnings. I scrolled through a few in the video, but if you want to see them all, I recommend just Googling S&P Earnings Calendar and going to FinScreener when it shows up or another website that outlines what companies are reporting since we are in Earnings season and there are so many.
Overall my sentiment is;
Shorter Term - Neutral
Short Term - Neutral/Slight Bullish
Medium Term - Neutral
Long Term - Bearish
I'll mark this as a "Long" position only because I think from our current level we could find our way back up to around 4020ish or so.
Safe trading, and remember your risk management plan.
So that being said, I might just sit and watch. I've made my weekly quota, and many of the short and mid range timeframes I use are calling for more potential upside or at least upward bounces. The 12hr is the main timeframe demanding we head lower, but we are close to seeing a Daily uptrend signal as well, so... I'm not fully convinced with the remaining timeframes (besides the 30m now) calling for upward movement that the 12hr can move the market alone.
Those trends going into today are;
Last Macro Trend Signal Spots
30m - 4004 Downtrend (1/25/2023) Lower Low
1Hr - 4013 Downtrend (1/24/2023) Higher Low
2Hr - 3972 Uptrend (1/20/2023) Higher High
3Hr - 3987 Uptrend (1/20/2023) Higher High
4Hr - 3987 Uptrend (1/20/2023) Higher High
6Hr - 4045 Uptrend (1/23/2023) Higher High
12Hr - 3993 Uptrend (1/11/2023) Lower High
Daily - 3810 Downtrend (12/28/2022) Lower Low
Weekly - 4366 Downtrend (2/14/2022) Higher Low
For Economic Data;
Not much today. Some oil data but nothing I think will impact the S&P. Tomorrow will be a key date to watch with GDP and Jobs data.
Earnings;
Lots of Earnings. I scrolled through a few in the video, but if you want to see them all, I recommend just Googling S&P Earnings Calendar and going to FinScreener when it shows up or another website that outlines what companies are reporting since we are in Earnings season and there are so many.
Overall my sentiment is;
Shorter Term - Neutral
Short Term - Neutral/Slight Bullish
Medium Term - Neutral
Long Term - Bearish
I'll mark this as a "Long" position only because I think from our current level we could find our way back up to around 4020ish or so.
Safe trading, and remember your risk management plan.
Note
2hr downtrend signal is coming in here at 3991.Note
I've gone long here at 3986Note
Got stopped for profit at 3988 when it came back down.Note
Bleh... Here is the move I wanted earlier. Oh well =\
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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.