Trends 8/16/2022; Micro Reverse; Medium Uptrend; Long Downtrend
Not a lot of action overnight.
On the Micro Level;
The 5m and the 15m both have a higher high and lower low trend settled in.
On the Main Medium Trends;
All are in an uptrend. We are below our higher high uptrend of the 30m and 1h (purple and grey), but above the 2h and 3h (blue and red) uptrend lines. I'll likely wait for the micro levels to at least start showing an uptrend somehow before I buy into any more upward movement, but things show they could continue upward and potentially make a few new high hits today. We have left the 4h and 6h moderate uptrend lines so far behind they can't really be seen.
On the Longer Trend;
Yet again, we are MASSIVELY overbought on a 12h downtrend. We are also now well overbought on the Daily Downtrend.
Something I thought I'd comment on quick... I use RSI mainly as a look back to find true highs or lows as a lagging indicator from when we hit overbought peaks and oversold troughs.
I think this 4300 level could be really important, as on the RSI Level, our last peak was 4705 (11/08/2021), and our last trough was 4306 (1/25/2022).
On Earnings;
Heard Walmart beat estimates. Keep in mind they beat estimates after they significantly lowered their estimates. To put it into perspective, if I used to run 3 miles in 18 minutes, then I tell you I've been struggling and plan to run 3 miles in 30 minutes, I don't know that you should be impressed if I manage to run my 3 miles in 27 minutes.
There are some other retail stores this week, and that is the main heavyweights of the S&P.
Economic Data;
I'd taken yesterday off, but if you haven't heard, the NY Manufacturing data plummeted, the second biggest drop in the history of the data. It was supposed to go from 11.10% to 5.50%, but it went from 11.10% to -31.30%. Of course, stocks still rallied and made new highs yesterday on that news.
There is some retail sales data coming today and then also some more tomorrow. Remember however, we are basically trading Bad News as Good News and Good News as Good News in this current market rally.
My sentiment is simply neutral. I'm no longer bearish, but I still can't be bullish until I see a higher low. Higher highs mean nothing to me, any more than I can go bearish until I see lower highs, not just lower lows.
On the Micro Level;
The 5m and the 15m both have a higher high and lower low trend settled in.
On the Main Medium Trends;
All are in an uptrend. We are below our higher high uptrend of the 30m and 1h (purple and grey), but above the 2h and 3h (blue and red) uptrend lines. I'll likely wait for the micro levels to at least start showing an uptrend somehow before I buy into any more upward movement, but things show they could continue upward and potentially make a few new high hits today. We have left the 4h and 6h moderate uptrend lines so far behind they can't really be seen.
On the Longer Trend;
Yet again, we are MASSIVELY overbought on a 12h downtrend. We are also now well overbought on the Daily Downtrend.
Something I thought I'd comment on quick... I use RSI mainly as a look back to find true highs or lows as a lagging indicator from when we hit overbought peaks and oversold troughs.
I think this 4300 level could be really important, as on the RSI Level, our last peak was 4705 (11/08/2021), and our last trough was 4306 (1/25/2022).
On Earnings;
Heard Walmart beat estimates. Keep in mind they beat estimates after they significantly lowered their estimates. To put it into perspective, if I used to run 3 miles in 18 minutes, then I tell you I've been struggling and plan to run 3 miles in 30 minutes, I don't know that you should be impressed if I manage to run my 3 miles in 27 minutes.
There are some other retail stores this week, and that is the main heavyweights of the S&P.
Economic Data;
I'd taken yesterday off, but if you haven't heard, the NY Manufacturing data plummeted, the second biggest drop in the history of the data. It was supposed to go from 11.10% to 5.50%, but it went from 11.10% to -31.30%. Of course, stocks still rallied and made new highs yesterday on that news.
There is some retail sales data coming today and then also some more tomorrow. Remember however, we are basically trading Bad News as Good News and Good News as Good News in this current market rally.
My sentiment is simply neutral. I'm no longer bearish, but I still can't be bullish until I see a higher low. Higher highs mean nothing to me, any more than I can go bearish until I see lower highs, not just lower lows.