Trends maxed to the upside; Close to a Weekly Uptrend
So I sat out all of the last two days. I wanted to see some of this rally falter, it did, but then I decided I would wait another day to see how the market reacted, and we end up skyrocketing on low volume yet again.
The movement up did give us a Daily Uptrend on the ESM contract, instead of just the ES! overlay. I decided to mark that location since so far the ESM seems to be on it's own program.
I'm in a Short at 4175 at the moment, I don't know that I'll hold it too long. Even since making the video it has caused my trade to go from a small profit gain to a small profit loss.
Trends into today are;
Last Macro Trend Signal Spots
30m - 4133 Uptrend (4/13/2023) Lower High
1Hr - 4147 Uptrend (4/13/2023) Higher High
2Hr - 4174 Uptrend (4/13/2023) Higher High
3Hr - 4146 Uptrend (4/12/2023) Higher High
4Hr - 4160 Uptrend (4/12/2023) Higher High
6Hr - 4041 Uptrend (3/29/2023) Lower High
12Hr - 4091 Uptrend (3/30/2023) Higher High
Daily - 4168 Uptrend (4/13/2023) Higher High
Weekly - 4366 Downtrend (2/14/2022) Higher Low
Really seems to be tremendous amounts of optimism in the market lately, and while the uptrend supports some of this movement, it would also call for at least a brief dip lower for a moment to catch it's breath. A weekly uptrend is likely close at hand here, so there is some room left to head upward I think.
The Long Position;
Any dip seems to be a Long position. Feeling that at least in the short term we are maxed out to the upside, I will likely stay out of Long positions, but the market doesn't seem to want to put any brakes on these upward movements.
The Short Position;
In terms of trends, when they max out they have difficulty continuing. We are maxed out to the upside, so I am looking for some movement, if nothing less at least a 30m downtrend, and will try to catch that move.
Economic Data;
Retail sales today, nothing else significant.
Earnings;
The narrative is that banks are in trouble. The reality is that they just posted massive Earnings as the first to post Earnings for Q1.
My sentiment...
Shorter Term - Bearish
Short Term - Neutral
Medium Term - Neutral
Long Term - ......... Bullish? Almost
Safe trading, and remember your risk management plan!
The movement up did give us a Daily Uptrend on the ESM contract, instead of just the ES! overlay. I decided to mark that location since so far the ESM seems to be on it's own program.
I'm in a Short at 4175 at the moment, I don't know that I'll hold it too long. Even since making the video it has caused my trade to go from a small profit gain to a small profit loss.
Trends into today are;
Last Macro Trend Signal Spots
30m - 4133 Uptrend (4/13/2023) Lower High
1Hr - 4147 Uptrend (4/13/2023) Higher High
2Hr - 4174 Uptrend (4/13/2023) Higher High
3Hr - 4146 Uptrend (4/12/2023) Higher High
4Hr - 4160 Uptrend (4/12/2023) Higher High
6Hr - 4041 Uptrend (3/29/2023) Lower High
12Hr - 4091 Uptrend (3/30/2023) Higher High
Daily - 4168 Uptrend (4/13/2023) Higher High
Weekly - 4366 Downtrend (2/14/2022) Higher Low
Really seems to be tremendous amounts of optimism in the market lately, and while the uptrend supports some of this movement, it would also call for at least a brief dip lower for a moment to catch it's breath. A weekly uptrend is likely close at hand here, so there is some room left to head upward I think.
The Long Position;
Any dip seems to be a Long position. Feeling that at least in the short term we are maxed out to the upside, I will likely stay out of Long positions, but the market doesn't seem to want to put any brakes on these upward movements.
The Short Position;
In terms of trends, when they max out they have difficulty continuing. We are maxed out to the upside, so I am looking for some movement, if nothing less at least a 30m downtrend, and will try to catch that move.
Economic Data;
Retail sales today, nothing else significant.
Earnings;
The narrative is that banks are in trouble. The reality is that they just posted massive Earnings as the first to post Earnings for Q1.
My sentiment...
Shorter Term - Bearish
Short Term - Neutral
Medium Term - Neutral
Long Term - ......... Bullish? Almost
Safe trading, and remember your risk management plan!
Comment:
And alas, I was stopped out for $100 profit. Done for the week. Managed to hit my quota, I'm gonna let this market run amuck without me. Safe trading to whomever stays in.