Looking for yet another drop; Trends into 4/11/2023
So, while I'm actually Long at the moment from 4120, I still see the market heading south here shortly. I think the lack of volume has caused a delay in the corrective action I'm looking for.
I took the Long based on my "Long Position" from yesterday, where I reversed my short into a Long to see if I can skim off the top. I still have numerous indicators and analysis all saying that the overall market is all entering into a downtrend.
As I feel things are going short, I'm basically just preparing to switch my position to the downside once I see momentum pick up again, perhaps this time with some volume.
Trends into today;
Last Macro Trend Signal Spots
30m - 4126 Uptrend (4/10/2023) Higher High
1Hr - 4137 Uptrend (4/10/2023) Lower High
2Hr - 4137 Uptrend (4/10/2023) Higher High
3Hr - 4101 Downtrend (4/5/2023) Higher Low
4Hr - 4101 Downtrend (4/5/2023) Higher Low
6Hr - 4041 Uptrend (3/29/2023) Lower High
12Hr - 4091 Uptrend (3/30/2023) Higher High
Daily - 4139 Uptrend* (3/31/2023) Higher High
Weekly - 4366 Downtrend (2/14/2022) Higher Low
You can see the 30m/1hr/2hr all flipped yet again, with the 30m/2hr giving a just ever so slightly higher high, and the 1hr having a strong lower high.
The Long Position;
While I have little faith this market manages to get higher, I'm at least open minded to it. The candle of yesterday is a bullish candle at least, so there is that. If prices push up past 4150, than I'd expect us to look back at the highs we saw briefly before at 4170ish.
The Short Position;
I'll strongly consider switch my position either as we pass 0 (4136) or might just wait until we hit that 4130 level. It is possible we get very little yet again today and then a major move tomorrow based on CPI.
Economic Data;
There isn't much today.
Earnings;
Not until Friday
My Sentiment for today is an overall holding pattern;
Shorter Term - Bearish
Short Term - Bearish/Neutral
Medium Term - Bearish
Long Term - Neutral
Safe trading, and remember your risk management plan.
I took the Long based on my "Long Position" from yesterday, where I reversed my short into a Long to see if I can skim off the top. I still have numerous indicators and analysis all saying that the overall market is all entering into a downtrend.
As I feel things are going short, I'm basically just preparing to switch my position to the downside once I see momentum pick up again, perhaps this time with some volume.
Trends into today;
Last Macro Trend Signal Spots
30m - 4126 Uptrend (4/10/2023) Higher High
1Hr - 4137 Uptrend (4/10/2023) Lower High
2Hr - 4137 Uptrend (4/10/2023) Higher High
3Hr - 4101 Downtrend (4/5/2023) Higher Low
4Hr - 4101 Downtrend (4/5/2023) Higher Low
6Hr - 4041 Uptrend (3/29/2023) Lower High
12Hr - 4091 Uptrend (3/30/2023) Higher High
Daily - 4139 Uptrend* (3/31/2023) Higher High
Weekly - 4366 Downtrend (2/14/2022) Higher Low
You can see the 30m/1hr/2hr all flipped yet again, with the 30m/2hr giving a just ever so slightly higher high, and the 1hr having a strong lower high.
The Long Position;
While I have little faith this market manages to get higher, I'm at least open minded to it. The candle of yesterday is a bullish candle at least, so there is that. If prices push up past 4150, than I'd expect us to look back at the highs we saw briefly before at 4170ish.
The Short Position;
I'll strongly consider switch my position either as we pass 0 (4136) or might just wait until we hit that 4130 level. It is possible we get very little yet again today and then a major move tomorrow based on CPI.
Economic Data;
There isn't much today.
Earnings;
Not until Friday
My Sentiment for today is an overall holding pattern;
Shorter Term - Bearish
Short Term - Bearish/Neutral
Medium Term - Bearish
Long Term - Neutral
Safe trading, and remember your risk management plan.