Trends and Momentum show more potential upside before a downside
On Friday I went Long at 3900 after waiting to see if we'd break that price range we'd been stuck in. I'm still currently sitting there, and overall looking to see if the market can finish with that movement I expected us to have going up to 3950-4000. We already this morning came within 6 points of the lower end of that level.
We've managed to break the last several lower high uptrend signals we'd been battling on, and the next one we are shooting for is the 12hr uptrend. Once that hits, I may sit out to see if we manage to make a few more highs to a Daily uptrend, or if we fail around that 12hr uptrend mark. As I bring up in the video, if we get an Uptrend on the Daily here without falling back down, it will be the first higher high uptrend on the Daily we've seen in nearly a year. While I expect some pullback from there if it happens, it puts me in full neutral territory, as the Daily will have a higher high uptrend and a lower low downtrend.
For Economic Data;
Really nothing today. Any price action will likely be left over momentum from Friday. Powell speaks tomorrow and we have CPI on Thursday, those are likely to be the major factors this week.
Earnings;
Several financial earnings this week on the 13th, as we begin earnings season here for the 4th quarter of 2022. Thus far Earnings seasons have been a really positive mood overall for stocks and caused a rally, even during the stock drop of last year.
My sentiment for today is basically the same as it has been for over a week.
Shorter Term - Bullish
Short Term - Bullish
Medium Term - Bullish/Neutral
Long Term - Bearish/Neutral
Safe trading, and remember your risk management plan.
We've managed to break the last several lower high uptrend signals we'd been battling on, and the next one we are shooting for is the 12hr uptrend. Once that hits, I may sit out to see if we manage to make a few more highs to a Daily uptrend, or if we fail around that 12hr uptrend mark. As I bring up in the video, if we get an Uptrend on the Daily here without falling back down, it will be the first higher high uptrend on the Daily we've seen in nearly a year. While I expect some pullback from there if it happens, it puts me in full neutral territory, as the Daily will have a higher high uptrend and a lower low downtrend.
For Economic Data;
Really nothing today. Any price action will likely be left over momentum from Friday. Powell speaks tomorrow and we have CPI on Thursday, those are likely to be the major factors this week.
Earnings;
Several financial earnings this week on the 13th, as we begin earnings season here for the 4th quarter of 2022. Thus far Earnings seasons have been a really positive mood overall for stocks and caused a rally, even during the stock drop of last year.
My sentiment for today is basically the same as it has been for over a week.
Shorter Term - Bullish
Short Term - Bullish
Medium Term - Bullish/Neutral
Long Term - Bearish/Neutral
Safe trading, and remember your risk management plan.
Comment:
The 12hr Uptrend is hitting right here at around 3970. See where we land at 1pm EST
Comment:
Didn't stick the landing. Still holding my trade, be interested to see if we get back above 3970 to try again or if it fails. Will make that decision tonight into tomorrow unless we hit a plummet
Comment:
I decided to cash out at 3930. Probably shoupd have cut out earlier. Still have a feeling we could head back up though, but wasnt expecting such a drop without any resistance