Continue into range bound territory; Enjoy the calm
So being how Friday ended I am not surprised we've seen some premarket momentum to carry that forward. I don't know that I see us exploding higher as the market opens today, but I wouldn't be surprised if we reach 4040 or so.
I'm more expecting us to have a move back down towards 4000 shortly after the open, though I do expect today to be mostly a calm day with not a lot going on in the market. If we hadn't shot up in premarket, I'd likely say I thought we would push upwards, but we are already here.
Overall the only trend that is unhappy and violated at the moment is the 1hr. So perhaps we see some corrective action to fix that, but overall it is the only trend violated and so I don't think we have to run down to fix it right away.
Trends into today are;
Last Macro Trend Signal Spots
30m - 4003 Downtrend (3/27/2023) Higher Low
1Hr - 4002 Uptrend (3/24/2023) Lower High
2Hr - 4024 Uptrend (3/27/2023) Higher High
3Hr - 3969 Downtrend (3/22/2023) Lower Low
4Hr - 3956 Downtrend (3/24/2023) Lower Low
6Hr - 4028 Downtrend* (3/7/2023) Lower Low
12Hr - 4052 Downtrend (2/21/2023) Higher Low
Daily - 3955 Downtrend (3/9/2023) Higher Low
Weekly - 4366 Downtrend (2/14/2022) Higher Low
The Long Position;
If we dip down somehow below 3980 I might look for an entry point to the upside. With markets mixed right now I would really feel like I want to hold and watch. The only other Long position I might take is if I feel like attempting to scalp the market, which I only do on occasion if I think we are sitting in excessively calm waters.
The Short Position;
Potentially a movement down below 4010 or so I might try to jump in, just to see if I can carry it below 4000 and cash out around 3980. I feel very cautious about this movement also though, so we shall see how it looks at the time. I additionally might try to scalp a few short positions on micro timeframe overbought areas, but only hold them for 5-10 points or so, and only if I see we are in excessively calm conditions at the moment.
Economic Data;
As usual, it will be a quiet day on the market data for Monday. GDP is Thursday and PCE is Friday.
My sentiment into today (from 4030) is;
Shorter Term - Neutral/Bearish
Short Term - Neutral
Medium Term - Neutral
Long Term - Neutral
I will mark this as a Short position, just because I am slightly bearish into my excessively neutral sentiment.
Safe trading, and remember your risk management plan!
I'm more expecting us to have a move back down towards 4000 shortly after the open, though I do expect today to be mostly a calm day with not a lot going on in the market. If we hadn't shot up in premarket, I'd likely say I thought we would push upwards, but we are already here.
Overall the only trend that is unhappy and violated at the moment is the 1hr. So perhaps we see some corrective action to fix that, but overall it is the only trend violated and so I don't think we have to run down to fix it right away.
Trends into today are;
Last Macro Trend Signal Spots
30m - 4003 Downtrend (3/27/2023) Higher Low
1Hr - 4002 Uptrend (3/24/2023) Lower High
2Hr - 4024 Uptrend (3/27/2023) Higher High
3Hr - 3969 Downtrend (3/22/2023) Lower Low
4Hr - 3956 Downtrend (3/24/2023) Lower Low
6Hr - 4028 Downtrend* (3/7/2023) Lower Low
12Hr - 4052 Downtrend (2/21/2023) Higher Low
Daily - 3955 Downtrend (3/9/2023) Higher Low
Weekly - 4366 Downtrend (2/14/2022) Higher Low
The Long Position;
If we dip down somehow below 3980 I might look for an entry point to the upside. With markets mixed right now I would really feel like I want to hold and watch. The only other Long position I might take is if I feel like attempting to scalp the market, which I only do on occasion if I think we are sitting in excessively calm waters.
The Short Position;
Potentially a movement down below 4010 or so I might try to jump in, just to see if I can carry it below 4000 and cash out around 3980. I feel very cautious about this movement also though, so we shall see how it looks at the time. I additionally might try to scalp a few short positions on micro timeframe overbought areas, but only hold them for 5-10 points or so, and only if I see we are in excessively calm conditions at the moment.
Economic Data;
As usual, it will be a quiet day on the market data for Monday. GDP is Thursday and PCE is Friday.
My sentiment into today (from 4030) is;
Shorter Term - Neutral/Bearish
Short Term - Neutral
Medium Term - Neutral
Long Term - Neutral
I will mark this as a Short position, just because I am slightly bearish into my excessively neutral sentiment.
Safe trading, and remember your risk management plan!