So while I took Friday off, it looks like the market ended up right around where I thought we would (I forget the exact number I called, maybe 3997? somewhere in the 90s anyways).
That being said I wouldn't just jump into a short quite yet, or at least I'm not going to. I've said I'm fairly neutral with this markets long term direction, and want to see how we react to a Daily Uptrend signal.
The trends going into today are;
Last Macro Trend Signal Spots
30m - 3952 Uptrend (1/20/2023) Higher High
1Hr - 3947 Uptrend (1/20/2023) Lower High
2Hr - 3972 Uptrend (1/20/2023) Higher High
3Hr - 3987 Uptrend (1/20/2023) Higher High
4Hr - 3987 Uptrend (1/20/2023) Higher High
6Hr - 3946 Downtrend (1/18/2023) Higher Low
12Hr - 3993 Uptrend (1/11/2023) Lower High
Daily - 3810 Downtrend (12/28/2022) Lower Low
Weekly - 4366 Downtrend (2/14/2022) Higher Low
You can see we've had a few higher highs come in with this last bounce, and only the 1hr calling for us to head lower. Another reason why I'm not convinced I want to go short just yet.
Economic Data; I go over stuff later in the week in the video, but for today, nothing much of anything.
Earnings; Earnings today aren't all that major either.
Overall I expect a casual trading day. My sentiment is;
Shorter Term - Neutral
Short Term - Neutral/Bullish
Medium Term - Neutral/Bearish
Long Term - Bearish
I'm marking this as a Short opinion, even though I could see some minor upside, as that is my stronger direction I see coming.
As always, remember your risk management plan.
That being said I wouldn't just jump into a short quite yet, or at least I'm not going to. I've said I'm fairly neutral with this markets long term direction, and want to see how we react to a Daily Uptrend signal.
The trends going into today are;
Last Macro Trend Signal Spots
30m - 3952 Uptrend (1/20/2023) Higher High
1Hr - 3947 Uptrend (1/20/2023) Lower High
2Hr - 3972 Uptrend (1/20/2023) Higher High
3Hr - 3987 Uptrend (1/20/2023) Higher High
4Hr - 3987 Uptrend (1/20/2023) Higher High
6Hr - 3946 Downtrend (1/18/2023) Higher Low
12Hr - 3993 Uptrend (1/11/2023) Lower High
Daily - 3810 Downtrend (12/28/2022) Lower Low
Weekly - 4366 Downtrend (2/14/2022) Higher Low
You can see we've had a few higher highs come in with this last bounce, and only the 1hr calling for us to head lower. Another reason why I'm not convinced I want to go short just yet.
Economic Data; I go over stuff later in the week in the video, but for today, nothing much of anything.
Earnings; Earnings today aren't all that major either.
Overall I expect a casual trading day. My sentiment is;
Shorter Term - Neutral
Short Term - Neutral/Bullish
Medium Term - Neutral/Bearish
Long Term - Bearish
I'm marking this as a Short opinion, even though I could see some minor upside, as that is my stronger direction I see coming.
As always, remember your risk management plan.
Note
I've gone short 4024Note
Exited for a $100 profit when it dipped back down. Going to watch a bit more before I go back in.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.