Trends mostly point up, but waiting for the rally to resume
Greetings and welcome back after Thanksgiving to another edition of Trends in the market.
If you don't want to watch the video, here are the trends;
Last Macro Trend Signal Spots
30m - 3994 Downtrend (11/28/2022) Lower Low
1Hr - 4031 Downtrend (11/25/2022) Higher Low
2Hr - 4016 Downtrend (11/27/2022) Higher Low
3Hr - 4008 Downtrend (11/27/2022) Higher Low
4Hr - 4005 Downtrend (11/27/2022) Higher Low
6Hr - 3935 Uptrend (11/10/2022) Higher High
12Hr - 3980 Uptrend (11/10/2022) Higher High
Daily - 3923 Uptrend (10/28/2022) Lower High
Weekly - 4366 Downtrend (2/14/2022) Higher Low
If you do watch the video, you will see that we are basically oversold on the 1hr, 2hr, 3hr, and 4hr trends, and oversold on them while they are uptrending. That being said, the 30m is in a downtrend at the moment and attempting to create a funnel.
So, I will want to see us get back into the rallying trend funnels before I go long, or see that the 30m creates a top for the downtrending funnel before I go short. Basically, patience will be key for me.
On the Economic Data;
Nothing major today other than FOMC members who love to hear themselves speak in spite of a clear lack of communicated direction by the Fed. I mention the more important data to watch later this week in the video.
Earnings;
Intuit and Salesforce, otherwise Earnings season is over, may stop mentioning it until next Earnings Season.
Geopolitical;
One thing I forgot to mention, there are protests in China over the Zero COVID. Allegedly that is bringing the market down, but I call BS, because if the protests are successful in causing the government to look at Zero Covid, it should bring a positive motion into the market.
Overall my sentiment is as follows;
Shorter Term - Bullish/Neutral
Short Term - Bullish/Neutral
Medium Term - Neutral
Long Term - Neutral/Bearish
I think we could find our way up to at least 4100 before we make a sustained swing downward, but I'll let the trends continue to guide me. I think any movement below 4000 will swing back up to 4000 for now, at least until I see the data on Wednesday.
As always, safe trading and remember your risk management plan.
If you don't want to watch the video, here are the trends;
Last Macro Trend Signal Spots
30m - 3994 Downtrend (11/28/2022) Lower Low
1Hr - 4031 Downtrend (11/25/2022) Higher Low
2Hr - 4016 Downtrend (11/27/2022) Higher Low
3Hr - 4008 Downtrend (11/27/2022) Higher Low
4Hr - 4005 Downtrend (11/27/2022) Higher Low
6Hr - 3935 Uptrend (11/10/2022) Higher High
12Hr - 3980 Uptrend (11/10/2022) Higher High
Daily - 3923 Uptrend (10/28/2022) Lower High
Weekly - 4366 Downtrend (2/14/2022) Higher Low
If you do watch the video, you will see that we are basically oversold on the 1hr, 2hr, 3hr, and 4hr trends, and oversold on them while they are uptrending. That being said, the 30m is in a downtrend at the moment and attempting to create a funnel.
So, I will want to see us get back into the rallying trend funnels before I go long, or see that the 30m creates a top for the downtrending funnel before I go short. Basically, patience will be key for me.
On the Economic Data;
Nothing major today other than FOMC members who love to hear themselves speak in spite of a clear lack of communicated direction by the Fed. I mention the more important data to watch later this week in the video.
Earnings;
Intuit and Salesforce, otherwise Earnings season is over, may stop mentioning it until next Earnings Season.
Geopolitical;
One thing I forgot to mention, there are protests in China over the Zero COVID. Allegedly that is bringing the market down, but I call BS, because if the protests are successful in causing the government to look at Zero Covid, it should bring a positive motion into the market.
Overall my sentiment is as follows;
Shorter Term - Bullish/Neutral
Short Term - Bullish/Neutral
Medium Term - Neutral
Long Term - Neutral/Bearish
I think we could find our way up to at least 4100 before we make a sustained swing downward, but I'll let the trends continue to guide me. I think any movement below 4000 will swing back up to 4000 for now, at least until I see the data on Wednesday.
As always, safe trading and remember your risk management plan.
Comment:
Went long at 3985