So I am yet again short at 4180. I've made my weekly goal at this point, and if things rally again back up to 4160 I'll likely just cash out, take my weekly HKEX:2500 quota, and sit out this week.
However, trends are beginning to show that dip backwards, even if currently it is only the lower timeframes of the 30m and 1hr. We got lower highs and lower lows off...
🖼 Daily Technical Picture 📈
➤ Kind of like opposite day with today's price action acting in reverse of Tuesday. Again, tight ranging and finishing flat. Yesterday I posed the question: Who Blinks First? Alluding to the idea that there is a regime shift incoming that will determine a period of Bullish prosperity or a brutal Bearish collapse.
➤ Whilst it is way...
Short & Sweet
My 1Hr Long Take of the ES Futures
Channel Trend Continuation failing to break the lower channel/bear flag
Wedge into and over 4180 holding it and the lower channel trend as support
4180 Break and Retest on Both Sides
There's tons of resistance/support @4180 and a major trendline thriving upward (will it become a Bear Flag to break?) {who knows]
Just drifting sideways, indicators are neutral. I think MFI goes oversold tomorrow morning on RTY and ES, will wait until then to BTFD, lol.
I think it's gonna be a whipsaw day. Futures need to sell off but lots of dip buyers already. Slept in (kinda obvious now, lol) because I was all cash, no positions. Will take a potshot at the market again tomorrow if...
Yesterday market tested February Highs and got rejected.
For this rally to continue , yesterday's High needs to be breached.
Level to watch: 4164- 4162
Reports to watch:
US:EIA Petroleum Status Report
10:30 AM ET
US: Beige Book
2:00 PM ET
So after sitting out yesterday, I am short yet again today at 4180.
I am looking for some continued downward movement now that we are developing some downtrends, and then I expect the potential of a brief bounce back up. If this is the end of this rally, basically I want to see a good 60 points drop, a 30 point rebound, and then another move back to meet new...
In this update we review the recent price action in the emini #SP500 futures contract and identify the next high probability trading opportunity and price objectives to target
The S&P500 (SPX) has had an excellent run following our buy call exactly one month ago:
The confirmation for the buy was given by the 1D RSI Bullish Cross. As the price is approaching the top of the Channel Up, which is projected to be within 4230 - 4250, we start looking for signals to sell. Naturally the 1D RSI giving the opposite signal (Bearish Cross)...
🖼 Daily Technical Picture 📈
➤ Equities ended slightly higher at the lower end of today's trading range. It was another one of those days that meant little by itself yet a story is unfolding within the context of a string of these days.
➤ When prices leapt higher from the March low, we saw the aggressive acceleration with large-sized daily moves and price gaps...
This is a weekly chart of the difference between the front month contract and the next contract in front for S&P 500 Futures. (Don't worry, you don't need to understand this lingo to understand this post, but if you'd like more information about what front month contract and next contract in front mean, I added links at the bottom of this post. To put it...
"Inflation Peaked" Relief v/s "Recession Onset" Concern
With the CPI and FOMC minutes almost confirming the cooling off of the inflation and potential "mild" recession, markets are on-and-off with the sense of relief for a day and with the sense of concern another day. The imminent earnings season should help decide which way the sentiment would settle towards....
So I ended up jumping out yesterday as the price went up to 4160 for only a 750 gain. I had said my long position was to go in to any appearance that yet another buy the dip mentality surfaced, but I ended up not taking that trade and have no open position at the moment.
Heading into today, the issue I see is we are mostly maxed out, yet again, to the uptrends....
gm,
unlike the nasdaq which has put in a clean looking 5 waves up from the lows -
the spx did not.
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what this opens the door for, is a raid of the lows.
in this case, based on my current primary trajectory on the us dollar, i am going to be anticipating an expanded flat.
aka -> raid of the low to trip the accumulated liquidity down below, followed by a...
🖼 Daily Technical Picture 📈
➤ Equities finished in a robust manner at the highs although it was a low volatility day. It looks like the price is digesting the break out of the short-term consolidation prior to jumping higher. The question is how much higher?
➤ I studied the Wyckoff Method some years ago under the teachings of well-known proponents Roman...
