So I sat out all of the last two days. I wanted to see some of this rally falter, it did, but then I decided I would wait another day to see how the market reacted, and we end up skyrocketing on low volume yet again.
The movement up did give us a Daily Uptrend on the ESM contract, instead of just the ES! overlay. I decided to mark that location since so far the...
gm,
i called both the bottom in 2021, and the top last year on the dxy
(view posts at the bottom of this thread).
very few people heard my voice -
swinging by into the public communities to share this very general post today.
---
dxy came down in 5 waves from my upside target, seemingly.
possible w5 isn't in yet as it could see a slight extension - also...
Luxury shares boost Europe's STOXX 600, French stock index TVC:CAC40 hit new record high.
European shares climbed on Thursday on a boost from luxury stocks after XETR:MOH posted upbeat first-quarter sales, while hopes of a pause in the Federal Reserve's rate hikes after signs of cooling U.S. inflation also aided sentiment.
👉 The pan-European STOXX 600 rose...
The S&P500 index (SPX) is trading on a multi-year Channel Up pattern that started on the March 2009 bottom of the Housing (subprime mortgage) Crisis. With all the talk lately on whether or not the index is out of its Bear Phase, this chart can offer great insight on the long-term trend.
As you see, it shows that the Bear Market's bottom was priced in September...
CME_MINI:ES1!
So I opened the chart at the weekend and flicked through the time frames and upon punching the Weekly I noticed the 21EMA and the 89EMAs were pretty tight. I decided the rest of the morning looking through the historical relationship of these two EMAs. It turns out that each time the 21EMA has come down to the 89EMA, there has been a violent...
🖼 Daily Technical Picture 📈
➤ Yesterday I said narrow price ranges don't last long. It lasted a day more than I had hoped for but today we saw the break through. S&P500 broke above the short-term trading range. Not only that, it also broke an assortment of resistance levels.
➤ Before we get carried away, we should note that there is usually a test of the support...
RSI about to hit overbought with MFI divergence.
Still bearish on retail for tomorrow, I think even if the market goes up, retail will be a drag, Retail tends to impact small caps more than SPX though.
Added to my XRT puts earlier. that's all I'm playing overnight.
"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....
Nasdaq Index is taking off from a key horizontal support.
The price formed a double bottom pattern with a higher low on that.
Its neckline was broken then.
I opened a long position on a retest.
A pullback is expected to 12999 / 13060
❤️Please, support my work with like, thank you!❤️
Today the S&P500 (ES1!) is trading at 4124.
Yesterday, at the market opening, we saw the index rise and then further stabilize with high volatility, which I mentioned to you earlier. However, the volatility was higher than I expected, but that doesn’t change anything. Currently, the market has all the chances to continue a sharp upward surge, with the key level...
🖼 Daily Technical Picture 📈
➤ Equities failed to take advantage of the early bullish mood. Prices ended weakly for a solid down day.
➤ Yesterday I talked about the current state of the market and it being in a short-term consolidation phase. This is a situation where prices move up and down within a range treading water prior to breaking out higher or lower....
On a today's live stream, we discussed Dow Jones Index.
We spotted an inside bar formation, being formed on a key daily structure resistance
and a confirmed bullish violation of the upper boundary of the range of the mother's bar.
It is a very important bullish clue.
Probabilities will be high that the Index will keep growing.
The next goal for buyers will be...
This AM market rallied substantially based on CPI numbers.
Traders might fade that rally during RTH session.
Level to watch 4162 --- 4164
Reports to watch:
US:EIA Petroleum Status Report
10:30 AM ET
US:FOMC Minutes
2:00 PM ET
ES - We heading to key resistance....
Can we break above 4170 and go towards 4200 areas?
Highs: 4170 - Lows: 4100
Pattern - Wedge up side target areas 4200 areas...
We just had CPI as we have dollar declining stocks rising higher time will tell...
Trade your own trade plan!!
Trade Journal
So I cashed out my Long yesterday at 4150. Took it as a bonus that I made my weekly goal already. Due to that, I will be sitting out going into the CPI data.
Volume remains ultra low, prices remain fairly stagnant, and trends still seem to be maxed out at least calling for some downward movement.
I'm attempting to remain open minded to a long position, even...
Hey Traders,
This post comes PRE CPI data and FOMC minutes later today.
Identifying key areas before news comes out allows you to pre plan risk and pre plan orders.
This is done by identifying where traders are positioned in the market.
Watch for more.
