After the release of the CPI data on Wednesday buying momentum is picking up in the S&P 500. The expectation is follow through to the upside but not a large move on Thursday.
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CRazy... way overbought and looks like a melt up. Got stopped out of my puts for even money, but I made plenty on the CPI pump so I'm done for the week. Not gonna short anything on Ponzi Friday. I'm not into chasing an overbought market, see ya guys Monday.
There is an old, seemingly wise saying, that says "time in the market beats timing the market!" This works for people that do not want to do the work... to study repeatable patterns. Throughout the bull market of 2024 (yes, the market is in a bull market) I have been waiting for and been asked by followers "is THIS the pullback to go long?" Generally, the...
And now we're overbought on RSI and MFI. Dumped everything before I wrote this post. Made $4k on this stupid pump by going long yesterday, might take some of that and play for the dip tomorrow, but did well for a quick one day trade so might call it a week and go back to working on projects at home.
Heh, slept in today Anyways, MFI headed to oversold and all we get is a small dip. Chart seems to be pointing at going long on Monday, so I'll wait until Monday.
Buyers returned in the S&P 500 waiting for the next challenge which is the release of the CPI numbers on Wednesday. The bias is for the market to continue higher but how it interprets and absorbs the CPI numbers is 50-50.
At this point you gotta figure the daily is gonna go overbought before this stupidity ends, lol. My 3hr indicators should go oversold Monday, guess I gotta go long.
MFI went oversold and all we got was a gap fill, not even a dip. I guess they want to pump inflation numbers Wed morning, might day trade on the long side tomorrow.
Does the selling action on Thursdays S&P 500 indicate that new sellers are entering the market or are buyers selling to take profits? Friday's price action will give us additional clues about who's in control as we go into the weekend.
Waiting for the CPI and PPI this week to drive the direction for the S&P 500. Although sellers came in on Friday and Monday, currently this market has a neutral opening with a bias to the upside.
Last Week : Last week market opened above 5159.25 - 54.25 Key Resistance and gave a pull back/hold of that area showing us that it was holding as Support now. We knew that from there we could either Fail at or around VAH and pull back under that Key area or we could get through VAH and if we hold above that can bring in more buyers to give us pushes towards the...
Today's trade plan will be very simple. I'm looking for a break and retest of 5300 for longs and shorts if it fails to sustain and break above 5300.
Looks like sideways chop, my board is a mixed bag Staying cash for now.
overall market comment This week we found out how high the squeeze could get and markets made new all time highs. PPI was bad but market rallied anyway and bears gave up on CPI numbers. We are at the highs where we saw a bigger sell-off in April and it’s more reasonable to look for shorting the double tops, than betting on another melt-up for the biggest asset...
Going over the price action from sunday night looking for clues and trying to listen to what the markets are telling us. listen more, talk less. listen 2x as much as you Talk.
Putting on my bear hat this morning and reflecting on how difficult the move up from October 2022 low has been to interpret, from an Elliott Wave perspective. If you were trying to convince yourself of a major market top and completed five-wave impulse, I think this is how you'd have to do it. Wave ((5)) ends of being an expanding ending diagonal off October 2022...