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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.
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...
MFI overbought before Fed meeting minutes get released here in a few minutes.... I'm staying out. Movements are so small not everything is moving with the market. Too much guess work.
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.
Failed break of IB looking for short entry on confirmation. $1.75 points Profit: $87.50 Should of held trade longer. Earlier sideways action caused early exit.
The expectation for Tuesday in the S&P 500 is sideways to higher. However, be cautious on the long side as a potential double top could be forming.
We expect further bullish prices in the S&P 500, ESM 2024. After the FOMC Meeting Minutes, yesterday, the daily candle closed bearish, but above 5315, which indicates further bullish prices on the daily. We will be therefore looking for bullish tradesetups today and further until proven otherwise. However, we will have to see if good setups form, since price...
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.
This is an Ending Diagonal. Notice, it is a contracting ED, and incidentally, the intersection of its top and bottom trend lines provide an ideal end point. A little bird told me 5375 was ripe for selling, and this picture makes me confident he was right. ATH 5362.75 at the time of this post, but calling it, anyway, as late as 5375.75. If not today, maybe in...
Looks like sideways chop, my board is a mixed bag Staying cash for now.
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.
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.
Bias is Bullish. Price swept the External LQ, then went for the Internal LQ. Price swept the old high, but didn't displace through it. With the formation of a +FVG, and price pulling back to tag it Friday, we may see price trade through the new high. Ideally, price will form FVGs to give us clear indications as to its intentions. Thank you for viewing! Leave...
On Thursday in the S&P 500 can buyer follow through with the upward momentum started in the Asia session?
In the S&P 500, will buyers have the momentum to push the S&P 500 to new record highs? The structure to facilitate this movement is in place and the release of the Fed meeting minutes on Wednesday May give the excuse for the S&P 500 to move to those new levels.
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...
I am now looking for another big day down on Friday in the S&P 500. I think the market overreacted to the news they came out on Thursday.