So with the 6hr uptrend hitting on the major upward move that ended the week, we are maxed out on uptrends yet again.
I'd expect at least a brief sell off to get a 30m downtrend, in which I'll be able to set a profit stop and go from there. Earnings season never seems to disappoint in that it drives the market up regardless of other macroeconomic conditions that are happening.
Trends into today;
Last Macro Trend Signal Spots
30m - 4155 Uptrend (4/28/2023) Higher High
1Hr - 4107 Uptrend (4/27/2023) Lower High
2Hr - 4127 Uptrend (4/27/2023) Lower High
3Hr - 4154 Uptrend (4/27/2023) Higher High
4Hr - 4158 Uptrend (4/27/2023) Lower High
6Hr - 4185 Uptrend (4/28/2023) Higher High
12Hr - 4091 Uptrend (3/30/2023) Higher High
Daily - 4168 Uptrend (4/13/2023) Higher High
Weekly - 4366 Downtrend (2/14/2022) Higher Low
Again, I think the major issue is we are maxed to the upside. This has always proved to be an area that will drive back down even if briefly for a small gain.
The Long Position;
Mmmm, I may switch my position if I see a 30m uptrend. If I wasn't in a position at all, I don't know I'd feel comfortable going into anything long from the point we are already at.
The Short Position;
Currently, anything at or above 4185 would be a short entry based on maxed out trends. That is why I'm short. I'm not telling you what to do, by any means, and all investors know the success or failure of their investment is on them... I'm just telling you I went short at the level we are at for a reason.
Economic Data;
ISM Manufacturing is today. Looking to see if it stays in a contraction, and if that contraction eases. Keep in mind that FOMC Rate day is Wednesday.
Earnings;
Nothing major today, just the general smaller large cap S&P companies. Apple is on May 4th, that is the biggest of the week. There are a few other big companies reporting this week, but we are slowly coming to a close on Earnings week (I think there is one more big week).
My sentiment overalll;
Shorter Term - Bearish
Short Term - Bearish
Medium Term - Mmmm.... let's just go Neutral for now
Long Term - Neutral
Safe trading, and remember your risk management plan.
I'd expect at least a brief sell off to get a 30m downtrend, in which I'll be able to set a profit stop and go from there. Earnings season never seems to disappoint in that it drives the market up regardless of other macroeconomic conditions that are happening.
Trends into today;
Last Macro Trend Signal Spots
30m - 4155 Uptrend (4/28/2023) Higher High
1Hr - 4107 Uptrend (4/27/2023) Lower High
2Hr - 4127 Uptrend (4/27/2023) Lower High
3Hr - 4154 Uptrend (4/27/2023) Higher High
4Hr - 4158 Uptrend (4/27/2023) Lower High
6Hr - 4185 Uptrend (4/28/2023) Higher High
12Hr - 4091 Uptrend (3/30/2023) Higher High
Daily - 4168 Uptrend (4/13/2023) Higher High
Weekly - 4366 Downtrend (2/14/2022) Higher Low
Again, I think the major issue is we are maxed to the upside. This has always proved to be an area that will drive back down even if briefly for a small gain.
The Long Position;
Mmmm, I may switch my position if I see a 30m uptrend. If I wasn't in a position at all, I don't know I'd feel comfortable going into anything long from the point we are already at.
The Short Position;
Currently, anything at or above 4185 would be a short entry based on maxed out trends. That is why I'm short. I'm not telling you what to do, by any means, and all investors know the success or failure of their investment is on them... I'm just telling you I went short at the level we are at for a reason.
Economic Data;
ISM Manufacturing is today. Looking to see if it stays in a contraction, and if that contraction eases. Keep in mind that FOMC Rate day is Wednesday.
Earnings;
Nothing major today, just the general smaller large cap S&P companies. Apple is on May 4th, that is the biggest of the week. There are a few other big companies reporting this week, but we are slowly coming to a close on Earnings week (I think there is one more big week).
My sentiment overalll;
Shorter Term - Bearish
Short Term - Bearish
Medium Term - Mmmm.... let's just go Neutral for now
Long Term - Neutral
Safe trading, and remember your risk management plan.
Comment:
Oh, I should note, I saw there is some employment data today. Honestly... I think people are desensitized to employment data, lol... we talked and traded on it so much, that unless it is REALLY bad or REALLY good (I don't even know what we want to consider good or bad on it anymore), I don't think it really registers anymore.
Comment:
On a side note, I'm going to go short on the 6E again.... I know, I know... lol... I've yet to catch more than a couple hundred on a downward move. I was just looking at it, and jeeeeeeeez, it is overbought on a scale I've never seen before on anything. Look at the MFI on a WEEKLY basis specifically for the 6EM23 contract...
Looking to see if it at LEAST heads down to 1.08
Even on the general overlay contract, nearly everything is close to overbought on a WEEKLY basis. It also has a Daily sell signal.
Looking to see if it at LEAST heads down to 1.08
Even on the general overlay contract, nearly everything is close to overbought on a WEEKLY basis. It also has a Daily sell signal.