The FOMO Rally is slipping; Trends showing a mixed bag
So I still think we are going to head lower, though I expect a potential technical bounce here. I have some concerns that the 3hr/4hr/6hr are all higher lows, but at least at the moment we've broken below them so they aren't potential support lines going down. My next main target is the 12hr downtrend and how we react to that. Additionally, we have broken down below the daily uptrend entry point of 4084, although each time we got below that we rallied higher by the end of the day, so I suppose we will see where it takes us by the close.
All in all, I still hope to hit that target range of 3913 with +\- 20 (mostly plus). I think the macro-economic situation supports that movement as well, and that this overzealous and excessively optimistic market rally is going to come to an end, though Bulls may fight it on the way down.
Trends going into today are;
Last Macro Trend Signal Spots
30m - 4154 Downtrend (2/16/2023) Higher Low
1Hr - 4113 Downtrend (2/16/2023) Lower Low
2Hr - 4113 Downtrend (2/16/2023) Lower Low
3Hr - 4104 Downtrend (2/16/2023) Higher Low
4Hr - 4095 Downtrend (2/16/2023) Higher Low
6Hr - 4064 Downtrend (2/10/2023) Higher Low
12Hr - 3993 Uptrend (1/11/2023) Lower High
Daily - 4084 Uptrend (1/27/2023) Higher High
Weekly - 4366 Downtrend (2/14/2022) Higher Low
Economic Data;
Not much data, but there are more FOMC Members speaking today, even if they aren't voting members. Additionally, I recommend going back to listen to Fed Mester speak yesterday evening. Some fairly hawkish rhetoric coming out lately.
Earnings;
Deere did well apparently, and is currently up 3%. There isn't much else to report on the earnings front.
I mention it in the video, but side note, I will likely be heading up to Ski in Vermount next week. Maybe not the whole week, but if we rally it is likely I'll cash out and close my position and enjoy the week off and the little bit of snow I can find on the East Coast of the US this Winter.
My sentiment into today is;
Shorter Term - Neutral/Bullish
Short Term - Bearish/Neutral
Medium Term - Bearish
Long Term - Neutral
All in all, I still hope to hit that target range of 3913 with +\- 20 (mostly plus). I think the macro-economic situation supports that movement as well, and that this overzealous and excessively optimistic market rally is going to come to an end, though Bulls may fight it on the way down.
Trends going into today are;
Last Macro Trend Signal Spots
30m - 4154 Downtrend (2/16/2023) Higher Low
1Hr - 4113 Downtrend (2/16/2023) Lower Low
2Hr - 4113 Downtrend (2/16/2023) Lower Low
3Hr - 4104 Downtrend (2/16/2023) Higher Low
4Hr - 4095 Downtrend (2/16/2023) Higher Low
6Hr - 4064 Downtrend (2/10/2023) Higher Low
12Hr - 3993 Uptrend (1/11/2023) Lower High
Daily - 4084 Uptrend (1/27/2023) Higher High
Weekly - 4366 Downtrend (2/14/2022) Higher Low
Economic Data;
Not much data, but there are more FOMC Members speaking today, even if they aren't voting members. Additionally, I recommend going back to listen to Fed Mester speak yesterday evening. Some fairly hawkish rhetoric coming out lately.
Earnings;
Deere did well apparently, and is currently up 3%. There isn't much else to report on the earnings front.
I mention it in the video, but side note, I will likely be heading up to Ski in Vermount next week. Maybe not the whole week, but if we rally it is likely I'll cash out and close my position and enjoy the week off and the little bit of snow I can find on the East Coast of the US this Winter.
My sentiment into today is;
Shorter Term - Neutral/Bullish
Short Term - Bearish/Neutral
Medium Term - Bearish
Long Term - Neutral