Don't worry, much shorter video today since I went through my long winded explanation of the overall market picture yesterday.
So I had said I would short at a 1hr uptrend yesterday. I went short at 4013 for a $1000 goal at 3993. I did have to hold through the bounce up which began to signal a 2hr uptrend, and I cashed out early at 3994 when we came back down, but overall I got what I was looking for. I then sat out the rest of the day.
Trends into today;
Last Macro Trend Signal Spots
30m - 3997 Uptrend (2/28/2023) Higher High
1Hr - 3977 Downtrend (2/23/2023) Higher 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 - 4023 Downtrend (2/21/2023) Higher Low
Daily - 4084 Uptrend (1/27/2023) Higher High
Weekly - 4366 Downtrend (2/14/2022) Higher Low
The Short Move;
From yesterday into today, the 30m and 1hr have both altered their trend direction upward, especially if we finish a 1hr uptrend around here. I am then waiting to see the 2hr uptrend come back into play again, and evaluate if the trends will immediately run back up to snag higher trends or if I can take a short position.
The Long Move;
On the flip side, because I expect a brief upward movement to collect several violated trends, if we go lower before getting a 2hr uptrend, and push below the 1hr I may actually go long depending on how the movement looks. We are fairly maxed to the downtrends, aside from a daily, so any major move downward would then have to fizzle out and be ripe for several brief long positions.
Economic Data;
I saw a major swing upward at 3am EST, and looked to see what may have caused such sentiment, and I did note that Spanish CPI came in higher than expected. The logic behind the move is that perhaps European Investors bailed on Euro stocks and jumped into US stocks. I'll mostly be watch for Chicago PMI (9:45am EST) and CB Consumer Confidence (10am EST) today though, as those are the more important things for US markets today.
Earnings;
I'm about to head over and see how Target did, as I believe it will cause a major interest in the health of the overall economy.
Overall my sentiment is;
Shorter Term - Bullish
Short Term - Neutral
Medium Term - Bearish
Long Term - Neutral
I am going to list this as a "Short" because my target is still overall 3913ish, even though I foresee some upside before we head that way.
Safe trading, and remember your risk management plan.
So I had said I would short at a 1hr uptrend yesterday. I went short at 4013 for a $1000 goal at 3993. I did have to hold through the bounce up which began to signal a 2hr uptrend, and I cashed out early at 3994 when we came back down, but overall I got what I was looking for. I then sat out the rest of the day.
Trends into today;
Last Macro Trend Signal Spots
30m - 3997 Uptrend (2/28/2023) Higher High
1Hr - 3977 Downtrend (2/23/2023) Higher 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 - 4023 Downtrend (2/21/2023) Higher Low
Daily - 4084 Uptrend (1/27/2023) Higher High
Weekly - 4366 Downtrend (2/14/2022) Higher Low
The Short Move;
From yesterday into today, the 30m and 1hr have both altered their trend direction upward, especially if we finish a 1hr uptrend around here. I am then waiting to see the 2hr uptrend come back into play again, and evaluate if the trends will immediately run back up to snag higher trends or if I can take a short position.
The Long Move;
On the flip side, because I expect a brief upward movement to collect several violated trends, if we go lower before getting a 2hr uptrend, and push below the 1hr I may actually go long depending on how the movement looks. We are fairly maxed to the downtrends, aside from a daily, so any major move downward would then have to fizzle out and be ripe for several brief long positions.
Economic Data;
I saw a major swing upward at 3am EST, and looked to see what may have caused such sentiment, and I did note that Spanish CPI came in higher than expected. The logic behind the move is that perhaps European Investors bailed on Euro stocks and jumped into US stocks. I'll mostly be watch for Chicago PMI (9:45am EST) and CB Consumer Confidence (10am EST) today though, as those are the more important things for US markets today.
Earnings;
I'm about to head over and see how Target did, as I believe it will cause a major interest in the health of the overall economy.
Overall my sentiment is;
Shorter Term - Bullish
Short Term - Neutral
Medium Term - Bearish
Long Term - Neutral
I am going to list this as a "Short" because my target is still overall 3913ish, even though I foresee some upside before we head that way.
Safe trading, and remember your risk management plan.
Comment:
Looks like Target beat expectations. Although, for the record, they are as usual, lowered expectations. Congrats to Walmart for really starting a trend a year ago by slashing expectations and then beating the lowered bar.
Comment:
To add though, in browsing through the forward guidance, they paint an expected decline in next quarter (lower those expectations again), which is part of the whole Lower the Bar mentality, but could cause some general bearish sentiment to begin to resurface here or there.
Comment:
Went Long at 3976
Comment:
I was profit stopped out at 3986 on this last downward push. Looking for another long entry point
Comment:
Just to update. I've sat out after making my $500 today. Certainly appears a bit range bound at the moment. Might try to go long again here soon.
However, Consumer Confidence came in lower than expected, even though the market basically shrugged it off at the moment.
However, Consumer Confidence came in lower than expected, even though the market basically shrugged it off at the moment.