Trends retain a short term bearish sentiment; long term unclear
So we got a 30m lower high uptrend this morning after getting the higher low 30m yesterday. I went Long at the close of yesterday looking to get back up, and it did overnight but ultimately came back and profit stopped me for only $200 before heading up the rest of the way. With the lower high 30m at 4136 I've gone Short this morning at 4139.
I was up fairly early this morning to manage by 6E trade and make sure that the CPI data for the EuroZone didn't ruin my current profit gains on that contract. Overall, I can say it has been uneventful for the most part this morning.
Trends into today;
Last Macro Trend Signal Spots
30m - 4136 Uptrend (5/17/2023) Lower High
1Hr - 4124 Downtrend (5/11/2023) Lower Low
2Hr - 4116 Downtrend (5/12/2023) Lower Low
3Hr - 4116 Downtrend (5/12/2023) Lower Low
4Hr - 4124 Uptrend (5/10/2023) Higher High
6Hr - 4124 Downtrend (5/2/2023) Higher Low
12Hr - 4083 Downtrend (5/4/2023) Higher Low
Daily - 4168 Uptrend (4/13/2023) Higher High
Weekly - 4366 Downtrend (2/14/2022) Higher Low
The Long Position;
I'll be looking for a down movement to a 4hr downtrend and evaluate how that movement comes in. If it loses steam and is a higher low, I may reverse my direction into a long position.
The Short Position;
I'm in it. The 30m hit at 4136, so I got in slightly above that, but I'm looking for at least one movement down to 4120s and want to hold until we get a 30m / 4hr downtrend.
Economic Data;
Nothing major I saw today.
Earnings;
Target lowered Q2 earnings. Most companies are talking about expectations that Q2 is going to hurt profits. TJX though raised estimates, so that isn't across the board.
My sentiment into today is;
Shorter Term - Bearish
Short Term - Bearish/Neutral
Medium Term - Neutral/Slight Bearish
Long Term - Neutral/Slight Bullish
Safe trading and remember your risk management plan.
I was up fairly early this morning to manage by 6E trade and make sure that the CPI data for the EuroZone didn't ruin my current profit gains on that contract. Overall, I can say it has been uneventful for the most part this morning.
Trends into today;
Last Macro Trend Signal Spots
30m - 4136 Uptrend (5/17/2023) Lower High
1Hr - 4124 Downtrend (5/11/2023) Lower Low
2Hr - 4116 Downtrend (5/12/2023) Lower Low
3Hr - 4116 Downtrend (5/12/2023) Lower Low
4Hr - 4124 Uptrend (5/10/2023) Higher High
6Hr - 4124 Downtrend (5/2/2023) Higher Low
12Hr - 4083 Downtrend (5/4/2023) Higher Low
Daily - 4168 Uptrend (4/13/2023) Higher High
Weekly - 4366 Downtrend (2/14/2022) Higher Low
The Long Position;
I'll be looking for a down movement to a 4hr downtrend and evaluate how that movement comes in. If it loses steam and is a higher low, I may reverse my direction into a long position.
The Short Position;
I'm in it. The 30m hit at 4136, so I got in slightly above that, but I'm looking for at least one movement down to 4120s and want to hold until we get a 30m / 4hr downtrend.
Economic Data;
Nothing major I saw today.
Earnings;
Target lowered Q2 earnings. Most companies are talking about expectations that Q2 is going to hurt profits. TJX though raised estimates, so that isn't across the board.
My sentiment into today is;
Shorter Term - Bearish
Short Term - Bearish/Neutral
Medium Term - Neutral/Slight Bearish
Long Term - Neutral/Slight Bullish
Safe trading and remember your risk management plan.
Comment:
I'm thinking the leg down will come when the NYFANG hits overbought on a Weekly time frame. It has been holding up the market as I've mentioned several times, and I went and checked in and saw how close it is to hitting overbought on RSI/MFI scales.
Comment:
And FYI, it just hit overbought on RSI Daily
Comment:
bleh, I got profit stopped out of my trade. Gonna wait and come back in depending on how things go
Comment:
Went short at 4170
Comment:
Got profit stopped but ended up just going back in. I've had 4176 as a target for a while. So I went short at 4173 as if it was 4176.