Rally continues to fight Macro Economic conditions
So I ended up jumping out yesterday as the price went up to 4160 for only a 750 gain. I had said my long position was to go in to any appearance that yet another buy the dip mentality surfaced, but I ended up not taking that trade and have no open position at the moment.
Heading into today, the issue I see is we are mostly maxed out, yet again, to the uptrends. Following the trendlines, there is some minor room left to the upside on the 4hr and 2hr uptrends, being around 4200 and 4210 respectively. Past those I don't see much in terms of continued upward potential, nor do we have any major economic data to disrupt that.
The trends into today;
Last Macro Trend Signal Spots
30m - 4177 Uptrend (4/17/2023) Higher High
1Hr - 4185 Uptrend (4/18/2023) Higher High
2Hr - 4174 Uptrend (4/13/2023) Higher High
3Hr - 4146 Uptrend (4/12/2023) Higher High
4Hr - 4160 Uptrend (4/12/2023) Higher High
6Hr - 4041 Uptrend (3/29/2023) Lower 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
The Long Position;
Yet again, any dip is really the Long Position, as this rally continues to defy most analysts (including mine) and every dip is apparently an entry point. The trends have not provided any major guidance on sending us back down just yet without a serious disruption.
The Short Position;
Honestly, the 4200 level where we are is probably a decent short entry point. However, I've decided to wait and see if we head higher to 4210 and really max out every uptrend potential.
The other entry point would be if the typical day can appear in reverse order, with an early rally that fizzles, and then go short as we pass that 4175 level again in hopes of actually heading lower.
Economic Data;
Nothing important today.
Earnings;
A handful of important companies, mostly whom all reported BTO and reported as beating expectations. Netflix is the only AMC I noted as being important.
I've got sell signals in several currencies vs the US Dollar and also gold... so I may see my trading fall into one of those categories, although the US Dollar has really struggled so far this year to maintain any strength globally. Also, I have a very valid sell signal on the Dow Jones, so I could also dabble over in that section as well since the S&P, which is my usual bread & butter, I think is just acting completely illogical for the moment.
My sentiment into today is;
Basically all neutral with a hint of bearish on the short side and a hint of bullish on the long side.
Safe trading, and remember your risk management!
Heading into today, the issue I see is we are mostly maxed out, yet again, to the uptrends. Following the trendlines, there is some minor room left to the upside on the 4hr and 2hr uptrends, being around 4200 and 4210 respectively. Past those I don't see much in terms of continued upward potential, nor do we have any major economic data to disrupt that.
The trends into today;
Last Macro Trend Signal Spots
30m - 4177 Uptrend (4/17/2023) Higher High
1Hr - 4185 Uptrend (4/18/2023) Higher High
2Hr - 4174 Uptrend (4/13/2023) Higher High
3Hr - 4146 Uptrend (4/12/2023) Higher High
4Hr - 4160 Uptrend (4/12/2023) Higher High
6Hr - 4041 Uptrend (3/29/2023) Lower 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
The Long Position;
Yet again, any dip is really the Long Position, as this rally continues to defy most analysts (including mine) and every dip is apparently an entry point. The trends have not provided any major guidance on sending us back down just yet without a serious disruption.
The Short Position;
Honestly, the 4200 level where we are is probably a decent short entry point. However, I've decided to wait and see if we head higher to 4210 and really max out every uptrend potential.
The other entry point would be if the typical day can appear in reverse order, with an early rally that fizzles, and then go short as we pass that 4175 level again in hopes of actually heading lower.
Economic Data;
Nothing important today.
Earnings;
A handful of important companies, mostly whom all reported BTO and reported as beating expectations. Netflix is the only AMC I noted as being important.
I've got sell signals in several currencies vs the US Dollar and also gold... so I may see my trading fall into one of those categories, although the US Dollar has really struggled so far this year to maintain any strength globally. Also, I have a very valid sell signal on the Dow Jones, so I could also dabble over in that section as well since the S&P, which is my usual bread & butter, I think is just acting completely illogical for the moment.
My sentiment into today is;
Basically all neutral with a hint of bearish on the short side and a hint of bullish on the long side.
Safe trading, and remember your risk management!