Is the buy the dip mentality back? Trends for 2/8/2023

So I got into a short on the first peak, made profit on the dip and was stopped out on the reverse momentum. I didn't jump in right away on the next surge, but did grab another short overnight as I still believe we head down shortly.

I do not trust this rally until I see a genuine lower leg that holds and we rally off of. Every potential dip was just bought up en masse, and I think we need to test some support levels before I trust that this market is trying to make the way back up past 4200/4300.

Trends for today;
Last Macro Trend Signal Spots
30m - 4161 Downtrend (2/8/2023) Higher Low
1Hr - 4166 Uptrend (2/7/2023) Higher High
2Hr - 4166 Uptrend (2/7/2023) Higher High
3Hr - 4090 Uptrend (1/31/2023) Higher High
4Hr - 4142 Uptrend (2/1/2023) Higher High
6Hr - 4045 Uptrend (1/23/2023) Higher High
12Hr - 3993 Uptrend (1/11/2023) Lower High
Daily - 4084 Uptrend (1/27/2023) Higher High
Weekly - 4366 Downtrend (2/14/2022) Higher Low

There is some brief area for us to spike up and hit the 6hr and 4hr trend lines, but I don't know that we do that with us having topped out the 1hr and 2hr already. The wide swings has really made the 30m unreliable for the moment.

There is no major economic data today, though there are several Fed Speakers scheduled to give some insight.

Earnings aside from Disney is going to be relatively smaller companies (for the S&P anyways).

My sentiment for today is;
Shorter Term - Bearish
Short Term - Bearish
Medium Term - Bearish/Neutral
Long Term - Neutral

Safe trading, and remember your risk management plan

Comment:

This was my target range for the day. Looking to see if we have a bounce, hold down here, or push past it.