So trends continue to show a strong upside. Again, only the 12-Hour and Daily have a lower highs we are building improperly from.
All other main timeframes are Higher Highs and Higher Lows.
On the Micro Level, we actually have a lower high 5m, and the 15m had lower highs and lower lows we pushed past upward.
The level I would watch to see if this Uptrend begins to falter, is if it goes below the 30m Uptrend, which start at 4127 and has been ascending to around 4140. So a move down below 4140 could show some weakness in this uptrend, but any movement back above 4140 shows continued strength in the trends. The 3-Hour and 2-Hour ascending lines that supported us in this last upward push are around 4120.
So basically, 4120-4140 I'd look at as neutral and a no trade zone. Above 4140 is Bullish, below 4120 I'd look as potential bearish, although I'm not sure I'd jump into a short at that point without some timeframe presenting a lower high or lower low signal to base that decision off of.
In terms of economic data; Europe is crumbling economically, Fed speakers have still been giving very hawkish tones, the Fed is saying they do not believe they will do rate cuts early next year, the US is still in a technical recession, and no data has shown inflation weakening yet. So, with all that awful economic data, I'm assuming people will keep buying stocks like lunatics... lol
We do have some Job data coming up shortly. That should be important. Higher jobless shows potential recession, lower jobless shows the Fed may need to hike higher to get inflation down. However, either way at this point, I expect everyone to just invest blindly with all the Care Bear hope in the world.
More Earnings to report today. Nothing that looked like a major company in terms of weight or sector.
I will continue my belief that energy leads us lower. With the positive gain yesterday, we had an over negative 2% day in the Energy Sector. With the strength in energy weakening, if these other sectors find returned weakness, expect pain, lots and lots of pain.
Trends are Bullish, I will cautiously trade upward. However, I am bearish because this rally is still premature and foolish in my opinion.
All other main timeframes are Higher Highs and Higher Lows.
On the Micro Level, we actually have a lower high 5m, and the 15m had lower highs and lower lows we pushed past upward.
The level I would watch to see if this Uptrend begins to falter, is if it goes below the 30m Uptrend, which start at 4127 and has been ascending to around 4140. So a move down below 4140 could show some weakness in this uptrend, but any movement back above 4140 shows continued strength in the trends. The 3-Hour and 2-Hour ascending lines that supported us in this last upward push are around 4120.
So basically, 4120-4140 I'd look at as neutral and a no trade zone. Above 4140 is Bullish, below 4120 I'd look as potential bearish, although I'm not sure I'd jump into a short at that point without some timeframe presenting a lower high or lower low signal to base that decision off of.
In terms of economic data; Europe is crumbling economically, Fed speakers have still been giving very hawkish tones, the Fed is saying they do not believe they will do rate cuts early next year, the US is still in a technical recession, and no data has shown inflation weakening yet. So, with all that awful economic data, I'm assuming people will keep buying stocks like lunatics... lol
We do have some Job data coming up shortly. That should be important. Higher jobless shows potential recession, lower jobless shows the Fed may need to hike higher to get inflation down. However, either way at this point, I expect everyone to just invest blindly with all the Care Bear hope in the world.
More Earnings to report today. Nothing that looked like a major company in terms of weight or sector.
I will continue my belief that energy leads us lower. With the positive gain yesterday, we had an over negative 2% day in the Energy Sector. With the strength in energy weakening, if these other sectors find returned weakness, expect pain, lots and lots of pain.
Trends are Bullish, I will cautiously trade upward. However, I am bearish because this rally is still premature and foolish in my opinion.
Comment:
Job Data was almost spot on the estimate. Slightly higher, but I'm not sure it was really enough of a difference one way or another to provide any sort of guidance.
Comment:
Snooze day... although I want to point out that Energy stocks are down 2%+ at this time again... so far it looks like we are just taking money from one pocket into another pocket.
The S&P isn't quite there yet (close), but just be aware that the Nasdaq is basically reaching overbought on the daily. Nasdaq focuses on Tech stocks, so be prepared for a potential pullback from tech stocks.
The S&P isn't quite there yet (close), but just be aware that the Nasdaq is basically reaching overbought on the daily. Nasdaq focuses on Tech stocks, so be prepared for a potential pullback from tech stocks.
Comment:
Had a 30m Downtrend signal at the close of that bar. Doesn't change a whole lot, as it is a higher low downtrend. It does move my no go trade zone up to 4143 instead of at 4140. Interested to see how this day closes out... even though the volume has been horribly low all day.
Comment:
So... I had mentioned several days ago that Bear Market Rallies basically happen because Bulls trade amongst themselves with no bear involvement. I had mentioned the signal it is ending is a very low volume whipsaw day and basically Bulls are wearing themselves out just trading amongst themselves.
I am.just pointing out what I said several days ago did come to pass. Use caution.
I am.just pointing out what I said several days ago did come to pass. Use caution.