I cashed out on a trade yesterday, but ended up going short again towards the end of the day at 4152.
We have a 30m/1hr lower low trend from yesterday, but our 2hr trend from yesterday is a higher low, and thus far we've bounced off of that.
We also got 3hr and 4hr higher high trends just before the CPI data came out. When I saw that CPI showed inflation had flatlined and didn't go down (or even increased in Headline CPI) I thought a day of reckoning was upon this optimistic outlook the market has had, but we managed to rally off the lows and come up relatively flat. It was also a high-volume day for a flat day. I'm taking it currently as a bearish sentiment in the market, but I'd like to see some of these trends really turn downwards to make my 3913 target goal achievable.
The trends for today are;
Last Macro Trend Signal Spots
30m - 4131 Downtrend (2/14/2023) Lower Low
1Hr - 4124 Downtrend (2/14/2023) Lower Low
2Hr - 4122 Downtrend (2/14/2023) Higher Low
3Hr - 4145 Uptrend (2/14/2023) Higher High
4Hr - 4152 Uptrend (2/14/2023) Higher High
6Hr - 4064 Downtrend (2/10/2023) Higher Low
12Hr - 3993 Uptrend (1/11/2023) Lower High
Daily - 4084 Uptrend (1/27/2023) Higher High
Weekly - 4366 Downtrend (2/14/2022) Higher Low
You can see the consolidation of the trend marks around 4120-4130. So hopefully we can get some guidance on this area before the end of the day.
Economic Data;
Retail sales is today. It is difficult though to predict if and how the market will react to that data, as a case could be made for either direction. There is some manufacturing data and oil data also, though I don't know they will be as big in driving the market.
Earnings;
Cisco is today. Otherwise it is mostly small companies.
My sentiment on the day;
Shorter Term - Neutral/Bearish
Short Term - Neutral/Bearish
Medium Term - Neutral
Long Term - Neutral
Still looking for a swing down to 3913 +\- 20
Safe trading, and remember your risk management plan.
We have a 30m/1hr lower low trend from yesterday, but our 2hr trend from yesterday is a higher low, and thus far we've bounced off of that.
We also got 3hr and 4hr higher high trends just before the CPI data came out. When I saw that CPI showed inflation had flatlined and didn't go down (or even increased in Headline CPI) I thought a day of reckoning was upon this optimistic outlook the market has had, but we managed to rally off the lows and come up relatively flat. It was also a high-volume day for a flat day. I'm taking it currently as a bearish sentiment in the market, but I'd like to see some of these trends really turn downwards to make my 3913 target goal achievable.
The trends for today are;
Last Macro Trend Signal Spots
30m - 4131 Downtrend (2/14/2023) Lower Low
1Hr - 4124 Downtrend (2/14/2023) Lower Low
2Hr - 4122 Downtrend (2/14/2023) Higher Low
3Hr - 4145 Uptrend (2/14/2023) Higher High
4Hr - 4152 Uptrend (2/14/2023) Higher High
6Hr - 4064 Downtrend (2/10/2023) Higher Low
12Hr - 3993 Uptrend (1/11/2023) Lower High
Daily - 4084 Uptrend (1/27/2023) Higher High
Weekly - 4366 Downtrend (2/14/2022) Higher Low
You can see the consolidation of the trend marks around 4120-4130. So hopefully we can get some guidance on this area before the end of the day.
Economic Data;
Retail sales is today. It is difficult though to predict if and how the market will react to that data, as a case could be made for either direction. There is some manufacturing data and oil data also, though I don't know they will be as big in driving the market.
Earnings;
Cisco is today. Otherwise it is mostly small companies.
My sentiment on the day;
Shorter Term - Neutral/Bearish
Short Term - Neutral/Bearish
Medium Term - Neutral
Long Term - Neutral
Still looking for a swing down to 3913 +\- 20
Safe trading, and remember your risk management plan.
Comment:
Not going to do a new video. Basically my sentiment remains the same. I shorted the market again as we hit zero. Inflation data is still coming in stronger than expected, jobs remain stronger than expected, and manufacturing looks to be down.
I continue to believe the market is overzealous and high, and that our uptrends are entirely too maxed and we need to do some real movement south to see where a bottom is in our market.
I am short 4160, still looking for a movement into the 3913 zone of +\- 30 points.
I continue to believe the market is overzealous and high, and that our uptrends are entirely too maxed and we need to do some real movement south to see where a bottom is in our market.
I am short 4160, still looking for a movement into the 3913 zone of +\- 30 points.
The initial reaction was lower... but then, we sit here, and nothing has been happening. I'm guessing it is going to come up here and stop me out. Guess we see where it ends on the day.