Trends nearing a max movement to the downside
So I was searching for a Long position, and after the close yesterday I went Long on both ES Futures, as well as 6E Futures. I woke up this morning to both coming in very well. I cashed in at just below $2500. While it looks like I may have jumped ship a bit early on the Euro, I seem to have gotten out at a good point on the S&P as we've given some of the gains back there. So all things seem to even out overall.
I have some concern that the last 30m uptrend is a lower high, although because we immediately broke up past it, I'm not putting a lot of confidence that it has any plans to lead us anywhere. If we can get a 30m downtrend to come in above 3972, it will flip and be a higher low anyways. That was the only trend that changed yesterday, and it changed a total of 4 times in 24 hours, which shows we are more or less range bound.
While I think things are looking up, at least briefly, to correct the 3hr/4hr/6hr trends, the downward movement with some commitment at the close of yesterday as me a bit concern to not just sit in a Long position at the moment, and cash in Longs and then wait for another potential entry.
The Long Position;
A movement down is likely to be followed by a movement up. I'll be looking for those movements to get into another long position again.
The Short Position;
I don't know that I'll take any shorts today honestly. I think we are overdue for some upward movement.
Trends into today;
Last Macro Trend Signal Spots
30m - 3980 Uptrend (3/01/2023) Lower High
1Hr - 3977 Downtrend (2/28/2023) Higher Low
2Hr - 4113 Downtrend (2/16/2023) Lower Low
3Hr - 4104 Downtrend (2/16/2023) Higher Low
4Hr - 4095 Downtrend (2/16/2023) Higher Low
6Hr - 4064 Downtrend (2/10/2023) Higher Low
12Hr - 4023 Downtrend (2/21/2023) Higher Low
Daily - 4084 Uptrend (1/27/2023) Higher High
Weekly - 4366 Downtrend (2/14/2022) Higher Low
Economic Data;
Manufacturing PMI and ISM Manufacturing PMI will be things to watch regarding the overall health of the economy. However, it is anyone's guess if the Market prices in bad news as bad news, or bad news as good news, much like we saw a lack of decision in a lower than expected Consumer Confidence Index of yesterday.
Earnings;
Lowes is this morning. Most retailers have reported better than expected Earnings, with potentially bleak forward guidance. Although, Home Depot had positive forward guidance because of the expectation that DIY home improvements will increase, so Lowes may have the same expectation. Salesforce is also then AMC in reporting.
My sentiment into today;
Shorter Term - Neutral/Bearish
Short Term - Bullish
Medium Term - Neutral (Bullish then Bearish, basically)
Long Term - Neutral
Safe Trading, and remember your risk management! I am marking this as a "Long" because of the Bullish movement I think is overdue here.
I have some concern that the last 30m uptrend is a lower high, although because we immediately broke up past it, I'm not putting a lot of confidence that it has any plans to lead us anywhere. If we can get a 30m downtrend to come in above 3972, it will flip and be a higher low anyways. That was the only trend that changed yesterday, and it changed a total of 4 times in 24 hours, which shows we are more or less range bound.
While I think things are looking up, at least briefly, to correct the 3hr/4hr/6hr trends, the downward movement with some commitment at the close of yesterday as me a bit concern to not just sit in a Long position at the moment, and cash in Longs and then wait for another potential entry.
The Long Position;
A movement down is likely to be followed by a movement up. I'll be looking for those movements to get into another long position again.
The Short Position;
I don't know that I'll take any shorts today honestly. I think we are overdue for some upward movement.
Trends into today;
Last Macro Trend Signal Spots
30m - 3980 Uptrend (3/01/2023) Lower High
1Hr - 3977 Downtrend (2/28/2023) Higher Low
2Hr - 4113 Downtrend (2/16/2023) Lower Low
3Hr - 4104 Downtrend (2/16/2023) Higher Low
4Hr - 4095 Downtrend (2/16/2023) Higher Low
6Hr - 4064 Downtrend (2/10/2023) Higher Low
12Hr - 4023 Downtrend (2/21/2023) Higher Low
Daily - 4084 Uptrend (1/27/2023) Higher High
Weekly - 4366 Downtrend (2/14/2022) Higher Low
Economic Data;
Manufacturing PMI and ISM Manufacturing PMI will be things to watch regarding the overall health of the economy. However, it is anyone's guess if the Market prices in bad news as bad news, or bad news as good news, much like we saw a lack of decision in a lower than expected Consumer Confidence Index of yesterday.
Earnings;
Lowes is this morning. Most retailers have reported better than expected Earnings, with potentially bleak forward guidance. Although, Home Depot had positive forward guidance because of the expectation that DIY home improvements will increase, so Lowes may have the same expectation. Salesforce is also then AMC in reporting.
My sentiment into today;
Shorter Term - Neutral/Bearish
Short Term - Bullish
Medium Term - Neutral (Bullish then Bearish, basically)
Long Term - Neutral
Safe Trading, and remember your risk management! I am marking this as a "Long" because of the Bullish movement I think is overdue here.
Comment:
Went Long at 3965
Comment:
The Manufacturing PMI data is overall unremarkable. Things got slightly better, though still a contraction. The Manufacturing Price went up though, which shows there could be some inflationary issues with manufacturing.
I ended up stopped out of my trade at 3967. Likely going to look for another Long position here.
I ended up stopped out of my trade at 3967. Likely going to look for another Long position here.
Comment:
Went Long again at 3955
Comment:
Bleh, stopped out again at 3960....