Trends show weakening, but market is overall flat; Look to Jobs
So as I state in the video, I cashed my short out at 4148. Looking for another short to get into or just picking up where I left off at.
We had a 30m/1hr trend down yesterday, and overnight we got a 30m/1hr trend up. The uptrends overnight were a lower high on the 30m and a higher high barely on the 1hr. We are currently below the 1hr but sitting above the 30m.
Overall, I see the jobs data really driving this market back up to 4190 +\- 10 if it shows weakening, or sending us below 4100 if it shows a surprise strengthening. Currently expectations is that jobless numbers have increased from last week.
The trends into today are;
Last Macro Trend Signal Spots
30m - 4159 Uptrend (2/9/2023) Lower High
1Hr - 4167 Uptrend (2/9/2023) 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
Economic Data;
As I said, jobs data is today. That is the biggest data point to be priced in.
Earnings;
There are a few good earnings to watch I went over in the market. All have 'sell' signals according to some website, but I don't base any stock decisions off that website.
On a technical level, there isn't much to keep us up in this area up or down. There also doesn't seem much to move us out of it. So we seem to have stalled yet again here in the mid 4100 range.
My overall sentiment is;
Shorter Term - Bearish Neutral
Short Term - Neutral
Medium Term - Neutral/Bearish
Long Term - Neutral
Anyone else notice that the tags for certain things with the S&P aren't showing anymore? Weird.
Anyways, safe trading! Remember your risk management plan
We had a 30m/1hr trend down yesterday, and overnight we got a 30m/1hr trend up. The uptrends overnight were a lower high on the 30m and a higher high barely on the 1hr. We are currently below the 1hr but sitting above the 30m.
Overall, I see the jobs data really driving this market back up to 4190 +\- 10 if it shows weakening, or sending us below 4100 if it shows a surprise strengthening. Currently expectations is that jobless numbers have increased from last week.
The trends into today are;
Last Macro Trend Signal Spots
30m - 4159 Uptrend (2/9/2023) Lower High
1Hr - 4167 Uptrend (2/9/2023) 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
Economic Data;
As I said, jobs data is today. That is the biggest data point to be priced in.
Earnings;
There are a few good earnings to watch I went over in the market. All have 'sell' signals according to some website, but I don't base any stock decisions off that website.
On a technical level, there isn't much to keep us up in this area up or down. There also doesn't seem much to move us out of it. So we seem to have stalled yet again here in the mid 4100 range.
My overall sentiment is;
Shorter Term - Bearish Neutral
Short Term - Neutral
Medium Term - Neutral/Bearish
Long Term - Neutral
Anyone else notice that the tags for certain things with the S&P aren't showing anymore? Weird.
Anyways, safe trading! Remember your risk management plan
Comment:
Looks like a small surprise to jobless claims going up. Not much movement though so far.
Comment:
So far it seems that the slight rise in unemployment is already priced in and we may be headed lower. I went short at 4160 when the open failed to head higher.
Comment:
Stopped out on this last upward move for $50. Will wait and watch at this point