Reversal continues - But driven by foreign markets again?

So I am shocked that the market is starting out again on a 2% gain for the day before the US Markets are open. Obviously major firms know how to purchase stocks using foreign markets, but this continued push in the foreign markets overnight is not something I see continuing to be allowed by US Traders.

If you just want the trends, here they are;
Last Macro Trend Signal Spots
30m - 3635 Uptrend (10/17/2022) Lower High
1Hr - 3681 Uptrend (10/17/2022) Higher High
2Hr - 3700 Uptrend (10/17/2022) Higher High
3Hr - 3682 Uptrend (10/13/2022) Lower High
4Hr - 3680 Uptrend (10/13/2022) Lower High
6Hr - 3759 Uptrend (10/17/2022) Higher High
12Hr - 3606 Downtrend (10/10/2022) Lower Low
Daily - 4041 Downtrend (8/26/2022) Lower Low
Weekly - 4366 Downtrend (2/14/2022) Higher Low

As you can see, we've gotten some great reversal trades beginning. The 6hr showed up as a higher high, as did the 2hr. I have some concern that the 4hr is being left so far behind, and that the 30m was a downtrend and is not nearly 130 points in the rear view mirror. That will likely get corrected today, but it won't put us into negative territory to try and make it happen.

I'm really curious if at the opening bell if the US market will allow the foreign market to retain all the premarket gains again, and come in only able to acquire 1/3 on the day again.

I have been calling for a rally, I just feel this rally is a little too much to soon for me to feel confident that it will persist without a pullback. It is likely I may stay out of this trading day today while I wait for the market to give more guidance. I'd like to see us go down to snag a 4hr downtrend mark, and then push higher with all these higher trends forming.

Earnings;
JNJ, Lockhead, and Netflix are the big earnings for the day.

Economic Data;
Nothing really major for this.

My sentiment is;
Shorter Term - Bearish
Short Term - Neutral
Medium Term - Bullish
Long Term - Bearish

Comment:

Looks like most companies are beating Earnings expectations. However... Walmart effect... some are beating earnings while acknowledging reduced revenue cause they set the EPS bar so low.
So far it seems like smooth sailing for an up day... but the problem is we are already up.

Comment:

The current 12hr bar just started flashing an uptrend signal. The last uptrend signal was 3818. So if we surge 50 points up, we could get a higher high, otherwise the 12hr will be a lower high.

Comment:

Just in case anyone was wondering, we did get that 30m downtrend mark. We've rallied since then. I think I'm still going to sit out for a bit. I'd like to see how the 4hr is going to react to all this, since it is still in an opposing downtrend

Comment:

Glad I stayed out. I mean I supposed I would have made some cash shorting near the tops, but it would have been a nail biter all day. Hopefully this pattern develops a bit better by tomorrow.

Comment:

If this drops down hard overnight, I'd say it does appear to be the perfect head and shoulder shape for the day...