So, I'm short again at 4140, which is already looking as a potentially flawed trade, but we will see.
With the 4hr closing at 4142, it certainly appears that trends are basically maxed to the upside. I was looking and I do think it is possible that the Weekly timeframe could get an uptrend close to here, so I might hold through past that and see what happens.
All in all, I think the market is excessively over heated. I was live when the jobs data came out today and the jobs market is only getting tighter and has the potential to cause more issues, which is a huge issue for the FOMC as if wages begin to increase and go up again it will just reignite inflation and inflationary concerns.
The trends into today are;
Last Macro Trend Signal Spots
30m - 4117 Uptrend (2/1/2023) Higher High
1Hr - 4055 Uptrend (1/31/2023) Higher High
2Hr - 4071 Uptrend (1/31/2023) 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
As you can see everything is already in an up, so I'd expect at LEAST a 30m downtrend here today, though so far that seems nonexistent. I do think the Weekly could hit an uptrend soon, the monthly is likely no where near hitting a new trend at the moment and I don't normally track that because the monthly has only changed trend indicators 4 or 5 times in the history of the market.
Economic Data;
Jobs data, and it all came in hot except for the Challenger Job cuts. Allegedly there will be some layoffs coming. That wasn't reflected in the rest of the jobs data though as unemployment just continued downward even as the FOMC tries to fight growth.
Earnings;
Most of the big earnings are AMC. Apple, Amazon, and Google are all today. I forget the exact amount but those 3 companies hold somewhere major percentage of the S&P 500 just on their own. Only Microsoft and Tesla rival them.
My sentiment remains unchanged for today, even if my position in the long term has gone full neutral;
Shorter Term - Bearish
Short Term - Bearish
Medium Term - Bearish
Long Term - Neutral
Safe trading and remember your risk management
With the 4hr closing at 4142, it certainly appears that trends are basically maxed to the upside. I was looking and I do think it is possible that the Weekly timeframe could get an uptrend close to here, so I might hold through past that and see what happens.
All in all, I think the market is excessively over heated. I was live when the jobs data came out today and the jobs market is only getting tighter and has the potential to cause more issues, which is a huge issue for the FOMC as if wages begin to increase and go up again it will just reignite inflation and inflationary concerns.
The trends into today are;
Last Macro Trend Signal Spots
30m - 4117 Uptrend (2/1/2023) Higher High
1Hr - 4055 Uptrend (1/31/2023) Higher High
2Hr - 4071 Uptrend (1/31/2023) 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
As you can see everything is already in an up, so I'd expect at LEAST a 30m downtrend here today, though so far that seems nonexistent. I do think the Weekly could hit an uptrend soon, the monthly is likely no where near hitting a new trend at the moment and I don't normally track that because the monthly has only changed trend indicators 4 or 5 times in the history of the market.
Economic Data;
Jobs data, and it all came in hot except for the Challenger Job cuts. Allegedly there will be some layoffs coming. That wasn't reflected in the rest of the jobs data though as unemployment just continued downward even as the FOMC tries to fight growth.
Earnings;
Most of the big earnings are AMC. Apple, Amazon, and Google are all today. I forget the exact amount but those 3 companies hold somewhere major percentage of the S&P 500 just on their own. Only Microsoft and Tesla rival them.
My sentiment remains unchanged for today, even if my position in the long term has gone full neutral;
Shorter Term - Bearish
Short Term - Bearish
Medium Term - Bearish
Long Term - Neutral
Safe trading and remember your risk management