So I cashed out when we struck the 12hr trendline around 4095 yesterday. With the way the trends are looking I think I'm likely to just sit out for today and let the market play itself out. While I was stopped out and lost nearly half of the surge I gathered in the 6E, between the few hundred on that and the money made on the S&P I've more than surpassed my weekly
2500
goal and don't feel confident enough in either direction to get involved today.
Trends into today;
Last Macro Trend Signal Spots
30m - 4142 Downtrend (4/24/2023) Higher Low
1Hr - 4135 Downtrend (4/25/2023) Lower High
2Hr - 4162 Downtrend (4/19/2023) Higher Low
3Hr - 4159 Downtrend (4/19/2023) Higher Low
4Hr - 4146 Downtrend (4/20/2023) Higher Low
6Hr - 4118 Downtrend (4/25/2023) Lower High
12Hr - 4091 Uptrend (3/30/2023) Higher High
Daily - 4168 Uptrend (4/13/2023) Higher High
Weekly - 4366 Downtrend (2/14/2022) Higher Low
The Long Position;
I could see any entry below 4100 grabbing a short move up to 4120ish. However, I don't think either then off the back of Google, that we see a huge push upward today.
The Short Position;
A strong move below 4090 could take us to 4050. Not sure I want to jump in on this at this point, but it would likely be just enough to gather that 12hr downtrend. Additionally, any major spike rally I see as fading pretty quickly, especially if it has no volume behind it.
Economic Data;
Durable Goods Orders came in today higher than expected. Not sure how I'd look at trading that, nor does it appear the market is sure either.
Earnings;
Meta is today, but AMC. I'd mostly just be glancing at the AMC companies from yesterday to make moves, such as Google and Microsoft.
My sentiment into today;
Neutral across the board... so I think I'm going to just take a nap and take today off.
Safe trading, and remember your risk management plan.
Trends into today;
Last Macro Trend Signal Spots
30m - 4142 Downtrend (4/24/2023) Higher Low
1Hr - 4135 Downtrend (4/25/2023) Lower High
2Hr - 4162 Downtrend (4/19/2023) Higher Low
3Hr - 4159 Downtrend (4/19/2023) Higher Low
4Hr - 4146 Downtrend (4/20/2023) Higher Low
6Hr - 4118 Downtrend (4/25/2023) Lower High
12Hr - 4091 Uptrend (3/30/2023) Higher High
Daily - 4168 Uptrend (4/13/2023) Higher High
Weekly - 4366 Downtrend (2/14/2022) Higher Low
The Long Position;
I could see any entry below 4100 grabbing a short move up to 4120ish. However, I don't think either then off the back of Google, that we see a huge push upward today.
The Short Position;
A strong move below 4090 could take us to 4050. Not sure I want to jump in on this at this point, but it would likely be just enough to gather that 12hr downtrend. Additionally, any major spike rally I see as fading pretty quickly, especially if it has no volume behind it.
Economic Data;
Durable Goods Orders came in today higher than expected. Not sure how I'd look at trading that, nor does it appear the market is sure either.
Earnings;
Meta is today, but AMC. I'd mostly just be glancing at the AMC companies from yesterday to make moves, such as Google and Microsoft.
My sentiment into today;
Neutral across the board... so I think I'm going to just take a nap and take today off.
Safe trading, and remember your risk management plan.
Comment:
Be interesting to see where things land today. The 12hr is signaling here around 4075 and below, plenty of time to hit 4060 and lower, but at the same time on a 12hr timeframe, we will be maxed to a downside both in terms of trends if it hits above 4060, in MFI, and RSI. Additionally, I was hoping if these down moves were planning on really sticking, they would come in with volume, and thus far the volume continues to be mediocre, as it has since we went above 4000.
Comment:
Looks like Facebook beat estimates on both revenue and earnings... looking through the forward guidance now.
Comment:
So the outlook looks to be an increase in potential revenue... my concern is that they show some weakening in certain areas, especially their "Reels" expansion. Appearing like a solid company, however it also appears they aren't doing anything to punch through and make headway in anywhere.