So I've been trading on Trends for 3 years. I'm not sure I've ever seen anything like this movement over the last day. I mean, I've seen things like Wednesdays move from trends, sure. However, Thursday, with just a 30m downtrend and reversal, and not a single other trend showing anything? Nope.
What does it all mean? I've no idea, honestly. I mean, everything is trending up, outside of the 5m and the Weekly. I'm not even going to post the Earnings and Economic Info to watch, because it doesn't seem to matter?
I mean, there is some personal income and inflation data today. However, I'm assuming if personal spending goes down, and inflation data shows inflation is going higher, we will just... buy stocks?
So, yeah. I want to say this move is unsustainable, but I can't base that on any sort of trend information, as I've never seen a trend go like this. Even our melt down we've had was more structured than this. So... I suppose, trade at your own risk to the up or down?
The only trend I could say that might cause us to go down, is that the Daily Uptrend is a lower high. However, we are growing here on the backs of lower highs and lower low 12-Hour trends, so....
Oh and I guess the Weekly is still a downtrend at this time too. That level is up in the 4300s.
I'll update on some things as we get more trend structure. Right now, these movements are at such high trends, they look like what I scalp when I look for excessive moves on the 1m to snag 5 to 10 points.
** Edit - It won't let me go back and fix it, but that 30m "Downtrend" should say 30m "Uptrend". **
What does it all mean? I've no idea, honestly. I mean, everything is trending up, outside of the 5m and the Weekly. I'm not even going to post the Earnings and Economic Info to watch, because it doesn't seem to matter?
I mean, there is some personal income and inflation data today. However, I'm assuming if personal spending goes down, and inflation data shows inflation is going higher, we will just... buy stocks?
So, yeah. I want to say this move is unsustainable, but I can't base that on any sort of trend information, as I've never seen a trend go like this. Even our melt down we've had was more structured than this. So... I suppose, trade at your own risk to the up or down?
The only trend I could say that might cause us to go down, is that the Daily Uptrend is a lower high. However, we are growing here on the backs of lower highs and lower low 12-Hour trends, so....
Oh and I guess the Weekly is still a downtrend at this time too. That level is up in the 4300s.
I'll update on some things as we get more trend structure. Right now, these movements are at such high trends, they look like what I scalp when I look for excessive moves on the 1m to snag 5 to 10 points.
** Edit - It won't let me go back and fix it, but that 30m "Downtrend" should say 30m "Uptrend". **
Comment:
So, I'm just brainstorming out loud here... I wonder if we have a dip, if it will be towards the Energy and Utilities Sector? I mean, Energy is up 50%+, and it's been because of high energy costs and inflation is helping those companies make a huge profit. If we are starting to get back into Tech and other sectors, would it have the inverse reaction to the sectors that have been doing well when those others were doing poorly.
Comment:
Headline PCE and Core PCE both were higher. That should be bad news. I'm guessing that means we surge in stock prices today, since it seems to be opposite week. LoL
Also, personal income actually was .1 higher than expected, but personal spending was .2 higher... sooo those two together should also be bad for the economy.
Also, personal income actually was .1 higher than expected, but personal spending was .2 higher... sooo those two together should also be bad for the economy.
Comment:
And opposite week continues.... I took my L at 4090. I'll trade back in if it comes back down there, but jeeez... people are clearly in a buying mood lately.
I guess the sentiment is even though J Powell said he would screw the economy over to fight inflation, everyone thinks he is a sissy and doesn't have the guts to do it so they are just calling his bluff. Maybe because we know he answers to politics, even though he claims he doesn't, and it is an election year.
I guess the sentiment is even though J Powell said he would screw the economy over to fight inflation, everyone thinks he is a sissy and doesn't have the guts to do it so they are just calling his bluff. Maybe because we know he answers to politics, even though he claims he doesn't, and it is an election year.