Let’s start with the nifty 2 hour bar chart.
They broke the downtrend, then pulled back inside it. But unless they drop below 3320, this will look like a consolidation, rather than reversal.
On the other hand, Liquidity Trader subscribers know that the next 2-3 days, especially Wednesday will be very hostile to the bulls, so we’ll see. I’ll check back before NY opens to see if the pullback holds up.
Meanwhile, here’s the 1 hour bar chart. The 5 day cycle projection of 3385-3400 is unmet, but there’s a ton of resistance between 3365 and 3395. If the pullback holds above 3325, it’s probably still bullish. If it drops to 3320, it’s a bit iffier, but still bullish. If it gets materially below that, then I’d say we’ve had a false trend breakout and the trend is still down.
In my personal trading account, I closed out yesterday with about a 60/40 long/short balance. So I’m well set up to cancel out any gains on either side and end up with nothing 😂, as usual since I’ve temporarily dropped my role of being an unbiased, impartial, non-combattant observer. 😁😁😁
Hoping that assuming a combat role does not impact my impartiality. I’ve approached each day trying for both longs and shorts, but have had a hard time finding good short setups, then getting killed when I do, as they immediately blow up. 😄😄 My observation would be that some of the strongest stocks yesterday were those that had the weakest trends on the daily charts.
But it has been fun. 😉
See you again before NY opens. Heading out for my morning power stroll through the parks, hills, historic districts, residential neighborhoods, and commercial pedestrian areas in and around central Zagreb. I’ll be here for a few more days, then back to seaside Zadar for a couple weeks. Then I’ll come back to the US for a few weeks to TCB, and then get the hell out again before the civil war starts.
Ciao for now, or chow, as the case may be.
You can follow more of my intraday snark at the Stool Pigeons Wire. Register there and join in!
Catch up with the short term to longer term outlook, and chart picks for playing both sides of the game in my weekly Technical Trader reports. Here’s the latest:
An up day on Monday would confirm that the short term downtrend is broken. This report gives you the key support and resistance levels, and what to expect if they’re broken. I’ve added 8 chart picks, 5 longs and 3 shorts, to take advantage of a move either way.
Technical Trader subscribers, click here to download the report.
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