Get a load of this. Does it look bullish to you?
Hourly bar chart.
Well, I suppose it could be. The 5 day cycle projection could be 3410, or it could be 3430. Neither was reached. But the hourly momentum and cycle indicators have edged to the sell side.
On the 30 minute bars you can see that the ES has dropped to the uptrend channel line at 3380 just after 4 AM in NY. That line rises to 3390 at the NY open.
Break that line and they head for multiple possible support levels that could generate a bounce or act like butter against a hot knife 3378, 3373, 3365, and 3350. One of those will generate a bounce. Take your pick.
I’m showing the indicators and parameters on this chart. It’s a little cluttered, but if you want to set up a tracking chart using those parameters, feel free. I assume that everyone here has their own favorite charting platform. These are common indicators that can be set up in any of them, including most broker chart platforms that I’ve seen.
Here’s the 2 hour bar perspective. The negative divergences over the past week, with new downturns here now, are “interesting.” But of course, they prove nothing.
I come in this morning a tad short. I’ll let you know whether I decide to go heavy long, heavy short, or heavy flat ASIK.
Yesterday I furiously shorted the market at the open. By 10:30 I had a nice profit. I spent the rest of the day working diligently to dissipate that, setting out on one fishing expedition after another. I lost a few shekels every time.
By 3 PM, I was successful in turning my profit into a loss for the day. But I continued to overtrade for the last hour, trading up to 7 stocks at a time. By the close I was successful in closing out all my losers, leaving just one short that had broken down. Woo hoo. I ended the day with a profit.
$15.
Not 15 points.
$15.
😂😂😂
I should stick to analysis and writing. Those who can do, and those who can’t teach. 😉
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Here’s the latest weekend update from my Technical Trader reports.
Mixed cyclicality has led to a rangebound market. There’s no sign that that will change this week. But look out if it does!
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And from Liquidity Trader, where I’ll post another update later this morning.
The outlook for the most of the rest of October is bullish. But it’s not an endless bull any more.
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