3:48 PM ET Yestiddy.
14 hours ago, DrStool said:Should be the high.
HowmIdoin?
Well, let’s start with a look at the 2 hour bars on the ES, S&P 500 24 hour futures. Is this rally normal for the bear market, or Abby Normal?
This one actually doesn’t look any better than the last one. If anything, it’s a bit less fohrmeedahb, as my French friends would say. There are two other things I note. The short cycle oscillators covering MACD, True Strength, and Momo, are all at the level where they peaked on the last rally. And this rally is zackly 8 days from the momentum low. The last rally was also 8 days up from the momolow when it abruptly choked and vomited.
So I’d say the odds are decent that my call yesterday afternoon will stand for this rally.
Of course, we never know, but all we need is a slight gamblers edge to make consistent money over time.
Meanwhile, here’s our usual hourly look for you day trading degenerates.
The uptrend is broken, but we need to see an hourly close below 3755 to be more certain of that. And below 3722 to get anything rolling on the downside.
Meanwhile, back at the big picture:
- Look Out For the Real Fallout of Declining Withholding Tax Collections – Part 2 October 6, 2022
- Look Out For the Real Fallout of Declining Withholding Tax Collections October 5, 2022
- Swing Trade Screens – Beware! This Swing is Old October 3, 2022
- Stocks Have Much At Stake Right Now October 2, 2022
- Gold Reason to Hope No Reason for Optimism September 30, 2022
- Markets Face Catastrophe as Dealers Mitigate Too Little Too Late September 26, 2022
- Fed Speeds Into Dead Man’s Curve, More Black Tuesdays Ahead September 15, 2022
- There Will Be More Black Tuesdays September 14, 2022
If you’re serious about the underlying forces of supply and demand that drive the markets, join me!
If you are a new visitor to the Stool, please register and join in! To post your observations and charts, and snide, but good-natured, comments, click here to register. Be sure to respond to the confirmation email which is sent instantly. If not in your inbox, check your spam filter.
