Good Morning from beautiful, balmy, Oslo Norway! I’m heading out to do more sightseeing after a fabulous weekend, but I will return later to see how the market is doing by the time it gets dark here at 11 PM. Weird. But first a quick chart review for the daily trading look-see.
The hourly chart of the ES 24 hour S&P futures has turned incoherent in terms of the normal 2-3 day and 5 day cycles. The latest dominant duration is 1.5 days with huge amplitude. I don’t know how long this will last. If the pattern repeats, it’s in a new up phase that should last well into tomorrow. A hiccup early today would fit the pattern.
To get anything significant going on the upside they will need to clear 4405 by 3 PM ET, otherwise the trend will remain down. If they achieve step one, then they’ll have running room to around 4425 tomorrow. If they roll over below 4405, then the first place to look for sport would be 4377.
Later!
July Starts Ugly After Fabulous June
LEE ADLERIt’s early yet. Start badly, end up goodly, right?
Swing trade stock screens produced 137 charts with multiple buy signals as of the last two trading days of the past week. There were 115 charts with a second sell signal. The big numbers on both sides were mostly due to whipsaw signals as stocks traded back and forth within tight ranges. Non-subscribers click here for access.
Technical Trader subscribers click here to download the complete report.
On reviewing the charts, I saw nothing interesting on the sell side. Non-subscribers click here for access.
I liked 7 charts on the buy side, after reviewing only two-thirds of that list. At that point, I stopped because I want to hold the list to a manageable size. Most of the buys were in oil services. Non-subscribers click here for access.
There will now be 22 active picks on the list, 20 buys and 2 shorts. July has gotten off to a poor start, Picks closed out last week, or currently, open show an average theoretical loss of 1.4% on an average holding period of 22 calendar days. June was solid, with 25 picks closed at an average theoretical gain of 9.7% on an average holding period of 36 calendar days. The numbers assume all cash, no leverage, no margin, no options. Non-subscribers click here for access.
I have adjusted or added stops on many of the picks. Others I have left without stops because the price and indicator patterns are good, so I will let those ride, with the assumption of risk mitigation through diversification with small position sizes. Non-subscribers click here for access.
Table in report. Non-subscribers click here for access.
Not a subscriber? Get price and time targets, and weekly swing trade chart picks, risk free for 90 days!
For moron the markets, see:
- July Starts Ugly After Fabulous JuneJuly 10, 2023
- Stocks Are Scraping the CeilingJuly 9, 2023
- Withholding Tax Rebound Sets Up a Bearish Fed Catch 22July 6, 2023
- Golden 13 Week Cycle Turn and Other Hopeful Signs 7/5/23July 5, 2023
- It’s Not Your Daddy’s Liquidity Anymore July 5, 2023
- We Now Know What is Driving the Rally June 20, 2023
- The Fed’s Slush Fund is Working June 16, 2023
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 folder.
