The conditions we were looking for last month have happened. It sets up a perfect storm. But we are ready for it.
I concluded last week that the small number of signals, particularly buy signals suggested that the rally was exhausted, despite the buys having the edge. I chose not to add any charts to the list, long or short, but held on to all of the shorts that had been on the list.
That looks to have been the correct judgement.
This week, I’m adding 5 more shorts to the list.
The party rocks on. The 5 day cycle projection is 4813. Back to the highs.
If it clears that, we hunt for the top of the megaphony at 4834. Happy New Year, bulls. Bears, not so much. Wait till summer.
Meanwhile, the big picture…
Cycle screening measures screamed higher in a pattern similar to October-November 2020. That led to a breakout and long upleg. It doesn’t guarantee the same outcome here, but we need to be cognizant, and prepared for the possibility.
The ES stretched support at 4760 and bounced back, but is now in the process of testing as of 6:40 AM in New York. Resistance is suggested to 4796 and 4802 around the NY open, and is well established at 4808. In between 4760 and 4808 is the great nothi…
I thought I’d never say this, but the market is trying to break out again.
Actually I didn’t think I’d never say it, but I thought I try not trying to say what I didn’t say that I’d never thought would happen.
The point, I guess, is that th…
So about this 38,000 point trading range on Buttcoin (BTC). Consolidation or Top? First, before I tell you the answer, I want to say this about…
Back in the old days, we used to call the pattern currently evident on the hourly chart of the ES (S&P Futures), Broadening Tops. Not any more. Now they are popularly known as megaphones. In recent years, they have always broken out to the upside. …
Today is a really big shoe for me.
Still working toward a 5 day cycle projection of 4755. But there’s a ton of resistance indicated 4745-50. If it doesn’t roll over there, next target would look like 4780-85.
Ciao!
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