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More Moo 10/12/20

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The hourly chart of the ES fucutures is as wedged out as you can get. Over the next couple of hours, before New York opens, it will either break down or break out. The 5 day cycle projection now points to 3510-15, so from that perspective, the odds favor an upside breakout. 

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Now let's look at the two hour bars for perspective. We've had a breakout from a phenomenal base. It's actually a double base, with necklines at 3385 and 3410. The measured move target is 3560-3610. 

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We would need an hourly bar close below 3475 to even begin to negate that outlook. 

Meanwhile, the big picture. 

Scheduled liquidity data has told us for a couple of months that October would be bullish. That played out like a charm in terms of the technical analysis last week. We also know that liquidity only gets more bullish this week. The technical picture confirms that outlook. We must give the bullish factors the benefit of the doubt.

My stock pick screens confirm that. I’m adding 7 picks from those screens this week, 5 long and 2 short. That will leave 13 open picks, including 11 longs, and the 2 new shorts.

Four chart picks were stopped out last week. Needless to say, all were shorts. The two older picks had nice gains, partly offset by small losses in the short side picks from last week.

The list performance improved sharply last week as the average holding time increased a bit. Gains doubled from an average 3.2% to an average of 6.4%. The average holding period last week was 20 calendar days, up from 17 days the previous week. The average holding period has ranged from 16 to 22 days, or just over two to three weeks.

Technical Trader subscribers, click here to download the report.

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Past performance doesn’t indicate future results. There’s always risk of loss. Chart picks are for informational purposes only. These reports are geared toward professional investors and experienced individual traders. Do your own due diligence before trading.

 

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I got taken out of all my longs over 10 minutes between 11:20 and 11:30. Now I'm seeing a few bellwethers start to break. 

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5 day cycle projection on ES came back to 3515, also done. Is it time to look to short? Eh... Not this week. Maybe a scalp or 3. 

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I hope everyone had a decent day. SInce no one was here today, must be the top. 

Ciao! 

Have a nice evening. 

See you tomorrow! 

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