DrStool Posted November 12, 2020 Report Share Posted November 12, 2020 The chart pattern on the ES fuctures over the past two days is unintelligble gibberish. The November uptrend is broken, but a downtrend hasn't been established. Instead the past two days have seen a messy, tight trending range of mini-cycles lasting less than a day. Great for trading 1 minute bars and not much more. But here's the thing. It's still bullish. This little trading range has an upslope, and the hourly oscillators are still bullish, with an upturn from a higher low here in the wee hours. Click to enlarge There are no projections on the 2-3 day or 5 day cycles yet, but the 30 minute bar chart suggests that they're taking aim on resistance at 3585. Click to enlarge Zooming out with 2 hour bars, you can see that bears need to see 3540 broken before thinking that this pattern is a top, as a opposed to a consolidation, with dealers in accumulation mode preparing for another markup orgy. Click to enlarge. Get the longer term view with weekly swing trade chart picks to take advantage of market moves regardless of direction at Lee Adler's Liquidity Trader- Technical Trader. 90 day risk free trial. Link to comment Share on other sites More sharing options...
DrStool Posted November 12, 2020 Author Report Share Posted November 12, 2020 This is whatchacall yer goinnowherefast. Link to comment Share on other sites More sharing options...
DrStool Posted November 12, 2020 Author Report Share Posted November 12, 2020 If you ignore the reaction to the Pfizer PR, this is starting to look more like a top. Link to comment Share on other sites More sharing options...
DrStool Posted November 12, 2020 Author Report Share Posted November 12, 2020 I'm not saying we should do that, but it's an exercise. Clearly that episode sapped future demand. But for how long. A few days? Weeks? Forever? Link to comment Share on other sites More sharing options...
DrStool Posted November 12, 2020 Author Report Share Posted November 12, 2020 7 hours ago, DrStool said: Zooming out with 2 hour bars, you can see that bears need to see 3540 broken before thinking that this pattern is a top, as a opposed to a consolidation Done. I'm surprised. Link to comment Share on other sites More sharing options...
DrStool Posted November 12, 2020 Author Report Share Posted November 12, 2020 But don't fight the tape. I don't argue. I just take note and process. Link to comment Share on other sites More sharing options...
FranciscoTheMan Posted November 12, 2020 Report Share Posted November 12, 2020 weeeeee Link to comment Share on other sites More sharing options...
DrStool Posted November 12, 2020 Author Report Share Posted November 12, 2020 Pretty rare that you get a significant move, let alone a breakdown, over lunchtime. Link to comment Share on other sites More sharing options...
potatohead Posted November 12, 2020 Report Share Posted November 12, 2020 11 minutes ago, DrStool said: Pretty rare that you get a significant move, let alone a breakdown, over lunchtime. that's why they invented BRUNCH.....BReakdown over lUNCH Link to comment Share on other sites More sharing options...
DrStool Posted November 12, 2020 Author Report Share Posted November 12, 2020 LOL Link to comment Share on other sites More sharing options...
DrStool Posted November 12, 2020 Author Report Share Posted November 12, 2020 Probably a fakeout shakeout. They're rotating into bonds. Link to comment Share on other sites More sharing options...
DrStool Posted November 12, 2020 Author Report Share Posted November 12, 2020 5 day cycle projection 3512. Link to comment Share on other sites More sharing options...
DrStool Posted November 12, 2020 Author Report Share Posted November 12, 2020 Buy signals. Link to comment Share on other sites More sharing options...
DrStool Posted November 12, 2020 Author Report Share Posted November 12, 2020 On 2 minute bars. Multiple stocks.. Link to comment Share on other sites More sharing options...
DrStool Posted November 12, 2020 Author Report Share Posted November 12, 2020 And reversed! Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.