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The Awesome, Stark Beauty of This Uptrend 4/6/21

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I thought I'd take a step back and just look at the current phase of the rally on an hourly chart. Bull or bear, as a chartist, it's hard not to admire this. 

tvc_de5a9d05bc1b4e6f07f3f36a160b3d38.png

It does not appear to be ready to quit yet. The projectile vomit of the fire breathing dinosaur, whose front half we see at the bottom of the chart, is still rising. 

That despite the fact that this morning the market appears to be in a 5 day and 2-3 day cycle down phases that's flat. It has reached the lower line of an accelerating inner channel. and appears poised to launch from there.

The lower line of that channel is at 4056 in the 6 AM hour in New Yawk. That line rises to around 4063 at the market open. So if they hold the ES fucutures above that line, prepare for launch to starbase 4100. 

If they break that line with a downward stab, the larger channel support line comes into play this hour around 4045. And that's where the decision on up or down will be made. If it holds, I would still expect a run to new highs, just a bit slower than if the inner channel holds, obviously. 

Can you imagine! Talking about 4045 as support! Or "sport" as the case may be. 

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Stimmy Gonna Leave Its Mark… In Bond Trader’s Underwear

 
 

Stock Market Says, Here Comes the Judge, All Rise

 

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  • DrStool changed the title to The Awesome, Stark Beauty of This Uptrend 4/6/21
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Here is today's stock screen output. 

This is raw data. These are not recommendations. They represent charts that have triggered short term signals near key cyclical support or resistance levels. Pick through these and see if there are any that you like from your own charts. Feel free to post your charts here with comments. 

Today's box score, 30 -7, Bulls win. This is continued follow through from March 28 when there were 155 buy signals, indicating the initial cyclical breadth momentum thrust of a 6 month cycle upturn.

It is normal for new signals to diminish as a trend progresses, simply because so many stocks have already triggered. The remaining universe sitting idle is shrinking. It also means that the risk reward ratio is becoming gradually less favorable. Obviously the risk/reward is most favorable, in the initial day or two of the upturn.  

These signals ideally have a time horizon of 1-4 weeks.  

Symbol Buy Sell 500 200 125 50
APD 1 0 0 1 0 0
CZR.O 1 0 0 0 0 1
CDE 1 0 0 0 0 1
NUGT.K 1 0 0 0 0 1
ELAN.K 1 0 0 1 0 0
FIS 1 0 0 1 0 0
FPE 1 0 0 0 0 1
FLS 1 0 0 0 0 1
QYLD.O 1 0 0 0 1 0
IMAX.K 1 0 0 0 0 1
IBB.O 1 0 0 0 1 0
IWM 1 0 0 0 0 1
MMP 1 0 0 0 0 1
MAT.O 1 0 0 0 0 1
PVG 1 0 0 0 0 1
ROIC.O 1 0 0 0 0 1
ROL 1 0 0 0 0 1
MCRB.O 1 0 0 0 0 1
PSLV.K 1 0 0 1 0 0
TMUS.O 1 0 0 0 1 0
TPR 1 0 0 0 0 1
TU 1 0 0 0 1 0
TSLA.O 1 0 0 0 1 0
TMO 1 0 0 1 0 0
GDX 1 0 0 0 0 1
VCYT.O 1 0 0 0 1 0
VZ 1 0 1 0 1 0
WMT 1 0 0 0 0 1
WYNN.O 1 0 0 0 0 1
ZTS 1 0 0 0 0 1
ASX 0 1 0 0 0 1
EURN.K 0 1 0 0 0 1
INFN.O 0 1 0 0 0 1
IEA.O 0 1 0 0 1 0
GSG 0 1 0 0 0 1
BIL 0 1 0 0 0 1
RUN.O 0 1 0 1 0 1
Totals 30 7        

 

Ignore the .O and .K These are peculiar to Reuters data. 

I initially screen 9000 NYSE and NADSACS issues for stocks that have been trading more than 1 million shares per day and are trading above $6. There are normally between 30 and 100 results, depending on where we are in the cycle. There are more signals at cyclical turning points and fewer as a move progresses. Monday looked like a significant turning point. Fool me once, shame on you, Mr. Market. 

I use these screens to pick stocks for my ready list for my personal trading, and also for my weekly swing trade chart picks for Technical Trader subscribers.

I developed the algorithm to hunt for stocks that looked primed to have a good move, ideally over a period of 4 weeks. In practice they range from 1 week to 7 weeks. I consider the move finished when they break trend support, using the indicators from which the screen program is constructed. 

From the screen output I visually review the charts. I make my picks from that review.

There are usually between 2 and 8 good looking setups every day. The numbers are bigger around intermediate term turning points. 

 

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