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Another Day, Another Trendline Test, Then LTFO 3/23/22

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The fifth time's the charm? That's right, this morning at 5 AM in New York, the ES S&P 500 fugutures are undergoing a fifth test of a week long trendline on the hourly bar chart. On each of the 4 prior occurrences, the line held, and the market then pushed onward to another new rally high. 

At this point I would think that they're pressing their luck. They've probably run out all of the scared bears, or "bares," covering their shorts. And more sellers will be joining both from the long side, and those fearless growlers adding to their short inventories. 

A lot of time, we blame, or credit, the bulls for these rallies, when in reality, we have met the enema, and it is us. 
But you must admit that, looking at the 2 hour bars over the past 6 weeks or so, this is a thing of beauty. A true work o fart. The grande dino in all its glory, tromping across the fields and farms and hills and beaches and streets, crushing the will of the bears to fight on, but fight on, we must, even if it means getting long once in a while.  Which, we have done over the past couple of weeks. 

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Now for a look at our usual 1 hour bars lookie. The first trendline of sport comes in at 4500 as of 6 AM NY Time. And below that are multiple sport levels and trendlines down to 4480. The 60 hour MA is another usual area of sport. That's around 4470. But the key to the severity of a pullback, assuming we get one, is 4468. If that holds, bulls remain firmly in charge. 

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What if 4500 holds, you ask. Then I think that we see 4540. And that's it. 

For now. 

For the big picture. 

 

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Good morning...

Smells like a turn right in here to me...I say this because I consider last night to the end of today to be a wide open window of opportunity.  Of course...if they can't crack it down...they will be cracking it up.  Smile.

I still use those reverse head-n-shoulders patterns at the turns(along with dating sequences).  I like to see symmetry before I make any decisions. 

Here is the DJIA through my lens...

1242330656_Ismellaturn....thumb.jpg.3a123c7e6a3b46cbff331ce1d844e2fa.jpg
And yes...I do use Biblical references in my timing.  In fact...I only use them, EVEN in my cycle work(7, 10, 40, 100, 200, 400)  Let me give you an example:

Let's travel back to the 2020 period, February.  On February 12th the DJIA rolled over and crashed for how many days?  40 days.

Although...the S&P 500 and the Nasdaq having topped a week later on February 19th, only declined for 33 days.  

So, correctly stated 33+7=40.  Hunt around and you'll find plenty of references.  Here is an example:

Leviticus 12:1-4, but there is SO MUCH MORE...

All three markets...bottomed on today's date two years ago.

Best,

The CoinGuy

oh...and...

Ever thought of how many days there are between the famous "Bethlehem Star" sighting and the first peak(of two) in the DJIA on November 8th 2021?  Might be worth a look.

There's more...and yes, it's all connected.  That's my specialty.

If you're interested in timing and cycles in the markets using biblical references.  Grab a copy of E.W. Bullinger's work, "Numbers in Scriptures".  It's the only book I've read on the topic...no other book is needed from my perspective. 

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Doesn't surprise me. The laws of physics are permanent. They have always existed and always will. Patterns of human behavior follow cycles, however loosely at times. There's always noise and apparent randomness, although there often seems to be a cyclical element overlaid. 

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I'll quickly add the Nasdaq...

1878023330_Ismellaturnpartdeux.thumb.jpg.31aadc43e74d0d3619f3ef966b5cf422.jpg

1 hour ago, DrStool said:

Patterns of human behavior follow cycles, however loosely at times.

.Patterned Behaviorial Analysis wouldn't exist without this...

I enjoyed your comment Doc...especially the second half.  This is where many men fail in their observations of markets.  For myself, I've attempted to solve this by allowing the market to lead me on the dance floor instead of the other way around. 

I believe from my own experience...this "human behavior" you speak of becomes more acute at the turns.

For those who watch carefully...there is an energy signature.  If you're sitting still and listening...a tuned ear/mind can hear/feel it. 

Have a GREAT day gentlemen...

The CoinGuy

oh...and...

Remember that spike in silver and gold on February 1st of 2021?  Boy everyone got bullish real fast on that short run up.  Then we had the recent high on March 8th of 2022?  How many days in between?

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Just went to the doctor a half block from my apartment in Nice to get my prescriptions filled. No appointment needed. I waited 15 minutes. Price €25, or about $27.50. 

The prescriptions cost about 80% less here than in the US. This is the regular price. No insurance discount needed, because everybody has national health insurance. And cash payers pay the same prices. 

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3 minutes ago, DrStool said:

Just went to the doctor a half block from my apartment in Nice to get my prescriptions filled. No appointment needed. I waited 15 minutes. Price €25, or about $27.50. 

The prescriptions cost about 80% less here than in the US. This is the regular price. No insurance discount needed, because everybody has national health insurance. And cash payers pay the same prices. 

For anyone past 50, sounds like heaven.

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8 minutes ago, potatohead said:

For anyone past 50, sounds like heaven.

Yesterday, 5:24 PM. 58 degrees and breezy. 

May be an image of 1 person and body of water

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