Jump to content

The Trend is Your Enema 3/30/21

Rate this topic

Recommended Posts

At 6:40 AM in New York, we've had a slight break of the latest, sharpest uptrend channel on the hourly ES 24 hour S&P futures chart. It's not a material break yet. I would consider the uptrend intact until the price drops below 4605. Even that would be a long way from signaling a downtrend. 

To even think about that, I'd need to see trading below 4575 during regular trading hours. There are 5 lines of sport between current levels and there. 

On the other hand, if the futures trade above 4640, it will be up, up and away again. The 5 day cycle projection range of 4665-80 would be a likely target.  



If you are a new visitor to the Stool, please register and join in! To post your observations and charts, and snide, but good-natured, comments, click here to register. Be sure to respond to the confirmation email which is sent instantly. If not in your inbox, check your spam filter. 

Meanwhile, Buttcoin (BTC) has risen to multiple resistance levels, including its 200 day MA. If BTC clears 50,000, crypto bears like me are going to look pretty foolish. 



The Euro has inflicted a knife wound on shorts the past two days. I was a buyer yesterday. I still need to move about 60% of the amount I need for my real estate purchase in France. It just got a whole lot more expensive. 


Today is a day of wishin' and hopin'. Wishin and hopin that a reversal develops below 1.1166.  I've been reduced to watching the 5 minute bars during the day. 


Realistically, I don't think my chances are good. If there's no break of the uptrend today, I'll have to go all in. A strong EUR/USD will be a long term problem for me. I'll need to become a currency futures hedger, I guess. One more layer of work that I don't need. 

A tout à l'heure. 


Link to comment
Share on other sites

  • Replies 4
  • Created
  • Last Reply

Top Posters In This Topic

Top Posters In This Topic

I'm just going to post this simple chart as "food for thought".  Let's take that pattern we've been discussing in the current DJI chart and the topping pattern from 2008 in the SPX AND tweak it a little bit. 

Here it is pulled back and expanded on the left and BTC on the right...



If you have the time...it's worth the thought.  I'll be expanding on this as we go forward.

Just another variation...there are two more.

Back to the business at hand. 



Just yesterday I alluded to symmetry from the left shoulder and the right with our little rev H&S pattern we've been speaking about.  Perhaps...there is more than one type of symmetry?  Huh?  Let me introduce another topic that I mentioned in my chart from Stools Gold yesterday.  Compression.




Link to comment
Share on other sites

This topic is now closed to further replies.

  • Tell a friend

    Love Stool Pigeons Wire Message Board? Tell a friend!
  • Recently Browsing   0 members

    • No registered users viewing this page.
  • ×
    • Create New...