DrStool Posted July 15, 2022 Report Share Posted July 15, 2022 OK, we're a day trading thread here, so let's keep that headline in perspective. On the other hand, if this sticks for more than a few days, then we should keep in mind that this low was higher than the one in June. But we''d still need to clear 3919 on the ES 24 hour S&P fuguetures to have that higher higher low, higher high sequence to call an intermediate uptrend. Here in the short run, the ES was in the process of breaking out of a one week downtrend at 3800 as of 5 AM New York time. If this sticks, then the next target would be a resistance convergence around 3825. If they clear 3810, the bottom pattern would have a conventional measured move objective of 3890. So stay tuned for more chills, thrills and excitement through this summer Friday in this Saga of the Temporary Bull. By the way, I think the ES would need to drop back below 3765 to put the bears back in business. Rule nothing out in this environment. For the longer view that concerns most of us, see Advantage Bulls, But It’s Over If This One Thing Happens This Week. To better understand the big picture right now so that you can take the correct action when the time is right, check out the following: Are the Fed and Treasury Geniuses, or Just Lucky? Part One July 12, 2022 More Bad News Ahead for the Golden Boys July 13, 2022 Advantage Bulls, But It’s Over If This One Thing Happens This Week July 9, 2022. Recession? What Recession? July 5, 2022 For Swing Trades this Week, It’s Politics As Unusual July 5, 2022 Stocks Are Even More “Dover Sole” Versus Liquidity June 28, 2022 We Knew QT Would Be Devastating, But You Ain’t Seen Nothing Yet June 21, 2022 Dealers Assume the Position, as 75 BPs Coming Wednesday June 13, 2022 If you're serious about the underlying forces of supply and demand that drive the markets, join me! 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. Link to comment Share on other sites More sharing options...
Jimbo Posted July 15, 2022 Report Share Posted July 15, 2022 QUANTITATIVE NULL The Fed is not really doing any real QT. The balance sheet is going sideways. This needs a new name; How about "Quantitative null" Stocks cant really rise under such a regime. They can go down some more. Link to comment Share on other sites More sharing options...
DrStool Posted July 15, 2022 Author Report Share Posted July 15, 2022 5 day cycle projection 3860-70 Link to comment Share on other sites More sharing options...
DrStool Posted July 15, 2022 Author Report Share Posted July 15, 2022 5 day cycle projection 3880-85. Link to comment Share on other sites More sharing options...
DrStool Posted July 15, 2022 Author Report Share Posted July 15, 2022 The good news is they stopped at resistance. The bad news is that the 5 day cycle projection is now 3900. Link to comment Share on other sites More sharing options...
MisFit Kid Posted July 15, 2022 Report Share Posted July 15, 2022 Look at all those "busted Charts" and all it takes is opening JAM JOB (Daily) and a closing Bell HOD OF DAY RIP JOB Crime still Fecking Pays, for them............. Amazing, Interest rates down, Rate Cuts back to ZERO------World Wide...... Link to comment Share on other sites More sharing options...
MisFit Kid Posted July 15, 2022 Report Share Posted July 15, 2022 Turn out the lights, the Partys Over.......Maybe/Only in France..............? https://www.zerohedge.com/geopolitical/macron-announces-street-lights-will-be-turned-response-energy-crisis Link to comment Share on other sites More sharing options...
MisFit Kid Posted July 18, 2022 Report Share Posted July 18, 2022 Low and Behold....SP xx80 already there...... World Wide Jam Job.......to start the week........ QT......ha ha ha.......All myth/another Big Lie, until proven otherwise........ Link to comment Share on other sites More sharing options...
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