DrStool Posted July 26, 2022 Report Share Posted July 26, 2022 Normally on this site, the daily views on a thread vary inversely with the market trend. The highest numbers coincide with bottoms, and the lowest with tops. I went back a year and yesterday's volume was the lowest in that time. No other trading day was close. So by that measure we're at the top of another rally that fools the majority. Although you couldn't tell by the hourly chart of the 24 hour ES, S&P fugutures. First I'll start with the 5 hour bars. Looks like a consolidation pounding away at the downtrend.. Zooming in to the two hour bars, looks like it might be a top, but the right side peaks and valleys are higher than the left. That's been a bullish tell for at least a dozen years. ' Course, I don't think we're in a bull market any more, Toto. So maybe the lower highs and lows on the right side of a pattern are no longer a requirement. Finally, our usual look at the one hour bars because we focus on useless minutiae on this thread. Useless, that is, except for day traders. You don't need to be a genius to see that 3943 and 3938 are critical sport levels. If broken, they'll trigger a little selling. And that will really look like a top to most traders. Then they'll sell it down to 3924 and... the Fed resubstantiation dipshit rally will kick off. Meanwhile, resistance is up there at 3985 and 4013. If they don't clear those, nothing has happened yet. And if they do, the measured move objective would be around 4075. Now, stay tuned for tomorrow's Fed Dog and Pony Circus, led by ringmaster, Jaysus Lord Powell. Swing Trade Screens – Surprise, Surprise – A Few Shorts July 25, 2022 Gonna Take You Higher, But Not Too Much July 25, 2022 Catch a Falling Knife July 19, 2022 Survive the Meat Grinder and Market Will Gladly Pay Us Back on Tuesday July 18, 2022 As Good As it Gets, Before the End of Time July 18, 2022 Are the Fed and Treasury Geniuses, or Just Lucky? Part One July 12, 2022 Recession? What Recession? July 5, 2022 Stocks Are Even More “Dover Sole” Versus Liquidity June 28, 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...
fxfox Posted July 26, 2022 Report Share Posted July 26, 2022 … and another stinker: “Canada's Shopify (SHOP.TO)is laying off 10% of its workforce, or about 1000 employees, the Wall Street Journal reported on Tuesday, citing an internal memo.“ https://www.reuters.com/business/retail-consumer/shopify-lay-off-10-workforce-wsj-2022-07-26/ Mail of the CEO to the employees: https://news.shopify.com/changes-to-shopifys-team To sum it up: He said:“ok, I‘m an idiot“. 😂✌🏻 Link to comment Share on other sites More sharing options...
fxfox Posted July 26, 2022 Report Share Posted July 26, 2022 TLT critical here, a close above 119 would confirm an inverted SHS breakout. Seems like this can only be avoided by a surprise to the upside by the FED tommorow. I think they hike 1.0 not 0.75. Link to comment Share on other sites More sharing options...
Jorma Posted July 26, 2022 Report Share Posted July 26, 2022 16 minutes ago, fxfox said: TLT critical here, a close above 119 would confirm an inverted SHS breakout. Something is going to break. Link to comment Share on other sites More sharing options...
fxfox Posted July 26, 2022 Report Share Posted July 26, 2022 ARKK (that ETF from that MILF) is a proxy for liqui. Right now it is about to lose the uptrendline from the early June bottom. Note that it bottomed roughly 2 weeks before „the market“ bottomed in June… Link to comment Share on other sites More sharing options...
Jimi Posted July 26, 2022 Report Share Posted July 26, 2022 8 minutes ago, fxfox said: ARKK (that ETF from that MILF) is a proxy for liqui. Right now it is about to lose the uptrendline from the early June bottom. Note that it bottomed roughly 2 weeks before „the market“ bottomed in June… I'm not sure "MILF" means the same thing in German that it does in 'merican. Link to comment Share on other sites More sharing options...
fxfox Posted July 26, 2022 Report Share Posted July 26, 2022 11 minutes ago, Jimi said: I'm not sure "MILF" means the same thing in German that it does in 'merican. you have to imagine a photo of her when she was 38 😀 At least shes no Silvia Wadhwa 😇 It's lunchtime in the US soon, so no photo of her 😀 Link to comment Share on other sites More sharing options...
fxfox Posted July 26, 2022 Report Share Posted July 26, 2022 Who thinks we gonna hit the EMA200 monthly in SPX and NDX during this bear? Link to comment Share on other sites More sharing options...
DrStool Posted July 26, 2022 Author Report Share Posted July 26, 2022 OK. We now have a lower right shoulder with a lower low. The neckline of the formation is 3915, and the measured move distance is 85 points. That makes the target of a break 3830. Assuming it breaks. Amazing how these things work out. Link to comment Share on other sites More sharing options...
DrStool Posted July 26, 2022 Author Report Share Posted July 26, 2022 2 hours ago, fxfox said: you have to imagine a photo of her when she was 38 😀 At least shes no Silvia Wadhwa 😇 It's lunchtime in the US soon, so no photo of her 😀 Fake photo. Link to comment Share on other sites More sharing options...
fxfox Posted July 26, 2022 Report Share Posted July 26, 2022 1 hour ago, DrStool said: Fake photo. 😂✌🏻 Link to comment Share on other sites More sharing options...
DrStool Posted July 26, 2022 Author Report Share Posted July 26, 2022 To channel or not to channel, that is the question. Link to comment Share on other sites More sharing options...
fxfox Posted July 26, 2022 Report Share Posted July 26, 2022 Mafiasoft misses BIG. Link to comment Share on other sites More sharing options...
fxfox Posted July 26, 2022 Report Share Posted July 26, 2022 Earnings after the close were not that good, but perception was. That means there is enough liqui right now. But that will change soon as per the leader of the pack 😇 Earnings „good“ perception bad, stock selling off =not enough liqui Earnings „bad“, perception good, stock rises = enough liqui Link to comment Share on other sites More sharing options...
DrStool Posted July 26, 2022 Author Report Share Posted July 26, 2022 Maintenance problems with my new home today. I'm really behind the 8 ball getting reports out. Will hump it tomorrow morning. Ciao. Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.