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If JP Morgan Was Alive Today, He Would Have Said 4/14/21

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"The market won't fluctuate."

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Thanks to the lack of fuctuation, the full and half span moving averages for the 5 day cycle are running on top of one another, so there's no 5 day cycle projection. Drilling down to 30 minute bars, I can sort of make out a 2-3 day cycle projection of 4160. The top of the wide uptrend channel will be at 4153 as New York opens, rising to 4156 at the close. That seems a likely target. I don't think the old trendline at 4140 as of 10 AM here in Europe, or 4 AM in New York, will be an issue.  

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Bulls win today's Screen Game by a score of 27 to 15. That's swing trade buy signals vs. sell signals. 

The bulls have been controlling the ball, despite losing a few of these scrimmages lately 

Why didn't the market pull back when the bears had more signals on their side? Answer- residual momentum.  There weren't enough sell signals to offset the 155 buy signals on March 28 and 75 on April 2. These numbers showed the thrust off the intermediate bottom.

The number of sell signals, while more than buys over the past week, was still low at no more than 31 each day. There was no downside thrust. Nothing to get the ball rolling for bears. Bulls played defense spectacularly. Now they have the ball again.

Be careful. It's deflated.  

Here is today's  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. 

Symbol Buy Sell 500 200 125 50
ACB 1 0 0 1 0 0
AEM 1 0 0 0 0 1
AMC 1 0 0 0 0 1
CPB 1 0 0 1 0 0
CVX 1 0 0 0 0 1
DBC 1 0 0 0 0 1
DBO 1 0 0 0 0 1
DDD 1 0 0 0 1 0
DRH 1 0 0 0 0 1
EWH 1 0 0 0 0 1
FNDE.K 1 0 0 0 0 1
GLNG.O 1 0 1 0 1 0
HOLX.O 1 0 0 0 0 1
JDST.K 1 0 0 1 1 0
KOSS.O 1 0 0 0 0 1
NEM 1 0 0 0 1 0
PBRa 1 0 0 0 0 1
PFE 1 0 0 0 1 0
PVG 1 0 0 0 1 0
RIOT.O 1 0 0 0 0 1
TCS 1 0 0 0 0 1
TME 1 0 0 1 0 0
VFF.O 1 0 0 0 1 0
VRTX.O 1 0 0 0 0 1
WDAY.O 1 0 0 0 0 1
XBI 1 0 0 1 0 0
ZTS 1 0 0 1 1 0
CELH.O 0 1 0 0 0 1
DAR 0 1 0 0 0 1
DRIP.K 0 1 0 0 0 1
ELAN.K 0 1 0 1 0 0
HFC 0 1 1 0 0 0
HRL 0 1 1 0 0 0
IIVI.O 0 1 0 0 1 1
OHI 0 1 0 0 0 1
QFIN.O 0 1 0 0 0 1
RLJ 0 1 0 0 0 1
ROIC.O 0 1 0 0 0 1
TWNK.O 0 1 0 0 0 1
UBS 0 1 0 0 0 1
VSTO.K 0 1 0 0 0 1
WIT 0 1 0 0 0 1
             
Totals 27 15 3 7 9 27

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

The last 4 columns are for the time frame of the support or resistance line around which the signals were triggered.

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.  

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. 

Here's a typical chart. I review these daily for my own personal trading candidates, and weekly for inclusion in the Technical Trader newsletter. 

This chart is not a recommendation. It was one that happened to have a buy signal. Interesting setup because it could go either way for a decent sized move. The buy signal only means that the edge goes to the bulls here. 

image.png

 

This Monster is Poised to Explode

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10 minutes ago, Mkucstars said:

My shoe shine guy says he's buying tech cuz it only goes up. Happy days are here again! When can I expect the next stimulus check?

I don't understand. What is a "shoe shine?"

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Here's an updated 60M NQ chart I had posted yesterday. When I said I thought it would likely hit the upper red channel soon, I didn't mean "in a couple of hours." If we start closing above that 10/8 line at 14062, then the lines between 1/8ths are going to double, and even another 300+ points are possible in the coming days. 

I was kind of thinking (hoping probably more like it, but hope isn't a great strategy) maybe we could hit a temp high today and drop for a day or two, towards the midpoint line at least. There is also the 9/8 line there at 13906-ish. But I don't really have a good reason for it. Dang this thing has been strong the last couple of weeks. 

So, to sum up, as usual I have absolutely no idea what is going to happen. 🤣

Screen Shot 2021-04-14 at 7.16.48 AM.png

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13 minutes ago, Mkucstars said:

Oh my, Bernie Made off has died in prison. In honor or criminals everywhere the jail's flag will be at half staff.

A great loss. 

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4 minutes ago, Mkucstars said:

Oh my, Bernie Made off has died in prison. In honor or criminals everywhere the jail's flag will be at half staff.

Poor Bernie was a small time Grifter....he was hung out to dry and used as a poster boy for the Boy's to point at and claim they had caught and jailed a terrible fraudmaster... and the press did their normal incompetent (entertainment tonight) job, bullhorning what the the BOY's wanted to be in the headlines...so that the real crooks ( THE BOY's) could sneak out the back door. Bernie caused no real damage...just a few rich , stupid, greedy, idiots lost money....

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1 minute ago, DrStool said:

A great loss. 

You have to admit, a masterful job of keeping two sets of books. I struggle to keep track of one. I wonder how many more like him are out there, but haven't blown up (yet). So many sociopaths and outright psychopaths on and near Wall Street. 

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