DrStool Posted April 19, 2021 Report Posted April 19, 2021 First, let's start with a little perspective. This is a 2 hour bar chart back to early March. Lately the market has risen for 10 days on weaker momentum. It suggests that this 10 days has been a down phase of sorts, relative to the two previous uplegs. That would imply a breakout and acceleration ahead. On the other hand, the big scoop in the middle of the chart from which this launched only has a measuring implication of 4160. We got a little higher to the trend resistance zone now around 4185-4200. lick to enlarge I expect they'll test that again today. A breakout would trigger a fearsome rally, I think. A vertical space needle. On the other hand, a rollover is likely to result in more rangebound mush. Breaking below 4160 could generate a bit of a downdraft to trend support, now rising at 4145 at 5:45 AM in New York, to 4155 at the close this afternoon. Click to enlarge. As always, the benefit of the doubt goes to the upside resolution scenario until proven otherwise. Although I don't see a reason why it would do other than stay in the current channel and work gradually higher. If you are a new visitor, 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. Swing Trade Picks For Week of April 19, 2021 LEE ADLER 2 - TECHNICAL TRADER APRIL 18, 2021
DrStool Posted April 19, 2021 Author Report Posted April 19, 2021 Space Needle Construction Under Way LEE ADLER 2 - TECHNICAL TRADER APRIL 19, 2021
PullMyFinger Posted April 19, 2021 Report Posted April 19, 2021 Soooooo, are we to expect another one of these today?
PullMyFinger Posted April 19, 2021 Report Posted April 19, 2021 El momento de verdad, numero uno hoy. Only a 4M chart, so not real excited about it just yet.
PullMyFinger Posted April 19, 2021 Report Posted April 19, 2021 Bounced to almost midpoint line on chart I posted, now retest of bottom channel. Waiting to see what happens from here. Place yer bets.
PullMyFinger Posted April 19, 2021 Report Posted April 19, 2021 Whoops. Busted. Angry red candle on 16, 32, and 64. Wasn't short, so going to sit this one out for now.
PullMyFinger Posted April 19, 2021 Report Posted April 19, 2021 Adding a sliding parallel to the 4M chart, and et voila. At least for now. My trading is even worse when there's this much volatility, so I'm going to head to the beach. Doc, sorry for the serial posting. Hasta mañana!
DrStool Posted April 19, 2021 Author Report Posted April 19, 2021 I called for a space needle. This isn't a space needle.
DrStool Posted April 19, 2021 Author Report Posted April 19, 2021 I like serial posting. Cheerios, Shredded Wheat, Grape Nuts. It's all good.
DrStool Posted April 19, 2021 Author Report Posted April 19, 2021 They're going for a trend break here. 5 day cycle projection 4149 so far. That's done.
potatohead Posted April 19, 2021 Report Posted April 19, 2021 12 minutes ago, DrStool said: They're going for a trend break here. 5 day cycle projection 4149 so far. That's done. market not feeling the love today... your chart may see a splash of red
DrStool Posted April 19, 2021 Author Report Posted April 19, 2021 36 minutes ago, potatohead said: market not feeling the love today... your chart may see a splash of red Just the dealers shakin the trees a little. They need equity inventory.
DrStool Posted April 19, 2021 Author Report Posted April 19, 2021 I just have the feeling from looking at what I look at, that this is going much, much higher.
DrStool Posted April 19, 2021 Author Report Posted April 19, 2021 30 minutes ago, DrStool said: I just have the feeling from looking at what I look at, that this is going much, much higher. That's probably the top signal.
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