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The Dreaded Codpiece Pattern 4/22/21

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The failure of the right side to fully descend is of concern. The stream will be directed upward.  

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Aha! *BIDEN TO PROPOSE CAPITAL GAINS TAX AS HIGH AS 43.4% FOR WEALTHY

To be fair, I don't think the poor like paying taxes all that much either. 

It depends on when I get vaccinated and when France reopens. Last I checked they were not open for visa processing. And I'm not going anywhere until I've had two shots. Have had none so far.   

Today's fun with numbers from a 16M NQ chart: sort of interesting that substantive moves before at least a pause or reversal in the other direction since 4/13 have ranged from 225 to 256 points, with an average of about 239 points. And in any event I always treat 234 point moves as important because it represents an important trading frame (plus half a frame) for how I trade--156 points plus 78 points, so whenever I see a move close to that, I sit up and take notice.  

Now that I have mentioned it, today will of course likely be the day this changes. I realize that people might want to measure from different points than I did, but this seems to be working for me--at least until it doesn't. 

For now, I am really paying attention to any move in either direction for a possible sign of a pause or reversal once we get to around 220-ish points. I think I had posted last week that if we get a couple of hourly closes above 14062, there might be a good chance this thing continues the grind up, maybe even far up. So far, that hourly close has yet to happen and we actually had a nice reversal this week from 4/16's high of 14059, just below 14062. 

Something tells me there is a decent chance that this might be one of those "sell in May and go away" years in the NAS where we go down for a couple of months in the summer, but I guess we will see once we get there. And May is light years away for me at this point. And if that does happen, I guess it could still be at a level quite a bit higher than we are right now. For now, it still seems the overall path remains up and not down.

So, to sum up for the TL/DR people, for the last week or so, 225+ a bit more point moves have been a good indicator we may get a bit of a pause or a reversal, and has been a good place to take at least some profits or close a profitable position. But, as always, WTHDIK. Have a great trading day! 

 

Screen Shot 2021-04-22 at 5.15.34 AM.png

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-Bears won the screen game from yesterday 29-12. This is swing trade buy signals vs. sell signals from yesterday's action.  That doesn't fully offset Tuesday's 56-14 bear swampage. The waters are muddy. 

The 56 sell signals from Tuesday are not sufficient to signal an intermediate top. Coming off the bottom on March 28, there were 155 buys vs only 13 sells, if memory serves. I'd like to see triple digit sells for a confirmed top signal. 

Here is today's  output. 

Symbol Buy Sell 500 200 125 50
ABT 1 0 0 0 0 1
ALB 1 0 0 0 1 0
MDRX.O 1 0 0 0 0 1
ASB 1 0 0 0 0 1
CHD 1 0 0 1 0 0
CME.O 1 0 0 0 0 1
CDE 1 0 0 0 0 1
CMA 1 0 0 0 0 1
DAR 1 0 0 0 0 1
DEI 1 0 0 0 0 1
ELAN.K 1 0 0 1 1 0
EGO 1 0 0 0 0 1
EQNR.K 1 0 0 0 0 1
EXTR.O 1 0 0 0 0 1
FL 1 0 0 0 0 1
HRTX.O 1 0 0 1 0 0
SLV 1 0 0 0 1 1
K 1 0 0 1 0 0
MAT.O 1 0 0 0 0 1
MKC 1 0 0 0 1 0
NVS 1 0 1 0 0 0
PDD.O 1 0 0 1 0 0
SPAB.K 1 0 0 0 0 1
KBE 1 0 0 0 0 1
SYY 1 0 0 0 0 1
TROX.K 1 0 0 0 0 1
USFD.K 1 0 0 0 0 1
WBT 1 0 0 0 0 1
XRX 1 0 1 0 0 0
DOCU.O 0 1 0 1 0 0
GRUB.K 0 1 0 1 0 0
HAL 0 1 0 0 1 0
IEI.O 0 1 0 0 0 1
NYT 0 1 0 0 1 0
EGOV.O 0 1 0 0 0 1
SCHR.K 0 1 0 0 0 1
SCHP.K 0 1 0 1 0 0
SM 0 1 0 0 0 1
SPTI.K 0 1 0 0 0 1
SPTS.K 0 1 0 0 0 1
VG.O 0 1 0 0 1 0
             
Totals 29 12 2 8 7 26

 

If you are interested in manipulating this data for your own purposes, the table format can be pasted into a spreadsheet, charting program, or your brokerage quote list to run your charts. You can strip out just the symbols in a spreadsheet, and then transfer the symbols to your chart platform.

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. 

You can see which ones I actually pick each week by subscribing to Technical Trader. 

Swing Trade Picks For Week of April 19, 2021

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Jeeze. Now he's making me google shit. 

Don't get technical on me now! 

Now I need to figure a way to use that word in a headline. 

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1 minute ago, DrStool said:

Jeeze. Now he's making me google shit. 

Don't get technical on me now! 

Now I need to figure a way to use that word in a headline. 

You think you have problems. Now I have to figure out what's worse--an undescended testicle, or a descending, impacted colon. 

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This market is so smart, it even knows to bounce and/or reverse on moon spoke lines in the past as well as the future. Now if I could only reverse the time-space continuum, I would be onto something. 

Screen Shot 2021-04-22 at 8.14.34 AM.png

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