Jump to content

TA Is Easy - All Patterns are Bullish 5/7/21

Rate this topic


Recommended Posts

 

On the daily charts, anyway.  

One day, it will break, and it will be all over. 

For now, we look at shit like this and see patterns that would have been frighteningly bearish in the good old days when markets were markets, turn up. 

The 5 day cycle projection is 4230. 

tvc_970e70b30a0861b967761b967b2ec2dc.png

First they gotta get through resistance around 4208-12. If they do, the projection would be easily doable. If they roll over from a test of the high, I'd expect a pullback to around 4190, where they'll regroup to try again. 

I just noticed that the Treasury announced another T-bill paydown yesterday that will settle on the 13th. From the 4th to the 13th, they will have paid down exactly enough T-bills to fund exactly the amount of new coupon issuance coming on the 17th. 

That of course is right in the middle of Fed MBS settlement week. Good god all that money. It's gonna be a porn show. 

Here’s Why We Should Sell In June, Before the Swoon

 

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.  

 

 

Gold Going Nowhere, But We Have Mining Picks to Swing

 

 

Link to post
Share on other sites
  • Replies 33
  • Created
  • Last Reply

Top Posters In This Topic

Top Posters In This Topic

Bulls won yesterday's screen game with 22 buy signals and 16 sell signals. That compares with Wednesday's  34 buys to 12 sells. 

We've had a couple days of 45 to 56 sell signals over the past 10 days, But that's still well below the the thrust of the 155 buy signals that started the 6 month cycle up phase back on March 28. That was the Big Kahuna. That wave has waned, but there's no big counter wave yet. 

The 5 day total is 107 buys to 132 sells. That's a slight increase in both buys and sells vs. yesterday. The net differential is little changed. Overall the numbers are weak, but not intermediate term thrust territory. Good chart reading and picking should allow for gains in both directions. Bad reading and picking will lead to two way losses. 

This is the problem with rangebound markets. Swing frequency increase, duration decreases. Amplitude can go either way. Very tough to trade when your time frame is a couple of weeks. Day traders using intraday minute based charts can cope, and even do very well. But for those with a long term horizon, say, two weeks, it's very tough. 

Yeah, two weeks is long term. 

I wouldn't be surprised to see some of these sell signals turn into buy signals today or Monday. Or vice versa. 

I screen all stocks and ETFs from the NYSE and NASD, excluding those with less than an average of 1 million shares per day traded, and selling for less than $6 per share.  The table below shows swing trade buy signals and sell signals from yesterday's action. The numbered columns represent the time frame of the support or resistance trend around which the signals were generated.  

Every weekend I use the previous week's screens to select charts that have potential for a move, and I post them for subscribers.  

Out of Gas – Swing Trade Picks For Week of May 3, 2021

 
You can see which ones I actually pick each week by subscribing to Technical Trader. Try it for 90 days risk free (first time subscribers).

Here is today's  output. The number 1 indicates that the condition is true. 0 is false. The numbers on the right half of the chart represent the time frames in days of the support or resistance areas where the signal was triggered. 

Symbol Buy Sell 500 200 125 50
ATVI.O 1 0 0 0 0 1
AGI 1 0 0 0 1 0
AMX 1 0 0 0 1 0
AMGN.O 1 0 0 0 0 1
BLUE.O 1 0 0 0 0 1
CSCO.O 1 0 0 0 0 1
SBS 1 0 0 0 0 1
EIX 1 0 0 1 0 0
EMR 1 0 0 0 0 1
SILJ.K 1 0 0 1 1 1
ES 1 0 1 0 1 1
QYLD.O 1 0 0 1 0 0
GOL 1 0 0 0 1 0
GFI 1 0 0 0 0 1
SHY.O 1 0 0 0 0 1
NEE 1 0 0 1 0 1
NVS 1 0 0 0 0 1
PCAR.O 1 0 0 1 0 0
PVG 1 0 0 0 1 1
VCSH.O 1 0 0 0 0 1
VTEB.K 1 0 0 0 1 0
W 1 0 0 1 0 0
AVYA.K 0 1 0 0 0 1
CAH 0 1 0 0 0 1
CTSH.O 0 1 0 0 1 1
APPS.O 0 1 0 0 1 0
IIVI.O 0 1 0 1 0 0
IMGN.O 0 1 0 0 1 0
MMP 0 1 1 0 0 0
MLCO.O 0 1 0 0 1 0
NNDM.O 0 1 0 1 0 0
ROL 0 1 0 1 0 0
TWO 0 1 0 0 0 1
UNIT.O 0 1 0 0 0 1
VXRT.O 0 1 0 0 1 0
VET 0 1 1 0 0 0
VERU.O 0 1 0 0 1 0
YELL.O 0 1 0 0 0 1
Totals 22 16 3 9 13 20

 

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 using your own charts. Feel free to post your charts here with comments. 

Here are a few that look interesting. Again, these are NOT RECOMMENDATIONS.  
Click the chart to enlarge

 lick to enlarge

image.png

 

image.png

image.png

image.png

 

image.png

 

image.png

Link to post
Share on other sites

The NFP number is a bald faced lie. 

Link to post
Share on other sites
3 hours ago, DrStool said:

First they gotta get through resistance around 4208-12. If they do, the projection would be easily doable. If they roll over from a test of the high, I'd expect a pullback to around 4190, where they'll regroup to try again. 

As expected, 

 

Link to post
Share on other sites
1 hour ago, DrStool said:

The NFP number is a bald faced lie. 

Here's the thing. There are tax collections in real time, unmanipulated. And there's lagged, "adjusted" (manipulated and/or falsified) economic data. Choose your reality. https://t.co/9o31DvAtfe

— Liquidity Trader (@Lee_Adler) May 7, 2021

Both sides cheat.

Link to post
Share on other sites

Here we go loop de loop. Here we go loop de lie. 

5 day cycle projection 4240-45

 lick to enlarge

Link to post
Share on other sites

The earth will burn to a cinder when the sun turns into a red giant. 

Link to post
Share on other sites
Guest
This topic is now closed to further replies.
  • Tell a friend

    Love Stool Pigeons Wire Message Board? Tell a friend!
  • Recently Browsing   0 members

    No registered users viewing this page.

  • ×
    • Create New...