Jump to content

S&P Futures Climbing a Wall of Putrefaction 5/26/21

Rate this topic


Recommended Posts

The Barfing Brontosaurus enlarged its head yesterday as it prepared to projectile vomit. Uptrend channels remain intact. Firing mechanisms are currently placed at 4213. All systems will be go upon clearing that level.

The final launch abort measure is at 4216. Once clear of that, internal accelerant processes will ignite, and the monster will begin ejection of the churning digestive material. We could then expect that material to reach the previous peak of 4237, where it would begin to spatter, with some falling back in the faces of the drunken, bacchanalian, partying throng, participating in the spectacle.

Prudent people will sit back and watch in disgust. Gunslingers will take part, and exit before being showered with the monster's preshit.  

tvc_f4be2a0bc712f6e4df7d0f272b9fbc70.png

Should this sequence fail to develop, the monster should stick his head back in the toilet below 4187. 

At Capitalstool, things come out a little differently.  

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.  

Meanwhile, 

Stock Market Meat Grinder Running in an Uptrend

 

The Meat Grinder Prevails – Swing Trade Picks For Week of May 24, 2021

 

Banking System Fragile As Fuse For Implosion Nears Ignition

Link to post
Share on other sites
  • Replies 21
  • Created
  • Last Reply

Top Posters In This Topic

Top Posters In This Topic

Yesterday's screen game ended in a tie, 9 buys and 9 sells, which is an extremely low total and even less than Monday's 16 buys to 5 sells.  The reduction in the total number of signals is because there have been so many buy signals in the past two weeks that there are few left to trigger. And there's no new wave of sell signals yet.  So we're still in the residual momentum stage of the 153 to 6 bull stampede on May 14.

That suggested a new bull swing phase. It hasn't really materialized yet, and it feels like we're at a now or never stage.  

The 5 day total is now 125 buys to 60 sells, a spread of +65. That's down from +82 yesterday, and a peak reading of +218 on Thursday, May 20. The surge of buy signals showed that bunch of stocks were set up for rallies, but it hasn't really materialized in a big way. Does that suggest that a collapse is imminent? I don't know. I'll just follow the numbers as they develop.  

The market averages were volatile but rangebound as the short term swing buy signals increased. It suggested basing. It suggested that the dealers were shaking the trees to pick up the low hanging ripe fruit inventory. We'll just have to see if the numbers are right. If these numbers mean anything, a lot of stocks will break out to the upside, or at least move up to the top of their ranges.  

We saw the start of that on Monday, but so far, little follow through. What a tease. 

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.  

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
APLS.O 1 0 0 0 1 0
DQ 1 1 0 0 0 1
DLTR.O 1 0 0 0 1 0
KR 1 0 0 0 0 1
MOGO.O 1 0 0 0 1 0
NKE 1 0 0 0 0 1
OUT 1 0 0 0 0 1
TOL 1 0 0 0 0 1
ASHR.K 1 0 0 0 1 0
ABC 0 1 0 0 0 1
AMGN.O 0 1 0 0 0 1
D 0 1 0 0 0 1
HDB 0 1 0 0 1 0
IBB.O 0 1 0 0 0 1
MRK 0 1 0 1 0 0
NWSA.O 0 1 0 0 0 1
WVE.O 0 1 0 0 0 1
Totals 9 9 0 1 5 11

5 day Total

125 60 Spread 65    

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. 

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

The Meat Grinder Prevails – Swing Trade Picks For Week of May 24, 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).
 
 
 
Link to post
Share on other sites

Decisive trend break, but still need to break sport at 4178 to reverse the trend. 

tvc_2d096e127622b149021e57fe0fa6a8a0.png

 

 

Link to post
Share on other sites

Bought a new suitcase for the renewal of my journey starting July 1.  Big enough to fit my free standing monitor, and all my clothes including both pairs of pants, both shirts, both sweaters and all 40 pairs of underwear. 

Link to post
Share on other sites
32 minutes ago, DrStool said:

What is so great about 4200? Really.

About a million touches of 4200 since yesterday morning. Like if you slightly pull up or down on a rubber band and it vibrates a little, then returns to homeostasis at 4200 until the band is plucked slightly again. 

 

Screen Shot 2021-05-26 at 11.19.41 AM.png

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

What is so great about 4200? Really.

Could be a Central Bank Drinking Game.........🍺

>: If the day ends exactly at 4200, everyone has to do a Brother Bluto

and guzzle down a bottle of Jack Daniels.

 

Link to post
Share on other sites
15 minutes ago, MisFit Kid said:

Could be a Central Bank Drinking Game.........🍺

>: If the day ends exactly at 4200, everyone has to do a Brother Bluto

and guzzle down a bottle of Jack Daniels.

 

"They confiscated everything. Even the stuff we didn't steal." 

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...