Jump to content

Right Shoulder of Right Shoulder 6/4/21

Rate this topic


Recommended Posts

This morning, it looks like the market wants to build a second right shoulder on the ES fucutures in symmetry with the left side of the current head and shoulders structure. Any rollover below 4213 would favor the bears. By the same token, it would be meaningless if it doesn't break yesterday's low of 4165. First they need to break the trendline now (6:30 AM New York time) at 4177 going up about 1 point per hour. 

tvc_37d567e12ffb4779500f6f85b030cce6.png

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, 

 

 

Link to post
Share on other sites
  • Replies 15
  • Created
  • Last Reply

Top Posters In This Topic

Top Posters In This Topic

Bears won the screens yesterday, bigtime. There were just 9 swing trade buy signals versus 52 sell signals, a spread of -43.  The bears also won Wednesday, with 27 sells vs 21 buys. It's not thrust level yet, but bears seem to be coming out of hibernation. 

Back on May 14 we had a surge of 153 buy signals to 6 sells.  That showed thrust. It suggested a new bull swing phase. It never fully materialized but we'd need to see substantially more sell signals to indicate a reverse thrust.

The 5 day total is now 118 buys to 139 sells, a spread of -21. That's the first negative number since I started keeping track of this stat in April. That trend was diminishing, but positive, since a peak reading of +218 on Thursday, May 20. The surge of buy signals showed that bunch of stocks were set up for rallies. They tried, but kept running out of momentum. 

Does it mean that a collapse is imminent? I'm beginning to wonder. But i'm not trying to anticipate with this. I'll just follow the numbers as they develop. These numbers are barely negative but, tor the first time in a long time, the benefit of the doubt goes to the sell side. 

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. 

Volatility Subsides, But Range Remains, Picking off Stops

Today's output is below. This is raw data. These are not recommendations. The data 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. 

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
MO 1 0 0 0 0 1
CLGX.K 1 0 0 0 0 1
ESTC.K 1 0 0 0 0 1
EXEL.O 1 0 0 0 1 0
FSR 1 0 0 0 0 1
GEO 1 0 0 0 0 1
NTAP.O 1 0 0 0 0 1
PNW 1 0 0 0 0 1
SKX 1 0 0 0 0 1
DDD 0 1 0 0 1 0
AER 0 1 0 0 0 1
ARKF.K 0 1 0 1 0 0
TEAM.O 0 1 0 0 1 0
AUPH.O 0 1 0 1 0 0
ADSK.O 0 1 0 1 0 0
BBY 0 1 0 0 0 1
BBL 0 1 0 0 0 1
BNGO.O 0 1 0 0 0 1
BLNK.O 0 1 0 0 0 1
BSX 0 1 0 0 0 1
GOOS.K 0 1 0 0 1 1
CPRI.K 0 1 0 0 0 1
PRTS.O 0 1 0 0 1 0
CS 0 1 1 0 0 0
ENPH.O 0 1 0 0 0 1
EQC 0 1 1 0 0 0
GPRO.O 0 1 0 0 0 1
HLT 0 1 0 0 0 1
HIMX.O 0 1 0 0 1 0
IR 0 1 0 0 0 1
INO.O 0 1 0 0 0 1
QQQ.O 0 1 0 0 0 1
SHYG.K 0 1 0 0 0 1
LQD 0 1 1 0 0 0
MCHI.O 0 1 0 1 0 0
IWF 0 1 0 0 0 1
IVW 0 1 0 0 0 1
JBLU.O 0 1 0 0 0 1
LVS 0 1 0 0 1 0
MOMO.O 0 1 0 1 0 1
PAAS.O 0 1 0 1 1 1
QLD 0 1 0 0 0 1
ROKU.O 0 1 0 0 0 1
SCCO.K 0 1 0 0 1 0
LUV 0 1 0 0 0 1
SPAB.K 0 1 0 0 0 1
SPTL.K 0 1 0 0 0 1
SPYG.K 0 1 0 0 0 1
SPTS.K 0 1 0 1 0 0
XHB 0 1 0 0 0 1
STM 0 1 0 1 0 0
SYK 0 1 0 0 0 1
XLK 0 1 0 0 0 1
TPX 0 1 0 0 0 1
UMC 0 1 0 0 0 1
USFD.K 0 1 0 0 0 1
BND.O 0 1 0 0 0 1
WB.O 0 1 0 0 1 0
WY 0 1 0 0 0 1
WSC.O 0 1 0 0 0 1
HYLB.K 0 1 0 0 0 1
Totals 9 52 3 8 10 44
5 day Total 118 139 Spread -21    
           

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 are a few sample charts from today's screen that look interesting. These are NOT RECOMMENDATIONS.  They're interesting for different reasons. Feel free to comment.

Click the chart to enlarge.

image.png

image.png

image.png

image.png

image.png

image.png

 

image.png

image.png

image.png

image.png

image.png

image.png

Link to post
Share on other sites

Despite what the screens say, and despite the apparent top pattern, this trend still looks bullish to me. 

The first test of that will be whether they roll over below or get through 4202. 

tvc_a0398915d4573fe87285b440f66ab620.png

Link to post
Share on other sites

Yet another green channel. It has gotten so bad, I forget to draw the red channels until after they're broken.

tvc_d265685493050038ece2c9b4e0411f6b.png 

 

Link to post
Share on other sites
53 minutes ago, potatohead said:

These employment numbers have become a joke. Obvious painting the tape.

They're too low. Report coming. 

Link to post
Share on other sites

TEN YEAR BOND YIELD

Should be around 7%.

How much more punishment are bond holders going to take.

The FED will be the only bond buyer soon.

I note that the ULTRAPRO SHORT 20+ YEAR TREASURY ETF has returned 50% over the past year!!!!!!!!

The smart money play is still short the long bond.

And long hard assets financed with cheap long term debt i.e. long inflation.

The panic move from long bond ETF's into short bond ETFs continues.

But you still lose the inflation rate each year on short bonds as well.

Still a losing trade.

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...