DrStool Posted October 6, 2022 Report Share Posted October 6, 2022 3:48 PM ET Yestiddy. 14 hours ago, DrStool said: Should be the high. HowmIdoin? Well, let's start with a look at the 2 hour bars on the ES, S&P 500 24 hour futures. Is this rally normal for the bear market, or Abby Normal? This one actually doesn't look any better than the last one. If anything, it's a bit less fohrmeedahb, as my French friends would say. There are two other things I note. The short cycle oscillators covering MACD, True Strength, and Momo, are all at the level where they peaked on the last rally. And this rally is zackly 8 days from the momentum low. The last rally was also 8 days up from the momolow when it abruptly choked and vomited. So I'd say the odds are decent that my call yesterday afternoon will stand for this rally. Of course, we never know, but all we need is a slight gamblers edge to make consistent money over time. Meanwhile, here's our usual hourly look for you day trading degenerates. The uptrend is broken, but we need to see an hourly close below 3755 to be more certain of that. And below 3722 to get anything rolling on the downside. Meanwhile, back at the big picture: Look Out For the Real Fallout of Declining Withholding Tax Collections – Part 2 October 6, 2022 Look Out For the Real Fallout of Declining Withholding Tax Collections October 5, 2022 Swing Trade Screens – Beware! This Swing is Old October 3, 2022 Stocks Have Much At Stake Right Now October 2, 2022 Gold Reason to Hope No Reason for Optimism September 30, 2022 Markets Face Catastrophe as Dealers Mitigate Too Little Too Late September 26, 2022 Fed Speeds Into Dead Man’s Curve, More Black Tuesdays Ahead September 15, 2022 There Will Be More Black Tuesdays September 14, 2022 If you're serious about the underlying forces of supply and demand that drive the markets, join me! If you are a new visitor to the Stool, 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. Link to comment Share on other sites More sharing options...
The CoinGuy Posted October 6, 2022 Report Share Posted October 6, 2022 Good morning... I really started feeling better yesterday...and it's continuing today. I read Doc's opener... For me...I think if they can pierce 3720...it is possible they could get something going to the downside. I don't know... What I do know is. If they do pierce the 3720 level they're going to trigger off the gap fill...and THAT would make me cautious. It is the sole reason I posted the updated chart yesterday afternoon. One thing about breakaway gaps...they don't fill. A retest is fine...but if they fill...you've got a problem. Not to mention...if you've noticed. These shorter terms bursts(September 6th through the 12th as an example.) net 200-220 points before the momentum begins to wane. I count 4 episodes of this behavior since the mid June low. While I'm not ready to walkaway from what I'd like see and I'm sure you're tired of hearing me say it...3900. I'm still quite cautious here...I'm watching several other developments that could turn into something. I'll pipe up if I feel it's necessary... Best, TCG oh...and... I'll just park this here. Link to comment Share on other sites More sharing options...
DrStool Posted October 6, 2022 Author Report Share Posted October 6, 2022 If this is the down phase, bears are in trouble. Link to comment Share on other sites More sharing options...
DrStool Posted October 6, 2022 Author Report Share Posted October 6, 2022 But it might still be the 5 HC top phase. Next 90 minutes will tell. Going out for a few hours. Gotta buy countertop for the new cuisine which is almost fini. Link to comment Share on other sites More sharing options...
The CoinGuy Posted October 6, 2022 Report Share Posted October 6, 2022 I've been viewing what's transpired over the last 24 hours as nothing more than a rest period in a high level consolidation...and then you have anywhere from an 80 to 120 point burst coming out the other side. If we head back into the gap...see my post above. Using the live chart from this page as an example...against NFLX. Just think inverse... Best, TCG Link to comment Share on other sites More sharing options...
Jimi Posted October 6, 2022 Report Share Posted October 6, 2022 “9/36/22” lol Link to comment Share on other sites More sharing options...
The CoinGuy Posted October 6, 2022 Report Share Posted October 6, 2022 When you have two long candles like this...together...it's the same as a doji. So one large doji up...the next one down...equals Indecision(and confusion). Best, TCG Link to comment Share on other sites More sharing options...
DrStool Posted October 6, 2022 Author Report Share Posted October 6, 2022 2 hours ago, Jimi said: “9/36/22” lol I liked September. Link to comment Share on other sites More sharing options...
Jorma Posted October 6, 2022 Report Share Posted October 6, 2022 While we are waiting this is Fat Bear Week https://www.nps.gov/katm/learn/fat-bear-week-2022.htm Link to comment Share on other sites More sharing options...
DrStool Posted October 6, 2022 Author Report Share Posted October 6, 2022 This is an interesting potential. Link to comment Share on other sites More sharing options...
The CoinGuy Posted October 6, 2022 Report Share Posted October 6, 2022 Well. Hopefully tomorrow will tell us what we need to know. Until then, TCG oh...and... It's about 9 hours from the close. I've gone ahead and reversed this chart on the horizontal axis and removed some of the noise. That way...you don't have to guess as much as to what the 'inverse' of a chart is supposed to look like. I believe this should make it clear... The implication is...well, we're in the process of finding out. One way...or another. Link to comment Share on other sites More sharing options...
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