DrStool Posted November 17, 2022 Report Share Posted November 17, 2022 The pattern on the hourly chart of the ES, 24 hour S&P futures, speaks for itself. To translate, it's a top, and it has broken down. But there are a couple of problems from the bearish perspective. First, the 5 day cycle projection is only 3915-30, and they already reached the top of that range. Second, there are multiple sport levels and trendlines in the 3910-3920 area. If they hold, this decline would be but a false start. In addition, the hourly oscillators are barely in negative territory, and a 5 day cycle low is due right now. An upturn from these levels could catch fire. Here's a longer term perspective using 5 hour bars. Note that the original base breakout at 3800 has a conventional measured move target of 4100. You can see how formidable and important the 3910-3930 sport area is. If this holds, I'd be inclined to want to be more long than short in my trading port. In my private daily swing trade trading screens that I use for setting up my own trades, the screens from yesterday's closing prices spit out 28 final sells, and 10 final buys. I do a weekly posting every Monday morning for Technical Trader subscribers. https://liquiditytrader.com/index.php/2022/11/14/swing-trade-screen-picks-few-good-longs-no-good-shorts/ Click the links below for moron the markets. Golden Surprise November 15, 2022 The Repeal of Rule Number One, Don’t Fight the Fed November 14, 2022 Swing Trade Screen Picks – Few Good Longs, No Good Shorts November 14, 2022 Bond Market Rally is Technically Valid but Belies the Facts November 12, 2022 Bad News for the Markets – Not Just Withholding Boomed in October November 3, 2022 Surge in Withholding Tax Collections in October Indicates Faster Jobs Growth November 2, 2022 Bear Market Isn’t the Mirror of a Bull October 31, 2022 We Can Now Project When Fed Will Pause, But Not Reverse October 13, 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...
DrStool Posted November 17, 2022 Author Report Share Posted November 17, 2022 23 minutes ago, DrStool said: In my private daily swing trade trading screens that I use for setting up my own trades, the screens from yesterday's closing prices spit out 28 final sells, and 10 final buys. Just reviewed the lists and 2 of the buys were bear ETFs, so the final score is 30 sells, 8 buys. Link to comment Share on other sites More sharing options...
DrStool Posted November 17, 2022 Author Report Share Posted November 17, 2022 5 day cycle projection drops to 3900. Link to comment Share on other sites More sharing options...
fxfox Posted November 17, 2022 Report Share Posted November 17, 2022 „Dow falls 350 pts premarket after Fed comments“ Link to comment Share on other sites More sharing options...
fxfox Posted November 17, 2022 Report Share Posted November 17, 2022 This is the day Tesla will begin its death march. Link to comment Share on other sites More sharing options...
DrStool Posted November 17, 2022 Author Report Share Posted November 17, 2022 1 hour ago, fxfox said: „Dow falls 350 pts premarket after Fed comments“ What comments? Link to comment Share on other sites More sharing options...
DrStool Posted November 17, 2022 Author Report Share Posted November 17, 2022 What elephant? Link to comment Share on other sites More sharing options...
fxfox Posted November 17, 2022 Report Share Posted November 17, 2022 4 minutes ago, DrStool said: What comments? https://www.forexlive.com/news/feds-bullard-policy-not-yet-in-range-to-be-sufficiently-restrictive-20221117/ 1 Link to comment Share on other sites More sharing options...
DrStool Posted November 17, 2022 Author Report Share Posted November 17, 2022 1 hour ago, DrStool said: 5 day cycle projection drops to 3900. 3890-3900. Looks like intraday buy the dip point. Link to comment Share on other sites More sharing options...
DrStool Posted November 17, 2022 Author Report Share Posted November 17, 2022 5 minutes ago, fxfox said: https://www.forexlive.com/news/feds-bullard-policy-not-yet-in-range-to-be-sufficiently-restrictive-20221117/ Didn't Brainfart say just the opposite of Bulltard just yes turd day? Link to comment Share on other sites More sharing options...
fxfox Posted November 17, 2022 Report Share Posted November 17, 2022 4 minutes ago, DrStool said: Didn't Brainfart say just the opposite of Bulltard just yes turd day? Yeah, but Waller said the opposite of the opposite, therefore: 2 to 1 for the hawks 😂 Link to comment Share on other sites More sharing options...
potatohead Posted November 17, 2022 Report Share Posted November 17, 2022 1 Link to comment Share on other sites More sharing options...
PullMyFinger Posted November 17, 2022 Report Share Posted November 17, 2022 34 minutes ago, potatohead said: Maybe they can get Nick Leeson as a last-minute replacement for Sam. 2 Link to comment Share on other sites More sharing options...
DrStool Posted November 17, 2022 Author Report Share Posted November 17, 2022 As you can see, this is roughly where push comes to shove. 3950 is the key. Clear that, and bulls are back, fail, and bears win the day and maybe more. Link to comment Share on other sites More sharing options...
DrStool Posted November 17, 2022 Author Report Share Posted November 17, 2022 57 minutes ago, potatohead said: The only one missing is Satan. 2 Link to comment Share on other sites More sharing options...
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