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That's a Helluva Top- 11/17/22


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The pattern on the hourly chart of the ES, 24 hour S&P futures, speaks for itself. 

tvc_622168a3fa159ae2b127127d8a1efb7b.png

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. 

tvc_622168a3fa159ae2b127127d8a1efb7b.png

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. 

tvc_66ec8a2eb7f075a10089ef898e61d503.png

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.  

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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. 

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