DrStool Posted April 21, 2023 Report Share Posted April 21, 2023 Just when bears thought it couldn't get any worse, so it has to get better, this happens. As of 6 AM ET (New Yak) the two hour bar chart of the ES, 24 hour S&P futures, features another bullish low in a consolidating uptrend that is now 2 months long. Ugh. Now, is it certain that this will actualize into another upleg? No. But I'll show and tell you what needs to happen to prevent it from doing that, below this chart. And I cover the big picture for you technical types here. Next is our usual hourly chart view for you. It isn't so bullish. Bears merely need to take out trend sport around 4116 this morning to prevail. But if they fail, then we need to keep an eye on the downtrend line heading for 4138 this morning. If that holds, bears would still be in the game. But if not, this thing will be up, up and away. Over in bond land, bulls are threatening to regain control. They merely need to get the 10 year yield back under 3.50 and they'll have it. Liquidity conditions are now very bullish short term for the bond market, and we should worry that that will also spill over into stocks. Meanwhile, Gold's hourly chart is a holy mess. It could turn into a nice bottom if they clear 2025. Otherwise more correction ahead. I'm not too optimistic in the short run, but I like the way it looks longer term. For moron the markets, see: Swing Trade Chart Picks – Four More Buys, Four More Buys April 20, 2023 Is Gold Still Ticking After This Licking? April 19, 2023 The Fed’s Circle Jerk, is ‘Twerking? April 18, 2023 Here’s How This Week Will Show Whether Bulls or Bears are in Trouble April 17, 2023 Here’s How We Know That Doom Has Already Arrived April 6, 2023 Macro Liquidity Says No Way Jerray! April 4, 2023 How to Play When Fed Changes the Game, Not Just the Rules March 19, 2023 Systemic Meltdown Under Way As Dead Bodies Finally Start Surfacing March 12, 2023 Here’s Why There Will Never Be Bull Markets Until This One Thing Happens February 26, 2023 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 folder. Link to comment Share on other sites More sharing options...
DrStool Posted April 21, 2023 Author Report Share Posted April 21, 2023 Not anymore! 😄😄😄 Link to comment Share on other sites More sharing options...
DrStool Posted April 21, 2023 Author Report Share Posted April 21, 2023 If it only if they are under 4113 at 11:00 a.m. the top pattern would measure to about 4055. Link to comment Share on other sites More sharing options...
The CoinGuy Posted April 21, 2023 Report Share Posted April 21, 2023 This obsession is getting to be a little much. If I was 4130 in the SPX...I'd get a restraining order. TCG Link to comment Share on other sites More sharing options...
potatohead Posted April 21, 2023 Report Share Posted April 21, 2023 This has been a solid indicator LARRY FINK CEO OF BLACKROCK WHICH IS THE WORLDS LARGEST ASSET MANAGER WITH OVER 10 TRILLION IN ASSETS SOLD ANOTHER 7% OF HIS OWN STOCK THIS WEEK. THIS IS ONE OF HIS BIGGEST STOCK SALE AFTER COVID , HIS LAST BIGGEST STOCK SALE WAS RIGHT BEFORE THE COVID CRASH. Link to comment Share on other sites More sharing options...
The CoinGuy Posted April 21, 2023 Report Share Posted April 21, 2023 I'm bored...how about a couple of charts? Sometimes those 4th wave's don't like to go sideways... The odds of a pop and drop(see ETH above) are 1 in 5. Below 263/4 on Volume...it's over. At that time...I'll be watching 238.00 for a "pause to refresh &/or acceleration to the downside". After all...what goes up...must come down. "Charts like the above...I watch upside down and backwards." In NVDA...I would consider a pop through the 'congestion zone' at 263/4 to be a break-out and that is where TCG steps into the action...not before. Always be late to the party...and leave early. That, to me...is the key to making Coin. Best Regards, The Coin Guy oh...and... I see ETH has not only left 2000...it's now through 1900. I have what...79 days left? I hope it's enough... Link to comment Share on other sites More sharing options...
DrStool Posted April 21, 2023 Author Report Share Posted April 21, 2023 Coloring between the lines. Link to comment Share on other sites More sharing options...
potatohead Posted April 21, 2023 Report Share Posted April 21, 2023 15 minutes ago, DrStool said: Coloring between the lines. 50 shades of green Link to comment Share on other sites More sharing options...
DrStool Posted April 21, 2023 Author Report Share Posted April 21, 2023 Interesting turn of events on the 10 year yield. Link to comment Share on other sites More sharing options...
DrStool Posted April 21, 2023 Author Report Share Posted April 21, 2023 10 minutes ago, potatohead said: 50 shades of green Heh heh. We know what's on your mind. 😄 Link to comment Share on other sites More sharing options...
DrStool Posted April 21, 2023 Author Report Share Posted April 21, 2023 50 shades of gold. 😄😄😄 Link to comment Share on other sites More sharing options...
fxfox Posted April 21, 2023 Report Share Posted April 21, 2023 Buttcoin aka Bittercoin had morphed into Beautycoin for a while and became Brutalocoin this week. Link to comment Share on other sites More sharing options...
MisFit Kid Posted April 21, 2023 Report Share Posted April 21, 2023 And Arsenal Bottle the English Premier League 3 weeks in a row against some very bad teams....... Choke the Chicken against the worst team in the league, and embaressed themselves......3-1 Link to comment Share on other sites More sharing options...
The CoinGuy Posted April 21, 2023 Report Share Posted April 21, 2023 9.27 to 1.05 is how many days? It was the 10 year yield that helped me draw my own conclusions... This pattern, while it can be a topping formation...it usually is seen and associated with a 4th wave consolidation pattern...but can be both. As long as 27.20(see the UUP chart below) holds in the UUP...I expect the dollar to re-test the 9.27.22 high...at a minimum. From my perspective...a double top(truncated fifth, or inverse peak) would suit me nicely. Here is an example of what I mentioned earlier in the day... Have a Good Weekend! The CoinGuy oh...and... A repost of..."That Pesky Dollar will Double Top" - April 7, 2023 Link to comment Share on other sites More sharing options...
The CoinGuy Posted April 21, 2023 Report Share Posted April 21, 2023 It wasn't too long ago that I said I wasn't interested in posting publicly any longer. It was at that time, a colleague of mine had set me down and showed me what is going on on Twitcher and GoogleTube. I've never involved myself with the social media craze from 2008. In fact...from that period...until last year...I hadn't posted on the internet once. I actually...have a life and it doesn't include Facebook. Maybe I'm different, I don't know...but I don't care for this social media much and looking from the outside in. Well...it's not something I'm interested in. I guess the world somewhere along the way passed me up and kept going. I personally view most of it(I could see facebook having some utility, although minor) as a complete waste of time and resources, but possibly a narcissists utopia? To my point... I've still posted here and there. I was thinking to myself at the time that I wrote that...why bother, your voice only get's lost in a sea of market pundits and the internet is completely littered with them. On youtube alone I saw several hundred... Now....for a time I agreed with this thought and I did stop posting altogether, but after awhile I thought to myself...what am I doing here anyway? I'm not here to be a market pundit, I have zero interest in any form of self promotion. I'm just here to talk with a few old friends and that's about it. So...why not continue to pop in, post here and there...and then take breaks as you see fit. So...that's what I've decided to do. Although...finally getting to my point! I'm going to take a break for awhile. To get right to it...I haven't been feeling all that well for the last couple of weeks...and I need rest. So...I'll see you in a week, a month...or at 2,24(x) to 2,25(x) in the SPX. Probably the latter... I wish all of you great success going forward! The Coinguy oh...and... I'll leave you with this... and this... Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.