Jump to content

Stuck in the Middle With You Rerun - 11/31/23

Rate this topic

Recommended Posts

Here we go again. Groundhog Day. The end of history. Over and over again they keep saying it's the end. But I say they're wrong. We're just at the dawn of correction. For every season, there's a reason. Blah blah. 

Ah, the caca-phony of Wall Street talking heads. None of it makes any sense. They're all wildly bullish on bonds now. And we're supposed to come piling in to take their inventory on which their choking. 

Meanwhile, the range of major resistance on the S&P 500 is 4540-4600 give or take a few points. The middle of that range is 4570. 

Which is right about where the damn thing is again this morning. Is today the day they finally stop playing the reruns? I don't see it. And while my longer term analysis supported an upside breakout, that could be going up in smoke. One of my most reliable secret sentiment indicators has turned firmly bearish. 

So we'll see. We don't know and neither do they. 

In the very short run, there's a 2-3 day cycle projection of 4585 that supports a test of this week's high on the ES, 24 hour S&P futures chart. But the hourly oscillators are now in a pause. A little more of a pullback here today would trigger a sell signal from the neutral zone, which is usually a reliable bearish signal. But if they hold it together at 4568 this morning, then we could see a blastoff toward that test of the high, with the hourly oscillators moving back up to their usual maximum upside extensions. 

So, as I write at 6:25 AM ET, we are at yet another infartion point. 


For moron the markets, see:

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

  • Replies 44
  • Created
  • Last Reply

Top Posters In This Topic

Top Posters In This Topic

My daily swing trade stock screens are still producing a preponderance of buy signals. The numbers are small but there are very few sell signals. Today was 76 to 25 in favor of buys, out of a universe of 1330 screened charts. Using the second signal in the last week criteria the edge was 31 to 4. Many are rangebound whipsaw signals. Hard to find good setups, but definitely fewer on the sell side.

Link to comment
Share on other sites

Depends on your time frame. Over the long haul we're all dead. So I grab what I can in the short run. 3-6 weeks.

For some, today is payday.  

Swing Trade Screen Picks – Read My Lips, No New Longs. But a Couple Shorts

The interesting thing here is that the screens will spit out a lot more buys than sells after today. Will be interesting to see if there are any charts worth adding on the buy side. I haven't looked at the two short picks, but if they didn't get stopped out earlier this week, they may have been today. Not sure if I will update Monday or Tuesday. Stay tuned. 


Link to comment
Share on other sites

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...