DrStool Posted April 26 Report Share Posted April 26 That was cute. All of the market's gains came in a nanosecond after the closing bell last night. But they were prepping for it. The dealers had a heads up and shook the trees early in the day to gather the low hanging fruit to add to their inventories. Everyone else seemed to get the memo throughout the day. And so we had a chart that looked like this. The chart is a mess. The ES, 24 hour S&P futures are coming off a 5 day cycle low. The up phase should last until Tuesday or Wednesday. But there's no indication yet if it will gain momentum and result in an upside breakout. That seems more likely than the alternative of a stall here, with an early downside reversal, but the signals are mixed at this point. For today, there are no clear up or downtrend channels to work with either. The trend spport line to watch runs from about 5070 at 8 AM ET and extrapolates to around 5085 at the closing bell. They'd need to break that to gain a toehold on the downside. On the upside, they'd hit resistance in the 5110-15 area. Clearing that would complete a nice base with a measured move implication of around 5225 +/-. I run daily screens for my own swing trading and they're not giving much either. Very few trigger signals either way. We're still in the bullish post April 15 seasonal liquidity period, where tax collections result in big T-bill paydowns. Those paydowns are more than enough to fund a big end of month coupon settlement. Watch Closely as Warning Signs Abound For moron the markets, see: Gold to Hibernate Till Winter April 24, 2024 Watch Closely as Warning Signs Abound April 23, 2024 Swing Trade Screen Picks – Perking a Long April 22, 2024 Swing Low Sweet Chariot April 22, 2024 One More Rally To Go April 17, 2024 Warning Signs Abound, But Ignore Them for Now April 16, 2024 March Withholding Tax Collections Actually Stunk April 5, 2024 Banking Data Says This Is Last Hurrah for Stocks April 3, 2024 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 26 Author Report Share Posted April 26 We have uptrend channel. Swing Low Sweet Chariot Link to comment Share on other sites More sharing options...
DrStool Posted April 26 Author Report Share Posted April 26 R factor is 5106 Swing Trade Screen Picks – Perking a Long Link to comment Share on other sites More sharing options...
DrStool Posted April 26 Author Report Share Posted April 26 They've cleared the base at this point. If it holds, the conventional measured move target would be 5245. Link to comment Share on other sites More sharing options...
DrStool Posted April 26 Author Report Share Posted April 26 Back to the baseline. 5104. Link to comment Share on other sites More sharing options...
DrStool Posted April 26 Author Report Share Posted April 26 Fail. Link to comment Share on other sites More sharing options...
DrStool Posted April 26 Author Report Share Posted April 26 The longs puked. Wait till Monday. Bonne weekend to all! Link to comment Share on other sites More sharing options...
SiP Posted April 27 Report Share Posted April 27 Yen is freefall Link to comment Share on other sites More sharing options...
SiP Posted April 27 Report Share Posted April 27 Link to comment Share on other sites More sharing options...
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