DrStool Posted May 8 Report Share Posted May 8 Today is a national holiday in France, celebrating the Allied victory over the Nazis in WW2. So we won't see much tape action until New York traders start actively trading in about 2 hours at about 8 AM. At that point we're looking at a trend convergence around 5180, with a trendline rising to 5187 at the New York close. Any downside whatsoever would be dependent on breaking that line and a critical spport level at 5178. Break that, and there's about 20 points of air. A 5 day cycle low is due today. Odds therefore favor a liftoff, but there's overhead supply indicated. Resistance levels are 5200 and 5204, with the top of the current uptrend channel at 5215 later today. The next resistance area above that would be around 5225 near the NY close. In the third week of April, when almost everyone was all beared up, I was bullish because both liquidity analysis and cycle analysis showed that a bottom was forming. Want to know what to do now? Stay ahead of the curve. Know what to expect and trade with confidence. For moron the markets, see: Swing Trade Screen Picks – Surprise Shorts May 6, 2024 Don’t Trust, Verify May 6, 2024 April Tax Collections Soared May 4, 2024 Gold Valley Rally May 3, 2024 The Fed Doesn’t Matter Any More May 1, 2024 Swing Trade Screen Picks – Hidden Gems April 29, 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...
potatohead Posted May 8 Report Share Posted May 8 3 hours ago, DrStool said: In the third week of April, when almost everyone was all beared up, I was bullish because both liquidity analysis and cycle analysis showed that a bottom was forming. 1 Link to comment Share on other sites More sharing options...
DrStool Posted May 8 Author Report Share Posted May 8 Now RFK Jr. making excuses for the vicious dictator Putin while Trump curses out Stormy Daniels in court and Judge gives Trump a long term get out of jail free card in the classified documents case. We are in deep, deep, deep trouble. This is the second coming of a fascist age, and it has more popular support now than it did in 1933. Democracy hangs by a thread. The rule of law will be replaced by the rule of murder, mayhem, and accidental deaths on stairs and from balconies and windows, and from sudden unexplained illnesses. Link to comment Share on other sites More sharing options...
DrStool Posted May 8 Author Report Share Posted May 8 Link to comment Share on other sites More sharing options...
Takachi-1 Posted May 8 Report Share Posted May 8 looks like a nice spot to bounce Link to comment Share on other sites More sharing options...
DrStool Posted May 8 Author Report Share Posted May 8 RFK Jr. That explains it. Link to comment Share on other sites More sharing options...
DrStool Posted May 8 Author Report Share Posted May 8 Has that launch paddy look. Link to comment Share on other sites More sharing options...
Takachi-1 Posted May 8 Report Share Posted May 8 I've got 200 SSO says your are right Link to comment Share on other sites More sharing options...
DrStool Posted May 8 Author Report Share Posted May 8 16 minutes ago, Takachi-1 said: I've got 200 SSO says your are right Brave man. Link to comment Share on other sites More sharing options...
DrStool Posted May 8 Author Report Share Posted May 8 My trading port is hedged. No matter which way it goes, I won't make money. 😄😄 Link to comment Share on other sites More sharing options...
potatohead Posted May 8 Report Share Posted May 8 55 minutes ago, DrStool said: My trading port is hedged. No matter which way it goes, I won't make money. 😄😄 Ivan Boesky eventually learned that lesson the hard way. Link to comment Share on other sites More sharing options...
BreakOut Posted May 9 Report Share Posted May 9 14 hours ago, DrStool said: My trading port is hedged. No matter which way it goes, I won't make money. 😄😄 Always nice to live to fight another day. Link to comment Share on other sites More sharing options...
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