DrStool Posted May 24 Report Share Posted May 24 Well, that selloff yesterday was something! But also nothing. On the hourly chart of the ES, it was a minor correction. The breakdown of the top pattern has a conventional measured move target of 5235, but I'm not sure that will get hit. There are already signs that a 5 day cycle low is in place. In addition, none of the significant uptrend lines from early May have been broken. In short, bears seem to have more work to do, starting with a failed rally. As of 7:15 AM ET, the ES faces trigger resistance in the 5288-95 area. If that's cleared, that would be a confirming intraday buy signal. If the market rolls over instead, then we're likely to see that 5235. There are multiple support lines there. If that were to break down, that would be yooge. In my swing trade screens of 1348 NYSE and Nadsaq stocks that meet my price and volume criteria, yesterday was also nothing. As you might expect, there were hardly any stocks that met preliminary buy side criteria, just 11. One of those did trigger a buy signal yesterday. There were only a modest number that met sell side criteria, a total of 88, but oddly, none of them triggered yesterday and only a handful triggered earlier this week. Which makes me a sheptick that this selloff will stick. Low Confidence, Limited Risk, Tilted Buy For moron the markets, see: Here Are the Projections for Gold’s Rally Highs May 22, 2024 Low Confidence, Limited Risk, Tilted Buy May 20, 2024 Higher and Higher May 20, 2024 Why Sell in May and Go Away May 14, 2024 Icing on the Gold Cake May 10, 2024 April Tax Collections Soared May 4, 2024 The Fed Doesn’t Matter Any More May 1, 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 May 24 Author Report Share Posted May 24 Breaking 5275 could be bearish as hell. Link to comment Share on other sites More sharing options...
DrStool Posted May 24 Author Report Share Posted May 24 Clearing 5290 would be bllsh. Link to comment Share on other sites More sharing options...
specie Posted May 24 Report Share Posted May 24 I don't remember when you changed from Investing.com to TradingView but it's nos Link to comment Share on other sites More sharing options...
DrStool Posted May 24 Author Report Share Posted May 24 Link to comment Share on other sites More sharing options...
DrStool Posted May 24 Author Report Share Posted May 24 4 minutes ago, specie said: I don't remember when you changed from Investing.com to TradingView That's because I didn't. 😁😁😁 Link to comment Share on other sites More sharing options...
MisFit Kid Posted May 24 Report Share Posted May 24 remember this is a US holiday weekend (No Monday trading) so let er rip......as usual..... Link to comment Share on other sites More sharing options...
specie Posted May 24 Report Share Posted May 24 i'm confused Link to comment Share on other sites More sharing options...
DrStool Posted May 24 Author Report Share Posted May 24 But Trading View supplies the charts to Investing.com. They're Trading View charts. Link to comment Share on other sites More sharing options...
DrStool Posted May 24 Author Report Share Posted May 24 Just now, specie said: i'm confused Oh. The sidebar. I forgot that I had charts in the sidebar. 😄😄😄 Link to comment Share on other sites More sharing options...
DrStool Posted May 24 Author Report Share Posted May 24 They've been there for a long time. Years. Were they previously TM's Investing.com? Link to comment Share on other sites More sharing options...
specie Posted May 24 Report Share Posted May 24 yes, don't know when it switched but they are better Link to comment Share on other sites More sharing options...
DrStool Posted May 24 Author Report Share Posted May 24 No idea why but my two screen generated chart pick buys that I published on Monday just broke out simultaneously. Looks market-wide, I guess. No matter the reason, I'll take it. Low Confidence, Limited Risk, Tilted Buy Link to comment Share on other sites More sharing options...
DrStool Posted May 24 Author Report Share Posted May 24 I just hope they stay broke out, but I ain't ashore. The ES needs to close above 5305 to ass shore it. We've had thunderstorms here in Turin all day and I stayed in. Now I'm going out for some authentic Northern Italian pizza. If you're interested, I'm still posting photos from the day I spent in surprising Cuneo. Lots more here. https://www.instagram.com/200daysineurope/ Link to comment Share on other sites More sharing options...
DrStool Posted May 24 Author Report Share Posted May 24 Merry Memorial Day. Have a happy holiday season. See you next week. Tuesday morning I'll be heading back to Nice. I'll be posting reports on Monday and should be able to open the thread very early Tuesday. Cha oh from Torino! Link to comment Share on other sites More sharing options...
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