DrStool Posted January 21 Report Posted January 21 The futures traded yesterday morning and overnight last night, creating a megaphone pattern on the ES, 24 hour S&P futures. The upper line runs from 6050 at 6 AM ET to 6065 at the NY close. I'd be shocked if that were broken. First things first, the ES would need to clear resistance around 6035-40. Hourly cycle indicators are sitting at neutral. Anything that starts from this level is likely to be big, very big, the biggest ever, but the direction isn't clear yet. Unlock Market Trends: S&P 500 and Dow Analysis for January 2025 As for the lower line of the megaphone, or broadening pattern, it goes from 5960 at 6 AM to 5950 at the NY close. If that's to be attack ack acked, you oughta know by now, there are multiple spport levels to contend with, starting just above 6000 and then every 10 points or so, down to the descending trendline. Moron the markets: Unlock Market Trends: S&P 500 and Dow Analysis for January 2025 January 21, 2025 S&P 500 Outlook: Key Levels and Cycles for January 2025 January 21, 2025 Maximize Your Trading Edge with Weekly Technical Chart Insights January 20, 2025 Top Swing Trade Picks for Subscribers- Jan 20, 2025 January 20, 2025 Gold Trends and Insights- Subscriber Report, Link CorrectedJanuary 20, 2025 Primary Dealer Stress: Big Risks Delayed, Not Denied, in the Treasury and Equity Markets January 15, 2025 Macro Liquidity Trends: Insights on Repo, Treasury Actions, and Market Dynamics January 10, 2025 Withholding Taxes Surge – Could This Signal a Market Breakout? January 7, 2025 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 Be sure to respond to the confirmation email which is sent instantly. If not in your inbox, check your spam folder.
DrStool Posted January 21 Author Report Posted January 21 AIvin and the Chat Monks had this to say. Here’s a brief analysis of the day trading implications based on visible patterns and indicators: Key Observations: Trend Channels: The green upward trend channels suggest bullish momentum is currently in play. However, the red downward channels indicate the market is testing a potential breakout zone or may consolidate within this range. Resistance Levels: Immediate resistance appears around 6035–6048. A breakout above this level could lead to further bullish momentum. Overhead green zones indicate potential targets in a sustained rally, likely above 6060. Support Levels: Key support lies around 5980–5970. A drop below this level could test lower supports at 5932 and potentially 5825 in a bearish scenario. Multiple red horizontal lines suggest congestion, which could limit downside momentum unless decisively broken. Momentum Indicators (MACD-like): The lower indicator panel shows mixed momentum. A potential crossover in positive territory may signal continued bullish pressure. Flat or converging momentum lines could indicate hesitation or range-bound action. Day Trading Implications: Bullish Scenario: A breakout above 6035 could provide a day trading opportunity targeting 6060 or higher. Trailing stops should be used to lock in profits if momentum weakens. Bearish Scenario: A drop below 5980 could lead to a short trade targeting 5930–5920, with a cautious watch for reversals near support. Neutral Scenario: If the market remains within the 5980–6035 range, scalping strategies within this channel may be more effective. Actionable Plan: Wait for confirmed breakouts or breakdowns before entering trades. Monitor volume and momentum for confirmation on either side of key levels.
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Takachi-1 Posted January 21 Report Posted January 21 let me guess....... you didn't write that "Maximize Your Trading Edge" piece.
DrStool Posted January 22 Author Report Posted January 22 12 hours ago, Takachi-1 said: let me guess....... you didn't write that "Maximize Your Trading Edge" piece. You could tell?
DrStool Posted January 22 Author Report Posted January 22 To be clear. I write the body of the reports, me, myself, and I alone. I do let Alvin write an executive summary, which I revise to show the key points that I want to emphasize. It does help save some time. Where he's coming in most helpfully, in addition to writing marketing fluff, which I stink at, is in refining my swing trade selection screens. I've been able to narrow in on the patterns that I want, much more efficiently than in the past. Once I get to a manageable number of charts, I visually review those and choose from them. It does two things. First, it saves a lot of time. Second, it finds really nice patterns. It's early, but the results are promising. One pick that it found jumped 18% yesterday, and more than 10% from the opening price.
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