Adman said:
You charts guys should start reading palms.
I'm not sure the income would be as statistically reliable and there's that whole having to deal with other people thing too isn't there, and no-shows, and people arguing about paying and that. not for me.
Not seeing it on the weekly scale anyway.
End of week 5:
NYSE Composite: 9,214.18 down 1.53% (from the baseline of 9,357.08)
DJIA: 15,135.84 down 0.77% (from the baseline of 15,254.03)
S&P 500: 1,631.89 down 0.52% (from the baseline of 1,640.42)
That's up again, modestly, for the week.
So this week's action. I'll preface by saying I dont trust it, (as ever
) but actually if you're just looking at charts for their own sake (like most of the trading world) and especially on the bigger timeframes, the S&P managed a significant (technically) move during the week, and a powerful confirmation of it on Friday. Most of the world traders are now bullish IMO, and even my manipulation based approach (further down) says we're long S&P on the next stoprun low.
the whole yellow oval area is known by various names but is a widely recognised reversal pattern, and the fact that it has drawn so perfectly, retesting the previous all time highs at 1580 and closing above, and then again this week testing 1600 (several times actually, to the point) including on the last day of the week again and closing back
higher.. there's some wildly bullish tech traders out there this weekend.
daily view. last week and this week there were 5 whole days of attempts to get past the 50EMA (I kept hearing about it on CNBC so put it in) which were continually sold off and perfectly re-tested the lows at 1600 again, no less than 4 times, and 3 times to the
exact point, and on wednesday the exact point was also the rising trendline, test held yet again, followed by a close on the exact
high trendline, and lo, Thursday a clear pop out of the range.
you can see the pins to the highs previously pushed through the trendline and got sold down again every time until the breakout. then on Friday, the price once more restests the top of the sloping trendline (and 50ma in same place) but closes the day even higher. bulls have their party hats on now.
then there's my own view which is a bit different from all this..
It's been in a level 3 accumulation pattern since end Thursday last week which means us manipulation speculators short the top of the range and buy the bottom of it until something else convincing happens. headfakes don't count, as we are expecting those at the edge of the range until further notice.
(note the only *system* fail trade here was Thursdays short although there wasn't a manipulation setup anyway, price just drifted up, although more aggressive traders might have taken it a lesser setup (on 15min chart, you could make an argument) and got stopped)
however Thursday followed by Friday's re-re-re test low and close at new level 1 again, now has me supposed to be looking for manipulation at lower levels to get in long
but frankly with a 200 point round trip where any and every stoploss was taken and hit yesterday, this yellow oval is known as "Crazy Ivan" and doesnt fill me full of confidence in the next move higher. maybe, but not me.
But I might at least stop shorting it for a bit even if I cant bring myself to go long as oil goes through $103 WTI and the 10 year hits 2.7%. recovery my hearse.
