Trends in upward movement facing some exhaustion
Trends are mostly in an upward movement stage, looking to remove the violation left of the 12hr / Daily lower high trend indicators.
Trends into today are;
Last Macro Trend Signal Spots (ES Contract)
30m - 5086 Uptrend (5/2/2024) Higher High
1Hr - 5117 Uptrend (5/1/2024) Higher High
2Hr - 5117 Uptrend (5/1/2024) Lower High
3Hr - 5157 Uptrend (5/3/2024) Higher High
4Hr - 5148 Uptrend (5/3/2024) Higher High
6Hr - 5148 Uptrend (5/3/2024) Higher High
12Hr - 5204 Downtrend (4/4/2024) Higher Low
Daily - 5166 Downtrend (4/12/2023) Higher Low
Weekly - 4769 Uptrend (12/11/2023) Higher High
Monthly - 5304 Uptrend (03/31/2024) Higher High
As explained in the video, everything is in a higher high between 30m-6hr except the 2hr, which was part of the Powell Pump reversal.
As I explained my trades over last week were a 70 point gain into the Powell Pump, a 70 point reversal after the Powell Pump, and a Long position from 5080 which I cashed out today as we pushed above the Daily downtrend resistance of 5170 for just over $4000. Additionally those Soybean Meal contracts I acquired around 335 were both cashed at around 372 for about $3700 each (I had 2). I don't say this to brag, but moreso to explain why I am not hungry for another trade, as I'm already financially set for the month of May at just under $20,000. This will be why I may seem overly picky about my trades and what may be a good position I may wait if it doesn't look like a borderline perfect trade.
Economic Calendar is very light this week, just jobs data on Thursday.
Earnings calendar is mostly important to watch tomorrow, especially around Disney from my perspective.
Geopolitical tensions could hit a new tension point as Israeli troops move into Rafah.
Overall, my general sentiment on the short term, and probably most of this week, is sideways at the moment.
Safe trading, and remember your risk management.
Trends into today are;
Last Macro Trend Signal Spots (ES Contract)
30m - 5086 Uptrend (5/2/2024) Higher High
1Hr - 5117 Uptrend (5/1/2024) Higher High
2Hr - 5117 Uptrend (5/1/2024) Lower High
3Hr - 5157 Uptrend (5/3/2024) Higher High
4Hr - 5148 Uptrend (5/3/2024) Higher High
6Hr - 5148 Uptrend (5/3/2024) Higher High
12Hr - 5204 Downtrend (4/4/2024) Higher Low
Daily - 5166 Downtrend (4/12/2023) Higher Low
Weekly - 4769 Uptrend (12/11/2023) Higher High
Monthly - 5304 Uptrend (03/31/2024) Higher High
As explained in the video, everything is in a higher high between 30m-6hr except the 2hr, which was part of the Powell Pump reversal.
As I explained my trades over last week were a 70 point gain into the Powell Pump, a 70 point reversal after the Powell Pump, and a Long position from 5080 which I cashed out today as we pushed above the Daily downtrend resistance of 5170 for just over $4000. Additionally those Soybean Meal contracts I acquired around 335 were both cashed at around 372 for about $3700 each (I had 2). I don't say this to brag, but moreso to explain why I am not hungry for another trade, as I'm already financially set for the month of May at just under $20,000. This will be why I may seem overly picky about my trades and what may be a good position I may wait if it doesn't look like a borderline perfect trade.
Economic Calendar is very light this week, just jobs data on Thursday.
Earnings calendar is mostly important to watch tomorrow, especially around Disney from my perspective.
Geopolitical tensions could hit a new tension point as Israeli troops move into Rafah.
Overall, my general sentiment on the short term, and probably most of this week, is sideways at the moment.
Safe trading, and remember your risk management.
Comment:
Currently in a 12hr uptrend signal. Has to hold up here until 13:00 EST to fill the signal.
Comment:
Stuck the landing at 5188. Is a higher high so not a resistance to movement higher at this point.
Comment:
Mag 7 collective index is very close to hitting new ATH... signaling most of this rally back from 5000 has just been, yet again, the same old stocks and most of the index left out. This continues to give me hesitation into believing in this rally, as it has been unable to broaden out.
Comment:
It is official, the Mag 7 index closed at an all time high, even though the index themselves did not. More of the same overhyped same stock indexes, the new security move by investors to hide money where they can make a profit when unsure what to do. I find the behavior very bizarre, but I understand the market pressure to jump in where everyone already is because staying out at this point just upsets your clients and leaves you out of market gains of your own.
