Trends show potential to downside, advise to wait for an entry
So while I took Friday off, it looks like the market ended up right around where I thought we would (I forget the exact number I called, maybe 3997? somewhere in the 90s anyways).
That being said I wouldn't just jump into a short quite yet, or at least I'm not going to. I've said I'm fairly neutral with this markets long term direction, and want to see how we react to a Daily Uptrend signal.
The trends going into today are;
Last Macro Trend Signal Spots
30m - 3952 Uptrend (1/20/2023) Higher High
1Hr - 3947 Uptrend (1/20/2023) Lower High
2Hr - 3972 Uptrend (1/20/2023) Higher High
3Hr - 3987 Uptrend (1/20/2023) Higher High
4Hr - 3987 Uptrend (1/20/2023) Higher High
6Hr - 3946 Downtrend (1/18/2023) Higher Low
12Hr - 3993 Uptrend (1/11/2023) Lower High
Daily - 3810 Downtrend (12/28/2022) Lower Low
Weekly - 4366 Downtrend (2/14/2022) Higher Low
You can see we've had a few higher highs come in with this last bounce, and only the 1hr calling for us to head lower. Another reason why I'm not convinced I want to go short just yet.
Economic Data; I go over stuff later in the week in the video, but for today, nothing much of anything.
Earnings; Earnings today aren't all that major either.
Overall I expect a casual trading day. My sentiment is;
Shorter Term - Neutral
Short Term - Neutral/Bullish
Medium Term - Neutral/Bearish
Long Term - Bearish
I'm marking this as a Short opinion, even though I could see some minor upside, as that is my stronger direction I see coming.
As always, remember your risk management plan.
That being said I wouldn't just jump into a short quite yet, or at least I'm not going to. I've said I'm fairly neutral with this markets long term direction, and want to see how we react to a Daily Uptrend signal.
The trends going into today are;
Last Macro Trend Signal Spots
30m - 3952 Uptrend (1/20/2023) Higher High
1Hr - 3947 Uptrend (1/20/2023) Lower High
2Hr - 3972 Uptrend (1/20/2023) Higher High
3Hr - 3987 Uptrend (1/20/2023) Higher High
4Hr - 3987 Uptrend (1/20/2023) Higher High
6Hr - 3946 Downtrend (1/18/2023) Higher Low
12Hr - 3993 Uptrend (1/11/2023) Lower High
Daily - 3810 Downtrend (12/28/2022) Lower Low
Weekly - 4366 Downtrend (2/14/2022) Higher Low
You can see we've had a few higher highs come in with this last bounce, and only the 1hr calling for us to head lower. Another reason why I'm not convinced I want to go short just yet.
Economic Data; I go over stuff later in the week in the video, but for today, nothing much of anything.
Earnings; Earnings today aren't all that major either.
Overall I expect a casual trading day. My sentiment is;
Shorter Term - Neutral
Short Term - Neutral/Bullish
Medium Term - Neutral/Bearish
Long Term - Bearish
I'm marking this as a Short opinion, even though I could see some minor upside, as that is my stronger direction I see coming.
As always, remember your risk management plan.
Nota
I've gone short 4024Nota
Exited for a $100 profit when it dipped back down. Going to watch a bit more before I go back in.
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Aviso legal
As informações e publicações não devem ser e não constituem conselhos ou recomendações financeiras, de investimento, de negociação ou de qualquer outro tipo, fornecidas ou endossadas pela TradingView. Leia mais em Termos de uso.