After the release of the CPI data on Wednesday buying momentum is picking up in the S&P 500. The expectation is follow through to the upside but not a large move on Thursday.
CRazy... way overbought and looks like a melt up.
Got stopped out of my puts for even money, but I made plenty on the CPI pump so I'm done for the week. Not gonna short anything on Ponzi Friday.
I'm not into chasing an overbought market, see ya guys Monday.
There is an old, seemingly wise saying, that says "time in the market beats timing the market!" This works for people that do not want to do the work... to study repeatable patterns.
Throughout the bull market of 2024 (yes, the market is in a bull market) I have been waiting for and been asked by followers "is THIS the pullback to go long?" Generally, the...
MFI overbought before Fed meeting minutes get released here in a few minutes....
I'm staying out. Movements are so small not everything is moving with the market. Too much guess work.
Heh, slept in today
Anyways, MFI headed to oversold and all we get is a small dip. Chart seems to be pointing at going long on Monday, so I'll wait until Monday.
Failed break of IB looking for short entry on confirmation.
$1.75 points
Profit: $87.50
Should of held trade longer. Earlier sideways action caused early exit.
At this point you gotta figure the daily is gonna go overbought before this stupidity ends, lol.
My 3hr indicators should go oversold Monday, guess I gotta go long.
This is an Ending Diagonal. Notice, it is a contracting ED, and incidentally, the intersection of its top and bottom trend lines provide an ideal end point. A little bird told me 5375 was ripe for selling, and this picture makes me confident he was right. ATH 5362.75 at the time of this post, but calling it, anyway, as late as 5375.75. If not today, maybe in...
And now we're overbought on RSI and MFI. Dumped everything before I wrote this post.
Made $4k on this stupid pump by going long yesterday, might take some of that and play for the dip tomorrow, but did well for a quick one day trade so might call it a week and go back to working on projects at home.
Does the selling action on Thursdays S&P 500 indicate that new sellers are entering the market or are buyers selling to take profits? Friday's price action will give us additional clues about who's in control as we go into the weekend.
Bias is Bullish.
Price swept the External LQ, then went
for the Internal LQ.
Price swept the old high, but didn't
displace through it. With the formation
of a +FVG, and price pulling back to tag
it Friday, we may see price trade
through the new high.
Ideally, price will form FVGs to give us
clear indications as to its intentions.
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In the S&P 500, will buyers have the momentum to push the S&P 500 to new record highs? The structure to facilitate this movement is in place and the release of the Fed meeting minutes on Wednesday May give the excuse for the S&P 500 to move to those new levels.
Going over the price action from sunday night looking for clues and trying to listen to what the markets are telling us. listen more, talk less. listen 2x as much as you Talk.
overall market comment
This week we found out how high the squeeze could get and markets made new all time highs. PPI was bad but market rallied anyway and bears gave up on CPI numbers. We are at the highs where we saw a bigger sell-off in April and it’s more reasonable to look for shorting the double tops, than betting on another melt-up for the biggest asset...
Last Week :
Last week market opened above 5159.25 - 54.25 Key Resistance and gave a pull back/hold of that area showing us that it was holding as Support now. We knew that from there we could either Fail at or around VAH and pull back under that Key area or we could get through VAH and if we hold above that can bring in more buyers to give us pushes towards the...
