So after jumping out briefly yesterday I went back in short at 4029 this morning. We did get a 30m downtrend mark earlier this morning at 4027. We did not have a major bounce off of it, at least not yet. Currently I'll be looking for at least a 1hr downtrend mark, as the 1hr is in violation (it was in a lower high uptrend mark) so it would allow us to fix it. Overall though, if we do get that mark I may be holding out for more downside as we are also in violation of the 12hr lower high right now.
The trends overall going into today are as follows;
Last Macro Trend Signal Spots
30m - 4027 Downtrend (1/23/2023) Higher Low
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 - 4045 Uptrend (1/23/2023) Higher High
12Hr - 3993 Uptrend (1/11/2023) Lower High
Daily - 3810 Downtrend (12/28/2022) Lower Low
Weekly - 4366 Downtrend (2/14/2022) Higher Low
Overall a lot of the trends are looking upward, and we are probably close in an upward movement to get a Daily Uptrend. We have also broken that descending funnel from the high points of 2022, slightly higher than I would expect us to break it, and without the volume it takes to appear committed to the movement, so I expect that to take us downward also.
On the Economic Data;
Nothing too major. Some PMI data and sales stuff today.
Earnings;
LOTS of earnings. I'll be looking into JNJ and other heavy weights, and especially into Verizon as it is the first cellular company reporting in this Earnings season also and might set off a bit of a chain reaction into other companies in the same sector.
Overall my sentiment is;
Shorter Term - Bearish
Short Term - Neutral/Bearish
Medium Term - Neutral
Long Term - Bearish with a hint of neutral
The trends overall going into today are as follows;
Last Macro Trend Signal Spots
30m - 4027 Downtrend (1/23/2023) Higher Low
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 - 4045 Uptrend (1/23/2023) Higher High
12Hr - 3993 Uptrend (1/11/2023) Lower High
Daily - 3810 Downtrend (12/28/2022) Lower Low
Weekly - 4366 Downtrend (2/14/2022) Higher Low
Overall a lot of the trends are looking upward, and we are probably close in an upward movement to get a Daily Uptrend. We have also broken that descending funnel from the high points of 2022, slightly higher than I would expect us to break it, and without the volume it takes to appear committed to the movement, so I expect that to take us downward also.
On the Economic Data;
Nothing too major. Some PMI data and sales stuff today.
Earnings;
LOTS of earnings. I'll be looking into JNJ and other heavy weights, and especially into Verizon as it is the first cellular company reporting in this Earnings season also and might set off a bit of a chain reaction into other companies in the same sector.
Overall my sentiment is;
Shorter Term - Bearish
Short Term - Neutral/Bearish
Medium Term - Neutral
Long Term - Bearish with a hint of neutral
Anmerkung
IMPORTANT - I totally missed that Microsoft reports today until I was browsing through Earnings. That will be MAJOR. I'll update as I get more info.Anmerkung
Most initial reports I've read such as JNJ and DHR seem to be that forecasts are dim moving forward. JNJ missed earnings, DHR beat them. DHR advised they expect any growth until later this year and provided fairly limited forward guidance in comparison to other times, because of the difficulty in factoring in inflation risks and overall economic outlooks.Initial reports on Verizon is that subscribers might have increased but missed targets. Microsoft has a bleak outlook because of economic issues and their overall difficulty in their acquisition of Activision which has been stuck in various international courts over antitrust concerns.
Anmerkung
Got the 1hr downtrend at the close of the 9-10 EST bar at 4013. I cashed out at the time for the moment, and plan to go short again but waiting to make sure we are heading down past it today.Anmerkung
The PMI numbers were in and manufacturing was slightly higher than expected but still in a contraction. A concern for both the economy and potential supply issues to resurface, but not a major economic data point in terms of trading forecast.Anmerkung
Had a 30m uptrend signaling, went short at 4040 with itAnmerkung
I closed my position here at 3998 for about $2000.That fulfills my weekly goal. I may watch for a moment. Will have a video out soon
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Haftungsausschluss
Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.