So we got the upward movement I'd discussed yesterday. We did get a 30m downtrend yesterday but we bounced up and did in the end close higher as I had believed we would.
I went short yesterday and am still sitting in that position now. I was concerned that good PCE data might cause us to spike upwards, but ultimately I don't see the PCE data as a good data point, and the lackluster of volume and movement off the data seems to reflect that at this point.
Overall, I think this is where we begin to find a major swing down, potentially past the last Daily downtrend mark of 3810, though I don't foresee that coming as a straight shot, and I think the 12hr could set in at a higher low and cause some complications to that.
The trends into today are;
Last Macro Trend Signal Spots
30m - 4030 Downtrend (1/26/2023) Higher Low
1Hr - 4018 Uptrend (1/25/2023) Higher High
2Hr - 4037 Uptrend (1/25/2023) Higher High
3Hr - 4037 Uptrend (1/25/2023) 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
Economic Data;
PCE and Personal Income/Spending. I go over both as those data points have come out in the video.
Earnings;
Not a lot of Earnings today, which is typical for a Friday.
Overall my sentiment is;
Shorter Term - Bearish
Short Term - Bearish
Medium Term - Bearish to Neutral
Long Term - Bearish
Safe trading, and remember your risk management plan.
I went short yesterday and am still sitting in that position now. I was concerned that good PCE data might cause us to spike upwards, but ultimately I don't see the PCE data as a good data point, and the lackluster of volume and movement off the data seems to reflect that at this point.
Overall, I think this is where we begin to find a major swing down, potentially past the last Daily downtrend mark of 3810, though I don't foresee that coming as a straight shot, and I think the 12hr could set in at a higher low and cause some complications to that.
The trends into today are;
Last Macro Trend Signal Spots
30m - 4030 Downtrend (1/26/2023) Higher Low
1Hr - 4018 Uptrend (1/25/2023) Higher High
2Hr - 4037 Uptrend (1/25/2023) Higher High
3Hr - 4037 Uptrend (1/25/2023) 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
Economic Data;
PCE and Personal Income/Spending. I go over both as those data points have come out in the video.
Earnings;
Not a lot of Earnings today, which is typical for a Friday.
Overall my sentiment is;
Shorter Term - Bearish
Short Term - Bearish
Medium Term - Bearish to Neutral
Long Term - Bearish
Safe trading, and remember your risk management plan.
Uwaga
30m Uptrend has hit and now the Daily uptrend is signaling finally. Still holding my short
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Informacje i publikacje przygotowane przez TradingView lub jego użytkowników, prezentowane na tej stronie, nie stanowią rekomendacji ani porad handlowych, inwestycyjnych i finansowych i nie powinny być w ten sposób traktowane ani wykorzystywane. Więcej informacji na ten temat znajdziesz w naszym Regulaminie.