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Don't know whether the rebound overnight means the low was in or not, wait and see.
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ES 5 minutes. Some fairly clean moves for the scalpers and day traders. At present, trying once again to break through 3817. The bulls are putting in some effort today.
Back later ...
Charts posted are not recommendations. They are just a sharing of information.
I bought at close for an upside move. Perhaps premature. Look at the last volume bar. Big bar for a 6 box move indicates buying was present.
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Sharing research and ideas only, this is not trading advice.
“If people concentrated on the really important things in life, there’d be a shortage of fishing poles.” – Doug Larson
Sharing research and ideas only, this is not trading advice.
“If people concentrated on the really important things in life, there’d be a shortage of fishing poles.” – Doug Larson
Sharing research and ideas only, this is not trading advice.
“If people concentrated on the really important things in life, there’d be a shortage of fishing poles.” – Doug Larson
“Where this bear market ultimately bottoms is anyone’s guess, and events outside of the Fed’s control will likely play a role in where the market finally ends up,” Bespoke said in a note emailed Wednesday.
Let's look at how the current period compares to other periods:
“If there was one consistent pattern within all five of the prior periods highlighted, it is that in every one, the S&P 500 made a lower low in its third leg lower...” https://www.marketwatch.com/story/s-p-5 ... 1663800352
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.
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One of the things I am working on is identifying turns using P&F charts. You can see that as price moves away from either side of the (in this case) rectangle, it is indicating a continued move down on the outward side or a (potential) turning point in this case possibly a turn up on the inward side. And, I may be WRONG!
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Sharing research and ideas only, this is not trading advice.
“If people concentrated on the really important things in life, there’d be a shortage of fishing poles.” – Doug Larson
Reading on twitter AAII is out, showing highest % bear this year at 61%.
Also, both free and paid Elliot wave guys looking for the bounce.
Master Wu (from his free postings) "Tighten stops for my shorts--also, prepare to short the rebound if it gets to 3814-30."
Kind of descending triangle, bias is down? (The question mark is because triangle usually is a continuation pattern, not a reversal pattern. The current triangle is formed on rebound, not on a down swing)
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Everybody and their cousin is expecting a re=test of the FOMC range low. Wondering if the rule that if everybody expects it the market does something else may apply here.
It's the very first touch of EMA20 in 2+ hours, could attract some sellers.
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Like to read more of my commentaries? Please subscribe my Daily Market Report. Subscribers can find all the members only posts HERE. StockCharts members, please vote for me HERE, thanks.