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Chart on left is structure previously shown. Chart on right is current price action. Really impressive up move. Retest at some point of prior double top, top of range noted or at the very least $400. Wyckoff Phase E of structure.
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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
Earnings due this week:
Tuesday, January 24: MMM, JNJ, VZ, TXN, MSFT
Wednesday, January 25: T, BA, IBM, TSLA
Thursday, January 26: CMCSA, DOW, INTC, MA, V
Friday, January 27: CVX, AXP
Also this week: S&P Case-Shiller Home Price Index, new home sales, durable goods orders, and consumer sentiment ...
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.
Reversal tracker, search for bearish reversal continue. we may get as high as December high on this run. U/D volume >2 with TRIN < 1 the buying pressure is strong. if we closed with TRIN > 1 then there is chance of a bull trap, for now I don't see it as such.
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My comments are for entertainment/educational purpose only. NOT a trade advice.
Short term momentum are bullish bias. until all this changing the earning report can really give a good boosting until a clear reversal daily bar shows up, for now find excuse to buy.
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The rebound might be sold. It's a rare failed uptrend day, but still the first touch of EMA20 got bought.
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Just a reminder, Michael Wilson and Michael Harnett (Morgan Stanly and B of A) have the best track record of public pronouncements being correct over the last couple of years.
Wilson says "Our work shows further erosion in earnings, with the gap between our model and the forward estimates as wide as it's ever been. The last two times our model was this far below consensus, the S&P 500 fell by 34% and 49%."
Personally, if I was writing a narrative, I would be calling it "The False Dawn". Because Wilson has lots of support for his work and the implication is clear, we will get an adjustment down for earnings and I imagine a reduction in multiple giving us the second leg down in the market.
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Textbook Retest per my previous post. As long as we don't push back into range, I will plan for more upside. Ready to ditch long but need to see sign of Wyckoff failing. I'd be happier and more confident if we could close above $400.
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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