Fridays high at about the close to the first swing low this morning was an 11 point drop in the ES. It re-traced exactly 61.8%. This last drop was 10.5 points and so far it still retracing. A target of ES 2847 doesn't sound impossible yet as that is just another 10 point slide from thaat 55 57 range.
Potential double bottom. Perfect timing to use the last half hour of London/Frankfurt as the day traders should be thinking about closing out their shorts. No idea if the swing traders see this as deep enough to go long into the US only session.
AAPL holding 20w SMA trying to bounce.. pushing us up. and oil tries to hold it here..as the dollar at downtrend resistance.. VIXes ease.. /ES tries to hold Thur's HOD horizontal support.. but weekly pivot is a tad lower still
Two days of Renko. Not easy to read I admit. BUT look at today, we are filling in a low volume node from Friday and plenty more to fill in when we move out of this range.
ES in Honey Badger mode. Once again European close was a great time to go long. Powered through VWAP moved right on up to the opening print. So a 10.5 point drop from VWAP and now an 11 point move back up to VWAP. Should be a day traders paradise but my charts look more like I am on the Pro Bull Riders Rodeo circuit getting bucked and stomped on.
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Fern: I’m getting pretty weary of that lag on the cumulative tick (top panel)
See the second panel, gold-behind-price: that’s the NON cumulative tick (1min) with a 5ma smoother on it.
See how that responds on a more timely intraday basis
Your comments please
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.
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In ES Renko Land the 11 point move off the bottom was retraced 60%, the next move up of 5.25 points was a followed with a 66% retrace and the 7.5 point move has so far been retraced by 50%. I think there may be a pattern at work here.
AD bear isn’t giving up yet…
NY advancing stocks = 0.3 x declining stocks
NY advancing volume = 0.4 x declining volume NY declining stocks = 3.3 x advancing stocks
NY declining volume = 2.6 x advancing volume
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.
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