daytrading ES
Ha Ha Totally agree the public longer term forecasts of the big banks are worthless. I put that in as an interesting co-incidence.
They would all do very well as fortune tellers in a carnival as they have mastered ambiguity.
My exception is Harknet at Merrill B of A. But they are the only non-New York major bank. He has had the courage to say unpleasant things about the future and his timing has not always been good (just ask Pasta Boss about that) and bad timing is the same as a bad forecast. No one has had the timing right on when the Fed's change would affect markets and now the New York crowd is working hard to blind the public to the change (business as usual).
The Tokyo high (overnight high) stopped the up move for 5 minutes then became support. Now it is acting as support in this attempt at a down move. Or I could be reading it wrong because it is about equal to the 1 hour opening range. I keep trying to eliminate lines on my charts but yesterday's key levels as well as the overnight jhigh and low seem to enter into things regularly along with those pivot points.
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pullback is larger than I'd like to see but still too early to say bulls are over.
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This is my 15 minute view. I moved the volume profile over to the right side and circled the three rapid moves (so far) through that low volume node just blow the current range. You will note that each of those moves generated a spike in the relative volume so someone had to open their wallet to make those happen cough New York Fed cough.
FWIW
Doug Kass (a respected smarty-pants) wants you to “consider derisking, now”
He’s even making up new words (“orange swan”)
“Technicals and resistance points mark a short term threat to stocks…. [and yesterday]… David Rosenberg remarked, on CNBC, that on breadth and volume the rally has been less powerful than recent rallies.” https://www.zerohedge.com/news/2018-05- ... to+zero%29
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.