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For what it's worth-
FT71 free broadcast today, looking for a 9 to 10 point range. Market currently playing out scenario 3, an oping pop up to ES 2843 then a drop down to 2822 with a finale move back to around the open for the close.
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Admit I do not go through Cobra's massive chart book, a short coming I should be working on, but the underlying point is the same, every body who wants to look can see we are at a major inflection point. The three pillars for the bulls, earnings, trade truce and a dovish Fed have failed and the economic news going forward is nothing less that bad. And of course the cherry on top from the bond market.
Bonds and Recessions.png (23.81 KiB) Viewed 4832 times
Well there goes my overnight major trend line (dark green) and into the box (range) we go. Hate to say it so early but this could be the 9 point range for today. Stopped raining and a lawn mower is calling to me.
Fibonacci
Yesterday IWM gave us a 38% retracement, drawn from the December low to the recent high.
SPX not yet
QQQ not yet
Daily
[your lines and numbers may vary because it's stockcharts]
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.
pullback to ema20, probably a rebound here first then we'll see. probably the last chance for a uptrend day here.
Attachments
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Busted my morning trend channel.
FT 71 has so far nailed the high and within a point of the low but of course this was his least likely scenario so as he says you can't just pre-program your trades. Credit where it was due for saying it out loud in front of 500 traders but realistically didn't most of us expect a gap fill?
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They say in the old days of floor traders they would be closing out positions and quietly heading to the bars to start their three day weekend around lunch time.