break above the day high with a strong bull bar in the next few bars then it'd be an uptrend day. I won't count on it, likely it's just a range day.
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maybe it's an uptrend day, I'm not very sure but at least this bull shall have legs.
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Megaphones Tilted Down
“Descending Broadening Wedge”
“Downward breakouts are quite rare”
“The breakout direction is upward 72% of the time.” http://thepatternsite.com/dbw.html
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.
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Starting to look like some sort of top or at least as congestion pause. Need some good looking pullback and re-test of the high before I can go short after that up move.
Have mental problems with these sort of rocket back up patterns. Apparently record amounts of buyback cash are involved according to B of A. Would not surprise me at all. I am guessing that stock performance bonus money is based on quarterly and annual bench marks. So I am thinking they will use all that lovely money to keep things up through year end. My problem is I think of it as athletes on steroids. Great short term results while the core is rotting away. At least my state of mind is much better now that the unicorns are being exposed. No longer have to argue with my kids about the insanity.
That is what I am talking about. Trend line break, rounded top . MACD has headed south. Waiting for the pullback to end and retest the high then we will see.
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My cheep data feed only gives me 10 ticks either side of price for the order book Depth of Market tool. Very frustrating at a time like this. Triple the regular sell at ES 2940 . The buys have gone away and moved up with double regular level at 2935. So the advance of trade thinkers are bracketing both sides of price for now.
Order book is looking closer to typical now. Pretty clear people don't know which way this will break thus the chunks at the even point levels both ways. Just getting in the ques for the move.
Bottom line: "Eighteen winners. Only three losers. I am having a hard time seeing the Russell 2000 Death Cross as a bearish indication. You would have a much easier time convincing me this is a bullish indication for the intermediate-term."
High Frequency Trading detector people are saying on twitter that the machines were turned off a while ago. No kidding Captain Obvious. My gut instinct is that noting happens until we get closer to the close with a sell down for those who don't want to be long over the weekend.