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Triangle so the market has no idea where to go as well. Triangle usually is a continuation pattern but unfortunately this time the trend leading to the triangle wasn't clear so I don't which direction to "continue".
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Still within the boundaries of the P&F LOW POLE. First chart (published previously) is the boundaries of the LOW POLE and boxes within are the inner third.
Second chart is an extension of the first chart simply showing we are within the inner thirds still. (Imagine it next to the top chart and you see this is a tight range.)
Green line on 2nd chart shows a quad top. It's wandering underneath.
Note the volume at the end of day yesterday. Buying came in but sellers are still interested in dumping. (Tax harvesting?)
The smaller maroon boxes are just notes for me to see where price opened and closed.
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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
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No sharp rebound in the next couple of bars then it's a downtrend day.
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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
Like to read more of my commentaries? Please subscribe my Daily Market Report. Subscribers can find all the members only posts HERE. StockCharts members, please vote for me HERE, thanks.
The low might be in for today. Biggest bull bar and volume surge so might be a pullback here first though.
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12/28 Bloomberg:
This is the 6th straight month of pending home sales declines (and 12th of the last 13 months).
YoY, pending home sales collapsed 38.60%, the largest annual drop ever.
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.
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Like to read more of my commentaries? Please subscribe my Daily Market Report. Subscribers can find all the members only posts HERE. StockCharts members, please vote for me HERE, thanks.
Just five trading sessions accounted for more than 95% of S&P 500 index losses in 2022, according to an analysis by Datatrek co-founder Nicholas Colas in a note published Wednesday, as stocks headed for their worst year since 2008.
He described them in the note as the “five days that killed the year”: Two were caused by disappointing inflation data, while the others were triggered by weak corporate earnings and commentary from Federal Reserve Chairman Jerome Powell.
Here is the information for the worst day ... (By the way, you will have to do your own math. I am just sharing the article's results, along with my chart.)
September 13 (-4.3%)
On the worst day for stocks since 2020, the release of the August U.S. consumer price index report sent traders into a panic when the data showed annual headline and core inflation running hotter than expected.
The headline number came in at 8.3% for the 12 months through August, while core inflation — which strips out volatile food and energy prices — accelerated at 6.3%.
Economists and analysts were particularly rattled by the monthly core inflation number, which came in at 0.6%, double the expected rate of 0.3%, stoking concerns about stubbornly high housing costs as energy prices began to decline after earlier being the biggest driver of this year’s inflation.
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