01/27/2024 Weekend Update

[Cobra]

Up 3 weeks in a row, the next week has 54% chances to close up, 80% chances to make a higher high.

So more up!

[BullBear52x]

From "It is what it is department" Confused! "Calm before the storm" will be how I would describe it. I am still in the camp that think a relief rally pull back is at hand.

This chart suggested screaming sell on this overbought.

The last two trading days of last week had pushed the $NYMO to a positive side, the momentum are very bullish.

Swing setup is back to sell the rips for trend following method. we are in a sideways consolidation phase once a gain, buy lo sell hi is another method. as I am on a trend following wagon, next rip will be sold on this time frame.

Intraday: Friday closed with yet another negative price action, 3rd day in a row, I am leaning more toward the weaker side of a trade into next week, but that again will be decided by intraday fibbo level. trade well, Peace!

[Trades w 2 Cats]

\Not endorsing this person, simply showed up on X feed with a hey my stuff is free today. I am putting this up as it is a pretty popular count. If you have low faith in Elliott Wave mumbo jumbo read BullBears panel's of indicators, pretty much the same conclusion.

[Trades w 2 Cats]

Just to point out there are going to be plenty of opportunities for the market to move hard next week.

So buckle up buttercup!

[te_fern]

Before the weekend is over, please take a little time to vote for Cobra, thanks: https://stockcharts.com/public/1684859/ ... /533449377

[JFR]

SPY daily.

My reading of the chart. The charts are number 1 for me. I would almost say it is all there in the charts. Of course I pay attention to the news.

[After decades at this work, I no longer read as much, nor look for answers from gurus. There have been many whose ideas struck a chord with me. Seykota. Donchian. Dennis. Adrian Manz. John Carter. Brooks. Jack Schwager's books. On and on.

At this time I enjoy day trading and scalping with ES, SPY and the like, playing momentum, as I see it. I day trade stocks also. And I swing trade stocks, with value and price movement as key.]

Climbing the wall of worry.

Trend up since November.

A doji on Friday, indecision.

Indicators:

Sto --> bullish

MACD --> bullish

(I use Sto and MACD mostly for turns and impulse moves. Once they top out, they are not that useful to me.)

Histogram --> flat or slightly in the positive.

Volume --> good, bullish

Bollinger --> very bullish, breakout January 19.

EMAs 20, 50 and 100 all up, widening and in the right order.

Not shown here, but Pivots, highs and lows, opens and closes are also very important to me. I use them with NinjaTrader. They act like Darvas boxes for breakouts and fades, and as magnets/targets.

So for SPY, on a swing trade basis: flat, with some bullish bias. Ready to change direction at any time.