08/10/2024 Weekend Update

[Cobra]

Up 1 week, the next week has 54% chances to close up, 77% chances to make a higher high.

[JFR]

ES daily.

Good bottom on August 5. Hopeful for buyers.

Followed by 4 good days for the bulls, reaching for the sky.

But ... EMA 20 and 50 are nosing down.

EMA 100 is flat.

Light volume on the move up.

MACD beneath zero, with mixed readings, but trying to show an upward signal with the histogram.

Sto showing up signal on the crossover.

Lots of overhead resistance.

No prediction, but for this trader the short term bias is up. Some stocks are showing early buying.

Focus on day trading.

In my opinion.

Have a good weekend.

[tsf]

Thank you, Cobra, JFR and the Board.

Art Hill's article and charts on Aug 9, 2024 signaled a new uptrend for TLT as the 5-day exceeded the 200-day by more than 3%
TLT also sports a classic breakout and continuation signal.

https://stockcharts.com/articles/arthur ... t-305.html

[BullBear52x]

From "It is what it is department" Today the question will be "Will the bottom sustained? my answer is no, not yet, Monday will tell. Key internals to look at this coming week are $BPSPX and $VIX.
good support here so far for longer view.

Short term bottom needs to see the fear subsided. not yet here, very close though.very overbought zone also. a selling could come as early as Monday or Tuesday.

$BPSPX(s) are still under 50% on all major indices.Here too, need to see >50 to say the bottom will sustain.

Swing setup: next dip will be bought.

Intraday: same playbook, buy or sell level. currently is bullish bias, things can change on a dime here, stick to your time frame of a trade and trade it well. Peace!

[tsf]

Thank you, BB52x

Cobra's TLT charts gave earlier alerts than Art Hill. They are very clear and also mention TMF,TMV,TBT
Thank you, Cobra !

https://stockcharts.com/public/1684859/ ... /533449481

https://stockcharts.com/public/1684859/ ... /533449466