Wednesday, December 11, 2019

Stuck Up Market

U.S. Debt Clock: $23.11 Trillion; prev $23.11
ES Daily Candle: Higher High, Higher Low, Higher Close: Yin-Yang Candle
Market Posture: Neutral-to-Negative
Daily Swing Line: Neutral
Daily Bias: Up (Settle Above 18-day SMA)

The market appeared to be "stuck" up near the prior highs today. Chair Powell tried to dislodge it as best as he could, but too many people could be heard dozing, as he pumps billions of dollars into the overnight repo market because the banks won't lend as they are supposed to.

ES Futures - Daily - Narrow Day

Once again, prices tried to come down through the 18-day SMA, but they ultimately missed it by about 5 points, and prices traded slightly higher through the FED news conference.

As we noted yesterday, these up waves can still be broadly consistent with a minuet (b) wave, up, of minute (b) down, with a minuet (c) wave lower to follow. Nothing has disqualified or invalidated that count, so there is little to report on today. The daily slow stochastic remains in over-bought territory. Even gold and Crude Oil remained in their ranges.

Have a good start to the evening.
TraderJoe

35 comments:

  1. Dramatic weges galore...a big move's coming...

    ReplyDelete
    Replies
    1. The simple truth about binary options which many of us do not know is the fact that it is mainly based on predictions. Without proper knowledge of what next can happen to the stock market, you are sure to lose your funds. That is why it is important to be tutored or mentored by a professional investor in binary options. During my weeks of being mentored by Mrs Patricia Morgan, I’ve learnt much and also succeeding in trades and was able to recover my lost funds. Feel free to contact her on patriciamorgan984 @ gmail .com for positive results or contact her on Whats App on +32460230365

      Delete
  2. Here come the overlaps, after the count published yesterday. Wave ((5)) has become longer in time as well as in price.

    https://invst.ly/p27mr

    TJ

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  3. I show gold out of corrective channel since beginning of Sept.

    ReplyDelete
    Replies
    1. Interesting. Im seeing it at the upper trendlines of two channels, a smaller rising within the larger falling.

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    2. Agree, Its either b of y from Sept or start of next leg up.

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    3. Twitter in chief likes the B idea.

      Delete
  4. OK. So now we have downward overlaps, and a higher high.

    https://invst.ly/p2al4

    TJ

    ReplyDelete
    Replies
    1. Very interesting. Ordinarily rising wedges are bearish. We even had what appeared to be a classic break from the wedge and violation of the lower trend-line...fascinating! ( but not at all surprising)

      Delete
  5. Wedges were bullish. I think this move up is a terminal wave. One can never be certain as the CB stock and trade is negating technical signals of all kinds, as we have repeatedly seen...

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  6. Massive dump of naked short contracts in Gold futures...what's going on?!

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  7. The DOW cash and futures, have now attained the 90% level. In fact, they are at marginal new highs.

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  8. Does someone have a count on the SMH?

    ReplyDelete
    Replies
    1. SMH still in this channel from last December low. In terms of price Y = W. In terms of time Y = 1.618 x W. Other ways to count it, as well.

      https://invst.ly/p2crb

      TJ

      Delete
  9. Cash count is completely disconnected from ES, but it is showing 5 wave potential fwiw.

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  10. In terms of the tweet up-wave ES 62.50 has been overlapped downward. I am 'not sure' if an E-D count will pan out, but it might.

    https://invst.ly/p2dpv

    TJ

    ReplyDelete
    Replies
    1. That possibility aligns well with my own expectation, right or wrong, that the next resistance level is at round number 3200. Once again, how price behaves at the level will determine what likely comes next. Somebody on Bloomberg today is calling for SPX 4000.00 There was a time when we would have all bust a gut laughing on such a preposterous forecast, but with the CBs going full bore, who knows where this bubble finally ends...?

      Delete
    2. ..as far as I can tell, a lower low from here would be a 'five wave' sequence lower, and not a three-wave sequence lower, due to size of up candle.

      https://invst.ly/p2e9z

      TJ

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    3. ..looking and acting more like five-waves down

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    4. ... can be counted as five waves down

      https://invst.ly/p2exs

      TJ

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    5. If we are done, we "should" get a green VIX print by the close...it often takes place while the indices are STILL printing green...

      Delete

  11. Gann is alive and well

    today is 4445 Days from the 10-11-2007 high

    Square root of 4445 = 6667

    2009 low mar 6th was 666.79

    1600 (40 squared) points from the Oct 11th high is 3176

    1600 points / 4445 =.360 the circle--Harmonics

    3176-667= 2509 (50 squared)

    This indicates to me TODAY could be the high

    ReplyDelete
  12. U.S. China reported reach terms of phase-one trade deal

    https://www.marketwatch.com/investing/stock/djia?mod=mw_latestnews

    ReplyDelete
    Replies
    1. What the SPX does now.....will be very telling.

      Delete
  13. There is insufficient speed in the downward legs. Neely would scowl at me. Perhaps in a larger triangle, or diagonal (in which case down leg is a :3)

    https://invst.ly/p2i2i

    TJ

    ReplyDelete
  14. Downward overlap on the prior upward spike

    https://invst.ly/p2j1p

    TJ

    ReplyDelete
    Replies
    1. Prices need to stay above 3,162.50 to have a chance at completing a diagonal, then make a new high in the after-hours.

      Delete
    2. ..otherwise, the b wave up would count as an ordinary triple zigzag, upward.

      Delete
  15. A new post has been started for the next day.

    ReplyDelete
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    ReplyDelete
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