As the comments in the prior post will show, we maintained a very flexible posture throughout the trading day today, and we posted a chart of the ES 30-min time-frame, which is our intraday wave counting screen, assessing 'fractal' highs and lows until fractals began breaking. We watched for a breach of 3,714, and - while close in the overnight - that level was not exceeded lower. Then, with about an hour to go in the trading session, up fractals began breaking higher.
As we noted yesterday, the initial sloppiness was not unexpected, with today as the last trading day of the month. And, a run-up, prior to the possible inflows of new cash at the first of the month has been seen before, too. Prices did run up, and made a new all-time high by the close.
So, earlier in the day, I was on 'Zero-Hedge' which has some interesting news stories, and I saw this one cross the ticker about 11 AM.
Russia Developing "Highly Efficient Antidote" To Fight COVID, Preclinical Tests Show 99% Effectiveness (see
LINK, if interested).
The story is about an actual cure for the disease while a person is symptomatic - if I understand it properly. So I encourage you to read the story. If true, it is very, very significant. So, let's mark that story on the chart.
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ES Futures - 30 Minutes - Intraday Screen
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Whether this story is fake news or not, is not known by me. But, IF it is true, it could be a game changer, and so it is something to keep an eye on. A cure would be great because vaccines and masks will likely only go so far. Whether this story was a factor in today's run-up, is ambiguous. Maybe, maybe not. Few other news outlets carried the story at the time. And, again, we don't know if true.
Regardless, from an intraday perspective, the result was six candles trading outside of the upper intraday Bollinger Band. So, that lowers the odds to 0 - 1% of successive consecutive candles also closing outside of the upper band.
We'll have more over the weekend. For now, enjoy your evening and the weekend. Here's hoping that all of you have a great New Year!
TraderJoe
Thank you and we hope for a happy new year
ReplyDeleteHappy new year and thanks for all your excellent work throughout this year! Also my thanks to those with charts and intelligent perspectives who participate in the comments here, you are all appreciated by us lurkers :)
ReplyDeleteSPX & NDX A/D lines have joined NYAD for new highs.
ReplyDeleteHappy New Year, everyone!
ReplyDeleteIf Putin's taken it, I'm game, lol.
ReplyDeleteGlad this year is over, let's hope next year is MUCH better! :o)
Happy New Years Joe and Thanks for everything you offer.
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ReplyDeleteHappy New Year Joe！
Happy New Year Joe, GW and all other active contributors to this insightful blog. Once again thanks to Joe for hosting and sharing his expertise.
ReplyDeleteThe monthly RUT caught my eye - (go Clemson!)
ReplyDeletehttps://funkyimg.com/i/39LBy.png
Fantastic; great work, thanks for contributing!
DeleteThks. As an added note, price is as far above the Tline (8ema) as it was below in March (about 320pts). These are the most extreme readings historically.
DeleteGreat chart. A perfect area for reversal.
DeleteI enjoy your post Greywaver (go UNC)and yes Clemson
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ReplyDeleteHappy New Year T.J and all! Bull flags flying!
ReplyDeleteA new post is started for the next day. Thanks to all for the New Year wishes!
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