Wednesday, March 31, 2021

While Waiting ...

While waiting to see whether the new month brings the typical inflows or not, here are just a couple of technical charts that indicate a bit of divergence in breadth and volume at the highs.

NYSE Adv/Dec Line - Daily - No New High Yet

 

NYSE On Balance Volume - Daily - Lower High

Today's higher high in the ES daily futures likely confirmed we are in the minute ((c)) wave of the Minor B wave in the count we posted yesterday. There are no changes today.

Have a good start to the evening,

TraderJoe

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31 comments:

  1. GreywaverMarch 31, 2021 at 10:18 PM

    Stocks Above 200ma (wkly) - something I'm watching in the coming weeks (if interested)

    https://funkyimg.com/i/3bGNx.png

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    1. TimHApril 1, 2021 at 9:30 AM

      My experience with this indicator is that you get pullbacks from this level but not major tops. At major tops you get declining % of stocks above 200. I’m taking some profits today. Selling Q’s into resistance. It’s been a good run from lows but I expect April will be higher so will look for re-entry on pullback.

      Delete
  2. GreywaverApril 1, 2021 at 12:17 AM

    ZB (daily). A dash of speculation - (if interested)

    https://funkyimg.com/i/3bGPW.png

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    1. DealerApril 1, 2021 at 8:43 AM

      Do you have anything on NG futures? Thanks

      Delete
    2. mischikApril 1, 2021 at 2:32 PM

      yes ...bonds/notes are a buy
      ...as described here a few days ago
      when someone was posting bearish talk
      way late in the decline

      dont overthink it

      Delete
  3. GreywaverApril 1, 2021 at 7:35 AM

    Early look (5min) -

    https://funkyimg.com/i/3bH2e.png

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  4. Elliott_TraderApril 1, 2021 at 8:59 AM

    Good morning all. Here is the ES 30-min intraday wave-counting-screen updated with daily pivot points (classic calculation) and local fractals.

    https://www.tradingview.com/x/DbKUIQZO/

    TJ

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    1. Elliott_TraderApril 1, 2021 at 9:05 AM

      Green (up) fractals have just broken; price now at R1.

      Delete
  5. TachyonApril 1, 2021 at 9:11 AM

    Looking like we will tag 4K target today as well as finally close remaining open VIX gap. Could be an important inflection point and indicators say bearish, but that is by no means certain as bearish indicators continue to be negated. On sidelines until a decisive break of 3900. Dicey market!!

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    1. RogerApril 1, 2021 at 9:40 AM

      The liquidity pump alive and well..Gl all

      Delete
  6. TachyonApril 1, 2021 at 9:22 AM

    VIX gap at around 18.20 already closed pre-market....

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  7. GreywaverApril 1, 2021 at 9:36 AM

    5min update -

    https://funkyimg.com/i/3bH5m.png

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  8. BBRiderApril 1, 2021 at 9:54 AM

    Still lean to the Money Machine.

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  9. TachyonApril 1, 2021 at 10:21 AM

    4K and I'm out. Looking for two consecutive closes above round number before venturing back in long or break of next lower RN.

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  10. Elliott_TraderApril 1, 2021 at 11:06 AM

    Just fyi - ES hit 4,000 and upper daily BOllinger Band; cash hits 4009+ change.

    TJ

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    1. TachyonApril 1, 2021 at 11:27 AM

      Wow! I thought they would do it into the close...!

      Delete
  11. Kevin KApril 1, 2021 at 11:07 AM

    NQ daily testing the neckline of the inverted H&S.

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  12. GreywaverApril 1, 2021 at 11:16 AM

    SPY 15min update -

    https://funkyimg.com/i/3bH87.png

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    1. TimHApril 1, 2021 at 11:27 AM

      👍

      Delete
    2. TachyonApril 1, 2021 at 1:21 PM

      I doubt we will get any clear directional resolution today ahead of the trading holiday tomorrow. I do think we get a big bullish or bearish move soon though..

      Delete
  13. TachyonApril 1, 2021 at 11:59 AM

    Market response to the Archegos 30 Billion implosion has been quite muted. The size of the losses suggests, at least to me, unexpected draw-down on insanely leveraged trades. I suspect there are many more...

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    1. TimHApril 1, 2021 at 12:03 PM

      The 3 - L’s that get you in trouble, lol. Ladies - Liquor - Leverage.

      Delete
  14. GreywaverApril 1, 2021 at 1:15 PM

    SPY 15min - small left/right with divergent Sto. Watching for follow through (downward).

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  15. Elliott_TraderApril 1, 2021 at 3:15 PM

    Have a look at today's SPY volume - granted is a pre-holiday day with an Employment Report tomorrow.

    https://www.tradingview.com/x/c3ZK6BZ3/

    And, the big red volume histogram bar was 'yesterday's volume', not today's.

    TJ

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    1. Elliott_TraderApril 1, 2021 at 3:56 PM

      SPY 5-min and ES new high, and ES at R2; possible flat building for wave (iv) of ((c))?

      TJ

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  16. TachyonApril 1, 2021 at 3:45 PM

    Move above SPX 4K in my view auspicious as we will get a powerful signal when a top is finally struck as I thnk we will see both 4K and 3.9K fall suring the same session. Have an awesome week-end everyone and thanks for the charts and comments T.J!

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  17. Walter KrajewskiApril 1, 2021 at 3:55 PM

    I've always heard that the market never tops on a Friday...

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  18. Elliott_TraderApril 1, 2021 at 4:31 PM

    There is a new chart posted for the next day.

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  19. RogerApril 1, 2021 at 4:49 PM

    Great weekend and enjoyable Easter to all. :)

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  20. Walter KrajewskiApril 1, 2021 at 5:34 PM

    True, ET - was just thinking we were closing at the highs of the day but there is a jobs report tomorrow...

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