5204 is a major trend support to watch

5 avr.

Job data this morning caused a movement exactly as I anticipated and discussed yesterday. The move lower I suspected came yesterday as I anticipated, so now I'm just looking to see if we can move below this 5204 12hr support line. To date, the 12hr has been the major support level to stop any movement down since November which is why we have not seen a Daily trend change for nearly 6 months.

Trends into today;
Last Macro Trend Signal Spots (ES Contract)
30m - 5248 Downtrend (4/4/2024) Lower Low
1Hr - 5226 Downtrend (4/4/2024) Lower Low
2Hr - 5226 Downtrend (4/4/2024) Lower Low
3Hr - 5197 Downtrend (4/4/2024) Lower Low
4Hr - 5260 Downtrend (4/2/2024) Higher Low
6Hr - 5250 Downtrend (4/2/2024) Higher Low
12Hr - 5204 Downtrend (4/4/2024) Higher Low
Daily - 4378 Uptrend (11/3/2023) Higher High
Weekly - 4769 Uptrend (12/11/2023) Higher High
Monthly - 5304 Uptrend (03/31/2024) Higher High

Overall, I will link my video from yesterday if you want an in-depth analysis on why I predicted we would move lower.

Major thing I've heard, is people are no discussing only 2 rate cuts this year. So again, we went into the year with 6 rate cuts priced into the market. We dropped to 3 rate cuts even though we never REALLY priced out the 3 extra rate cuts, and now we are discussing only 2 rate cuts this year, and the potential of them not coming in June.

Safe trading, and remember your risk management.

5 avr.

Note

Just want to correct something... I totally forgot the 4hr had hit an uptrend yesterday just before the 3hr that was relatively flat... and with the downward movement, the 4hr then has the higher high (though flat) uptrends and now a lower low downtrend. So that is an error in the video and trend data.

4hr isa lower low downtrend at 5197 from yesterday

5 avr.

Note

I bailed out around 5250. Still made $1500, but not the trade I was looking for... todays rally in the S&P is being led by and driven by... you guessed it... the same ole Mag 7 / NYFANG stocks, coming in at a 2% gain on the day while the S&P500 is only at a 1.25% gain. Not sure zi will try again with the market euphoria still holding after every dip.