Trends in a Middle Zone; direction undecided

26 mai 2023

I'm on my laptop working outside on my deck so this will probably be a bit brief. We basically have a flatlined higher high on the 2hr, I've gone short with it, but anything above this and my short positioning will be fizzled out for now. I'm up about $1000 on my 6E trade so I will be quick to cash out for a $4000 profit week and call it.

Trends into today;
Last Macro Trend Signal Spots
30m - 4150 Uptrend (5/24/2023) Lower High
1Hr - 4163 Uptrend (5/25/2023) Lower High
2Hr - 4167 Uptrend (5/26/2023) Higher High
3Hr - 4180 Downtrend (5/23/2023) Higher Low
4Hr - 4159 Downtrend (5/23/2023) Higher Low
6Hr - 4144 Downtrend (5/23/2023) Higher Low
12Hr - 4083 Downtrend (5/4/2023) Higher Low
Daily - 4168 Uptrend (4/13/2023) Higher High
Weekly - 4366 Downtrend (2/14/2022) Higher Low

The Long Position;
With momentum beginning to shift back up, any movement above 4167 may be followed with more upside. Additionally any retracement down may be a buy the dip moment.

The Short Position;
I am in what I would consider the last short position at 4167ish. The only other move I see is a strong push below the lower high trend of the 30m at 4147ish today.

Economic Data;
We have PCE, Durable Goods, and Personal Income today. All could cause some movement here soon.

Earnings;
At this point I consider earnings season to be over.

I understand the investment into AI, but overall if investors don't take profit when things are up, what is the point of investing. Looking to see if people take profit soon on the various tech climb.

My sentiment overall is;
Shorter Term - Neutral
Short Term - Neutral
Medium Term - Neutral
Long Term - Bullish/Neutral

Safe trading! Remember your risk management!

26 mai 2023

Note

Core Durable Goods Ordered into the negative and below expectations... so less goods.
Income stayed the same at .4%, but spending was expected to come in the same but people spent .8% instead, so people are having to spend more. This appears to have come out of people's savings as well.
PCE showed an uptick in production costs and it came in higher than expected.
Those macroeconomic conditions... say that inflation may want to rear its head again, and AGAIN destroys the thought we have rate cuts coming and certainly could cause some further rate hikes.

26 mai 2023

Note

Lost about half my profit and decided to cash out for the week. See what happens later but I think I'm done for the week

26 mai 2023

Note

Definitely not what I thought would come out after this mornings data. This US investor optimism this first half of the year is just on another level.