It came to me after posting that an inverse H&S pattern is only allowed after a downtrend, not the top of an uptrend. The setup in /TF is likely to be something else, such as consolidation.
After more mods and tweaking to ThinkScript, there are label boxes all over the screen indicating Market direction and yelling my own opinions at me based on my combined indicators. More live testing to come, and I am beginning to get a better grasp on my trading weaknesses.
Despite all these indicators, I still find pattern setups more important. And there is a terrifying inverse H&S closing on the daily /TF! However, there's already been a failed attempt across the line with an intraday record high, but the closing highs are still flat while the S&P resumes the November madness ramp-a-thon. The daily charts and my indicators only indicate more-of-the-same (sigh), where the new mantra is "Buy in May, and buy every day." There is a sign of divergence on the Thrust indicator, but only if Monday is a down day. Otherwise, it's back to the New Normal, up only, green candles, firing on all cylinders, green shoots, there I fixed it, secular, cyclical bull rally.
I've been saying for over 2 years now that the S&P had to get up to at least 1600 to pull in all the bears before this now-13-year secular bear cycle can take its last dump. We are now here, but I'm sure we all understand the ancient wisdom that, "Markets can remain irrational longer than we can remain solvent," or the only thing Keynes said regarding finance that should be regarded.
If one were to check the weekly charts, it's obvious that volume gets ever weaker under the green candles. When is that going to matter? LIQUIDITY appears to be the new bubble, and I think it will pop before the central banks announce that they will be taking their fingers off CTRL-P. The complacency is in the high governments of the world and their central banks, and it is rampant. Even they are admitting that the markets are not the economy, yet they try to tell us how great the economy is doing now as indicated by the markets. Their bet is that floating stock prices will make people buy more, causing more orders for business products, causing more hiring, causing more employed people paying taxes and buying more business products, thus keeping the engine of growth turning over and truly firing on all cylinders.
Which is why I find it amusing that a (relatively) good jobs report is being cheered as a sign of economic growth and stability. Those people are completely ignoring the possibility if those jobs are full-time or part-time, and if they're among lower paid teenagers & broke retirees instead of the core demographic of the traditional workforce. And you know those people aren't building cars or iPods here, they're in the service sector, where low wages rule. And is the demand for business orders really there, causing the increase in hiring? It looks like more tail wagging the dog, and everyone knows it.
But prices continue to go up; they've been holding a rally and nobody wants to show up....