Trading Notes: The light volume in this market continues and that is concerning as a shock event to this market will be difficult for the bulls to absorb. This week has plenty of potential with CPI tomorrow, and PPI on Thursday, while bank earnings also kick off later this week. [...]
Today's Reading for 4/8/24: 53.45 Current Reading: Neutral Additional Notes: Another sizable drop in the reading, and this time the lowest reading since February 20th. Back to a neutral reading on this market as well. Interpreting the Chart: 0-10 is "Extreme Oversold" and is typically seen in strong 'Risk-Off' market [...]
Trading Notes: New week ahead with plenty of headline events with the CPI report coming out on Wednesday morning and the PPI on Thursday morning - both events before the market opens. Also the typical Fedspeak throughout the week as well. Some concern remains with the market following Thursday's heavy [...]
Today's Reading for 4/5/24: 60.49 Current Reading: Tilting Bullish Additional Notes: Vacillating between tilting bullish and neutral, Friday's move was minimal relative to the moves seen across the S&P 500 and Nasdaq 100, which could mean there is little conviction in Friday's move. Interpreting the Chart: 0-10 is "Extreme Oversold" [...]
Trading Notes: Yesterday's heavy sell-off took SPX down over 100 points from the highs to the lows. Once again the bulls are back at it, bidding up overnight futures and taking what should have been a very bearish jobs number and spinning it bullish for the hope of buying the [...]
Today's Reading for 4/4/24: 59.14 Current Reading: Neutral Additional Notes: Shift in the rating from "Tilting Bullish" to "Neutral". Today's move doesn't bode well for the overall market as SMO has now put in a lower-low on the daily reading. Interpreting the Chart: 0-10 is "Extreme Oversold" and is typically [...]
I closed out IWM at 206.66. Selling picking up heavy momentum across the board. Back to cash and will consider new positions tomorrow after the jobs #.
I closed AMD at 176.64. Bearish engulfing candle kicking in here and relative weakness vs other semis far too much for my liking here.
Trading Notes: The market is showing a willingness to bounce in the pre-market as all three major indices have key trend-lines they are trying to bounce off of, following yesterday's test of each, with SPY and QQQ setting up for an attempt at new all-time closing highs. I am open [...]
Today's Reading for 4/3/24: 66.94 Current Reading: Tilting Bullish Additional Notes: Third straight day of declines despite the the market managing a decent bounce, leaving in question whether today's bounce will hold. Interpreting the Chart: 0-10 is "Extreme Oversold" and is typically seen in strong 'Risk-Off' market conditions, and can [...]
New Long Setup: IWM I BOUGHT IWM at 206.28 My stop-loss: 199.64 My Target Price: 219.00 Risk Rating: 3.1
New Long Setup: AMD I BOUGHT AMD at 181.32 My stop-loss: 171.98 My Target Price: 206.00 Risk Rating: 4.2
