Trends lost some bearish sentiment; Somewhat neutral again

アップデート済

So we ended up with the 30m higher high by 2 points when it came in. That let's the 30m call for correction, the 1hr-3hr calling for a movement down, the 4hr fairly neutral, and the 6hr/12hr calling for movement up.

All in all I feel like there is less direction into today than yesterday. I sat out yesterday and may likely sit out again today.

Trends into today;
Last Macro Trend Signal Spots
30m - 4148 Uptrend (5/16/2023) Higher High
1Hr - 4124 Downtrend (5/11/2023) Lower Low
2Hr - 4116 Downtrend (5/12/2023) Lower Low
3Hr - 4116 Downtrend (5/12/2023) Lower Low
4Hr - 4124 Uptrend (5/10/2023) Higher High
6Hr - 4124 Downtrend (5/2/2023) 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;
I will wait and see where the 30m trend comes in. If it comes in as a higher low (above 4128) I may go Long there if it appears to be losing momentum. Otherwise I might look to go long if we pass 4150 with determination, as the 30m is calling for upward movement and the 1hr may not be far away and would still come in as a lower high.

The Short Position;
If we get a 1hr uptrend that is a lower high I may go short at that point if momentum begins to run out. Additionally, if we break down past the 6hr trendline (4136) I may go short and see if I can run it down to at least 4116 and then set a profit stop and see if it will run down further.

Economic Data;
Retail Sales numbers are in. Basically it seems retail sales popped a tiny bit in April, but less than expected, and year over year we are lower.

Earnings;
Home Depot had a disappointing Earnings report based on artcles I read on the matter, and that appears to be bleeding over into Lowe's at the moment. It could bleed into other areas of retail as well, such as Walmart, who report later this week.

All in all my sentiment is;
Shorter Term - Neutral
Short Term - Neutral
Medium Term - Neutral/Bearish
Long Term - Neutral/Bullish

Safe trading, and remember your risk management plan.

ノート

Wow, quite the surge here at 10 minutes in. It actually came in above the average 10-15 minute volume mark of 30k and really pushed things upward. Not sure what from other than that 6hr trendline that keeps attempting to push us higher.

ノート

Hah, listened to this one market executive in the interview say that any dip has three phases.
Phase 1 - Good News is Bad News (2022)
Phase 2 - Bad News is Good News (early 2023)
Phase 3 - Bad News is Bad News (Pending)

He said he awaits phase 3, and that for phase 3 not to happen would make this dip in the market break several historical phases that have always proven true. Was interesting for sure.

ノート

The 30m is signaling during this bar. We had a lower low, but it has faltered and is now a higher low. Just needs to drop about 4 or 5 points as we finished here at 10:30am EST to below 4128

ノート

Failed to signal completely in the end lol... maybe next time.

ノート

Came in at 4133, so a higher low for the 30m... thus far we've not closed below that on a 30m time frame chart.

Definitely just a dead day.
Side note though, Gold broke below that 2000 mark.

ノート

We got a daily sell signal on Trend Momentum for the S&P. See what tomorrow brings! I keep wondering when the NQ will peak, as it made new highs over the last several months yet again today.