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Economic data not too far off estimates 🤓

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Dow looking to break up as only another 2 million odd added to the unemployed figures for the week;

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8 minutes ago, dmedin said:

And ... back down it goes

What happens on market open?

Overnight orders are processed, many are profit taking, plus new orders are entered onto the system hence there is always a period of whipsawing before real direction is revealed so it pays to wait for to dust to settle before deciding. 

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Day ended on a Debbie Downer.

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Pause day yesterday and a Trump news conf at 7pm today.

Dax and Dow working up from S1.

FTSE and S&P daily and Dax and Dow H1 charts;

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All of the indices are now pulling down their knickers and squeezing out a huge stinky t^rd.

How anyone can make money in the markets is beyond me.

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Posted (edited)
8 hours ago, Caseynotes said:

Trump news conf at 7pm today.

Old doddery-head-man-baby will remind us all how wonderful and strong he is and what a great fking job he's doing 🤣  

Edited by dmedin

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Dax was up in the morning to tag the daily pivot at mid day and then back down to S1 in the afternoon.

Dax and Dow M15 charts;

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Late surge on a Friday afternoon, sure sign of bullish confidence;

S&P daily;

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15 hours ago, Caseynotes said:

Late surge on a Friday afternoon, sure sign of bullish confidence;

 

Bummer.  I went to bed early on Friday because I was so fking depressed and coudln't stand it any more.

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Posted (edited)
Quote

 

Short Covering Can Only Take You This Far, Now Show Me The Money (1500 Gmt)
Call it a "rally of hope" or the normalisation trade, a whopping 35% jump from March trough and more than $15 trillion in market value addition and no inflows into equities does raise a lot of questions.

Citi suspects that the sharp rise in stock markets has been driven by a closing of shorts. Its Risk Positioning Monitor shows that recent moves higher in equities have been accompanied by significant short covering.

Barclays also believes the bulk of the rally was triggered by short covering.

Both banks say most of the short covering is now over and any upside from here will need new longs to be established and/or inflows.

"Continued equity market upside is thus contingent on real money buying going forward, which we believe could happen soon if macro and volatility conditions continue to normalize," Barclays analysts write in a note.

 

From IG's Reuters news feed

Edited by dmedin

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FTSE and S&P daily charts, again reaching for the recent highs.

Dax ans Dow H1 charts, Dow finding support off the daily pivot.

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Big drop on news from China taking less US agricultural goods than expected. Dax holding onto the daily pivot while Dow claws it's way back up.

M15 charts;

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FTSE and S&P daily charts.

Dax and Dow H1 charts;

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The indices are powering on through Tabitha, surely they are going to retest their ATHs soon.  (Listen to me, pretending to know what I talk about 🤠 )

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Posted (edited)
11 minutes ago, dmedin said:

The indices are powering on through Tabitha, surely they are going to retest their ATHs soon.  (Listen to me, pretending to know what I talk about 🤠 )

No reason why not if the economy is turned back on. Next major resistance level for S&P is 3138 (monthly R1 and previous high March).

Edited by Caseynotes
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59 minutes ago, Caseynotes said:

No reason why not if the economy is turned back on. Next major resistance level for S&P is 3138 (monthly R1 and previous high March).

The Nikkei is well through that level and I am short with a price alarm at 22,626. Lets see.

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Posted (edited)

The Nikkei is even further advanced, why short?  Overbought?

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Edited by dmedin

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11 minutes ago, dmedin said:

The Nikkei is even further advanced, why short?  Overbought?

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I think it is overextended in the last 10 days as it approaches the 31/01/2020 low. Of course I may be forced to hedge some of the position.

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S&P continues on towards 3138 (monthly R1).

Dax and Dow waiting at the daily R1. 

FTSE and S&P daily charts.

Dax and Dow H1 charts;    

 

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Nikkei has a window to close, up to the 88.6% 😻

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On ‎29‎/‎05‎/‎2020 at 06:57, elle said:

Capture eu 50.PNG

almost there for the GAP fill

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4 hours ago, dmedin said:

Nikkei has a window to close, up to the 88.6% 😻

NIKKEI-Daily.thumb.png.eef130963a9ebfe5980c256122b0a170.png

 

I am still actively managing a short on the Nikkei. I closed out half when it traded below levels I sold at. My plan at the moment is to double up with a tight stop if it approaches the high and hedge if it if goes through the high. Alternatively I will just scalp on the long side for a different index.

 

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Only minus 2.7 million for NFP compared to predicted 9 million :D

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2 hours ago, elle said:

almost there for the GAP fill

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FILLED  - Amazing

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The S&P 500 - representative of the American economy :D

The five biggest S&P 500 members – Alphabet, Apple, Amazon, Facebook and Microsoft have gained 15 percent so far this year, while the remaining 495 companies have fallen 8 percent.

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    • I would says so, unless you are dealing with short time frames and large sums of money and you are able to be glued to the screen 100% of the time and give it your full attention.
    • So that's a bearish candle, after an up move that's running out of steam (with small read bodies and long legs), falling back down towards established Fibonacci levels, with a MACD crossing from above 0 and RSI below 50     At one point I had the RSI set to 9, and that additionally gives an overbought divergence (price goes higher but RSI doesn't).  This also gives a nice oversold indication when the move down is coming to an end  
    • MACD and RSI are saying the same thing (MACD crosses below signal and RSI drops below 50) What's really useful here though are those Fibonacci levels.  (Except when they aren't, like where the big horizontal oval shape is)  
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