Looking for a higher low here in this area for a long play into the Close. Sh*t can still hit the fan, though. If the LOD doesn't hold.
My Sesame Street Chart... RTH, Daily, ES March 23 Pink = Weekly Point of Control. Yellow = Daily Point of Control. From RIGHT to LEFT... Note the double top. --- thick white line Note the lateral movement of last week. --- Green rectangle Note the very thin volume SURROUNDING the gap --- Green Circle So now we know all about colors, left and right, and shapes. Good trades to all!
First... have to see today's CLOSE. Of note, and no surprise due to rollover, todays rth volume is already close to 1.5x yesterday, and what has happened... still 1.5 hours to go. So depending on the closing print, and how you choose to determine a breakout of lateral formation is key. Personally, I use 2 closes outside the formation. You can also see the multiple distribution volumes on todays bar.... 3 peaks, each will likely be a stall at best on the way back up, IMO. Next, to me, the double top is pretty clean. Off by only 6 ticks! It's a big hint IMO. We DID NOT take out the previous high, on large volume, and faded bigly!! And then the gap.... Being this a daily, that's certainly a first target area on the downside, with not many and fairly wide NPOC levels along the way. IMO, the daily chart leans short. But my trades take place on a 3 minute chart and I am always flat eod.
Daily still holds above the twenty, fitty trending upward. Gnarley SPY and QQQ gaps lurking belowwwww https://stockcharts.com/freecharts/candleglance.html?DIA,SPY,QQQ,IWM,UVXY,SQQQ,TQQQ,SOXL,|B|null
Consumer prices rose less than expected in November, up 7.1% from a year ago And yet we're sooooooo down from the HOD. Feeling manic-depressive yet?
FED will continue to tighten and stay tight longer no matter the next few CPI's being in decline somewhat .... unless they somehow really dramatically drop off a cliff.