ES Journal - 2021/2022

A fine looking momo divergence now, ripe for algos and hopeful bulls (if they are still solvent) to pile in.....

I don't trust the wave count though, still not fully convinced. But waves are subjective, wouldn't you say?
 

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Wide Tailz said:
A fine looking momo divergence now, ripe for algos and hopeful bulls (if they are still solvent) to pile in.....
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Yeah, I think we can squeeze another 10 points from here up to 3730..3

BTW is that 4 hour chart?
 
schizo said:
Out 3729

+26

I would normally flip short, but don't wanna stay up all night. :)
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That's how it's done, Flipper. Beats scalping. Be glad you didn't flip. :)

Next up from here is last week's RTH High at 3750 which should be expected taken out by end of week anyway. Above that, there's a gap at 3771 if this get legs.

Just like every single day each week ahead will fit a certain template and there's a cycle to the week. A well behaved Up Week will bottom out on Monday and top out on Thursday/Friday.

This week ahead have happened many times over in the past - just like yesterday have happened so many times. There's really nothing new in the stock market. Just the same days and weeks repeated endlessly with variation on a theme. The sooner one recognizes which template it is, the sooner one can be in a position to profit.

Right now, we're playing an Up Week, so that's what we have to go with, unless the market gives us new information which proves otherwise.

It seems like we're still in a bear market, though, so one shouldn't get too cocky for any particular template to play out too early. We've had a few swift reversals lately.
 
Very strong trend in effect here. We'll easily see 3770 before the RTH Open. Did something change fundamentally yesterday or is this just your regular bear market rally?

I got lucky on today's lunch break. Was prepared to take some heat on a pullback, but this market just kept going. Had a limit at 60.25, but pulled it and got greedy. Covered on a trail.

Will sit out today's session as I dislike these large gap opens. Upside is usually limited and it can easily be a fade move as well.

upload_2022-10-4_12-39-30.png
 
SunTrader said:
Its simple really. $DXY and 10yr yield down, markets up. No algos required.
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Well, the question then is why $DXY and the 10 year yield is down. I imagine those correlations are mostly observable after the fact.

That's what I meant by asking if something fundamentally changed.
 
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