ES Journal - 2023/2024

Really nice close today and even though we didn't get all the way back to the week's open, the weekly close was strong enough to keep the market in bull mode for now. Since this is a 3 day weekend, it was more impressive than a regular weekly close at same levels.
 
Buy1Sell2 said:
Really nice close today and even though we didn't get all the way back to the week's open, the weekly close was strong enough to keep the market in bull mode for now. Since this is a 3 day weekend, it was more impressive than a regular weekly close at same levels.
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You would have said the same regardless of where it closed
 
Buy1Sell2 said:
Not correct. My point is that there has been no real appetite yet for driving the market down day after day, week after week.
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The price action last Thursday was very troubling to me (Feb 9th) That was not bull market behavior, especially considering the PA the day before, during and after Powell's QA at the Economic Club. I am not as convinced as you are that the bull is truly back, and am keeping a close eye on this possibly being the 4th bear market bounce that takes weeks to flesh out.
 
Overnight said:
The price action last Thursday was very troubling to me (Feb 9th) That was not bull market behavior, especially considering the PA the day before, during and after Powell's QA at the Economic Club. I am not as convinced as you are that the bull is truly back, and am keeping a close eye on this possibly being the 4th bear market bounce that takes weeks to flesh out.
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The 10th though negated that selloff from the 9th in my view. Right now, it just appears that it's indecision in the market during an uptrend that will resume. This indecision in the markets is why there has been a recent lack of barnburner ups.
 
Overnight said:
The price action last Thursday was very troubling to me (Feb 9th) That was not bull market behavior, especially considering the PA the day before, during and after Powell's QA at the Economic Club. I am not as convinced as you are that the bull is truly back, and am keeping a close eye on this possibly being the 4th bear market bounce that takes weeks to flesh out.
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Daily chart----Looks like price reacted right where it should have today, with a secondary support to fall back on below that.
upload_2023-2-17_21-31-48.png
 
Buy1Sell2 said:
The 10th though negated that selloff from the 9th in my view. Right now, it just appears that it's indecision in the market during an uptrend that will resume. This indecision in the markets is why there has been a recent lack of barnburner ups.
More...

Well, I tell you, I am seeing more and more signs of the "usual" bull market activities happening more often than they have been lately on the intraday. Yesterday was a great one, until 3PM when it went to shit. Someone here said it was Bullard's comments? Not sure if he is even a voting member.

Stay frosty.
 
Buy1Sell2 said:
Not correct. My point is that there has been no real appetite yet for driving the market down day after day, week after week.
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ZN has adjusted to reality in the last 3 week, dropping to 112 from 116, it is significant. 10 yr yield went up from 3.4% to 3.822%, that is 14% jump, the bond guys are realizing the Fed will play hardball.

while the stock hasn’t budged much, it is puzzling. Right now it is not a simple money flowing from bonds to stocks, folks are selling 10 years and buying 2 years, inverted spread is pretty significant. And new t bills are hot. I expect ES and NQ will drop more than YM, but market are coming down.

next Wednesday FOMC minutes will be a catalyst.
 
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