ES Journal - 2023/2024

vanzandt · Oct 2, 2023

For anyone that cares... the SPX equal weight closed down 1.1% today. The Russell 2000 closed down 1.65%. Once again, the magnificent 7 did the heavy lifting to squeeze the shorts.

The trap door is gonna open soon.

Cessna06P · Oct 2, 2023

So today was the first genuine test of 4300. The daily candle is a doji. So where to next fellas?

#5280 Wednesday at 3:02 PM Report
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Cessna06P · Oct 2, 2023

Cessna06P said:
So today was the first genuine test of 4300. The daily candle is a doji. So where to next fellas?

#5280 Wednesday at 3:02 PM Report
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After a 3 day round trip back to a second test of 4300. If this level ever well and truely breaks it could be epic.

Laissez Faire · Oct 2, 2023

Well, Powell spoke today and the market didn't tank. That bodes well. ES flat / NQ + 0.81 %.

I think there's a good chance we put in the week low today. Let's see how tomorrow opens.

Cessna06P · Oct 2, 2023

Laissez Faire said:
Well, Powell spoke today and the market didn't tank. That bodes well. ES flat / NQ + 0.81 %.

I think there's a good chance we put in the week low today. Let's see how tomorrow opens.

Yes we will see. Then there is that thing about the stock market not liking October.

NoahA · Oct 2, 2023

vanzandt said:
use 4367 tonight for the ride to 4280 this week.

I've been noticing for quite some time that you calls are usually excellent. What is your crystal ball?

With this particular one, we never did hit 4367, but we came close-ish to 4280. I see LF is thinking maybe the low is in for the week, would you also consider that the low today is it, or are you still expecting 4280 to hit?

Laissez Faire · Oct 2, 2023

Cessna06P said:
Yes we will see. Then there is that thing about the stock market not liking October.

October doesn't seem like that bad a month to me. If you saw what I wrote earlier in the thread most weak Septembers have been followed by a good October. Not always of course. Just mostly. Of course, one have to question how much value this type of analysis has, but I think it's interesting to pay attention to nonetheless.

Here's every October since 1990:

theapprentice · Oct 2, 2023

NoahA said:
I've been noticing for quite some time that you calls are usually excellent. What is your crystal ball?

He's a bit good, isn't he.

I never know how people can have really strong conviction in an area fairly far away being hit very soon. Like they have a 'magnet' that is somehow generated. I've seen a few traders who appear to be able to do this! Must make holding your winning trades a lot easier!

Overnight · Oct 2, 2023

theapprentice said:
He's a bit good, isn't he.

I never know how people can have really strong conviction in an area fairly far away being hit very soon. Like they have a 'magnet' that is somehow generated. I've seen a few traders who appear to be able to do this! Must make holding your winning trades a lot easier!

He'll tell you it's a magic pencil.

I say it's witchraft!

Cessna06P · Oct 2, 2023

Laissez Faire said:
October doesn't seem like that bad a month to me. If you saw what I wrote earlier in the thread most weak Septembers have been followed by a good October. Not always of course. Just mostly. Of course, one have to question how much value this type of analysis has, but I think it's interesting to pay attention to nonetheless.

Here's every October since 1990:

View attachment 324301

I was just pointing out that many market severe down turns have occurred in October.