Mark S. Young
Posted 02 June 2022 - 12:35 PM
Both NAAIM and AAII had big Bullish shifts this morning. That's ST Bearish, but this market may push higher for a bit regardless.
Personally, I'm thinking that things will work higher until literally EVERYTHING turns up. Then we'll get the next leg down.
Mark
Mark S Young
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Posted 02 June 2022 - 04:17 PM
Gas price yesterday $4.59
Gas price today at the same gas station $4.75
It will be $5+ even before summer has begun.
I expect inflation to stay high during whole summer.
$100 to fillup a mid-size car is not something Americans are used to.
But the market is not ready to rollover and crash.
Summer rally should keep ST bullish.
I expect more bullish than bearish through June.
Member
Posted 03 June 2022 - 06:38 AM
Gas price yesterday $4.59
Gas price today at the same gas station $4.75
It will be $5+ even before summer has begun.
I expect inflation to stay high during whole summer.
$100 to fillup a mid-size car is not something Americans are used to.
But the market is not ready to rollover and crash.
Summer rally should keep ST bullish.
I expect more bullish than bearish through June.
Crude at possible big inflection point today.
Thus far not able to get a daily CLOSE above 116. Until that happens, possibility the late May high was all she wrote.
But if it blasts above 116, then who knows how high it might gush....
Huge pivot set a backtest of 110 yesterday, so as long as that holds, bulls get benefit of doubt.
But if we were to see a sharp move lower here below 110, instead of blastin' out over 116, then bears back on offense...
Below 113 would likely be first hint that bulls might not have the power to push it over 116.
If it is going to take out 116, then should happen today or tomorrow latest I would think,
Edited by K Wave, 03 June 2022 - 06:40 AM.
The strength of Government lies in the people's ignorance, and the Government knows this, and will therefore always oppose true enlightenment. - Leo Tolstoy
Member
Posted 03 June 2022 - 06:42 AM
A bit more granular look at it...this 5 min action could decide things...
The strength of Government lies in the people's ignorance, and the Government knows this, and will therefore always oppose true enlightenment. - Leo Tolstoy
Member
Posted 03 June 2022 - 06:46 AM
And if you wanted to know why it bounced at 114....3 min reveals the answer
Anyway, time frames trying to sync up, so we should have decision fairly soon...
The strength of Government lies in the people's ignorance, and the Government knows this, and will therefore always oppose true enlightenment. - Leo Tolstoy
Member
Posted 03 June 2022 - 09:10 AM
A week ago I suggested that one purpose of the rally might be to tag the 1.75 level that had been passed over on the way down. On Wednesday that price was hit by the day's high to within 0.05%. And while The TV chart indicates Thursday's price exceeded Wednesday's high, data from StockCharts indicates that Thursday's price fell short of Wednesday's. They either get their data from different sources or they handle it differently. It would be nice to know what the 'truth' is - assuming price is an objective value rather than something arbitrary.
From StockCharts
Member
Posted 03 June 2022 - 12:03 PM
Whichever way this breaks could have a little pent-up oomph behind it.
Posted this on 5/23:
Member
Posted 03 June 2022 - 12:35 PM
I changed the scale a tad by dropping off the oldest candle. Do they fix these kind of issues for their paying customers?
Member
Posted 03 June 2022 - 02:25 PM
Semi's appear to be trading in the fashion of bitcoin these days, The one thing in the world that there is presently no shortage of is uncertainty.
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