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Critical Week ahead: Inflation report, Earnings season begin, China COVID outbreak...


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#1 dTraderB

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Posted 10 July 2022 - 09:56 PM

Make or break week for the BULLS who managed to close the week net GREEN. Of course, also critical week for the bears because if they cannot take this market down then BULLS will surge ahead with a close above ES 4K by Friday. 

 

Will be back to regular trading from next Sunday, will post as much as I can this week. 

 

 



#2 dTraderB

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Posted 10 July 2022 - 10:00 PM

Have a great weekend!1 pattern controls all price action in #ES_F: A perfect downtrend channel from March. Support hit at 3640, resistance now 4080
 
Next week: As long as 3895 holds, looking for the 50dma at 3980-4000, dip, then 4080. 3895 fails, we sell to 3820, gate to new lows


#3 dTraderB

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Posted 10 July 2022 - 10:03 PM

Persistent COVID outbreaks in Shanghai and other areas in China

 

And, then this:

 
 
 
 
 
y913e8pY_normal.jpg
 
Shanghai identifies new COVID omicron sub-variant.
 
 
 
 
 
y913e8pY_normal.jpg
 
Shanghai identifies new COVID omicron sub-variant.


#4 dTraderB

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Posted 10 July 2022 - 10:06 PM

China has started mass testing in Shanghai , Germany has highest ICU patients compare to 2021, UK has infection surge of 20% a week. China Index down 2.5 %

 

Persistent COVID outbreaks in Shanghai and other areas in China

 

And, then this:

 
 
 
 
 
y913e8pY_normal.jpg
 
Shanghai identifies new COVID omicron sub-variant.
 
 
 
 
 
y913e8pY_normal.jpg
 
Shanghai identifies new COVID omicron sub-variant.

 



#5 redfoliage2

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Posted 11 July 2022 - 09:44 AM

Fresh Inflation data out this week is likely to show it's peaked, that should send SPX above 4K ........................

https://www.investin...eaked-200626851


Edited by redfoliage2, 11 July 2022 - 09:52 AM.


#6 redfoliage2

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Posted 11 July 2022 - 10:21 AM

BTW, forget about COVID alarms in China as it's playing politics there (the CCP 20th Conference pending and the COVID outbreak must be limited there for the conference).  No other gov. sounding alarms as they have learned to be smarter in dealing with COVID-19.................


Edited by redfoliage2, 11 July 2022 - 10:27 AM.


#7 K Wave

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Posted 11 July 2022 - 01:04 PM

So BTC RUT TRAN and TSLA at 700 all holding key backtest levels so far today.

 

Now bulls must get something going off those pivots to seal in the swing bottom.

 

Rusty still most vulnerable if that pivot does not hold...

 

Let's see if bull can start to get something going this afternoon into tomorrow


Edited by K Wave, 11 July 2022 - 01:06 PM.

The strength of Government lies in the people's ignorance, and the Government knows this, and will therefore always oppose true enlightenment. - Leo Tolstoy

 

 


#8 beta

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Posted 11 July 2022 - 02:02 PM

Note how the major indices have been in a flat consolidation pattern during the past 6 weeks since Memorial Day.   Bounced right up to the declining daily trend lines, and failed thus far.  Until SPX recovers 3954, we are in bear territory.

 

Meanwhile, commodities gearing up again.  USO, UNG, DBA.


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#9 beta

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Posted 11 July 2022 - 03:43 PM

Natgas looks best.  I expect prices to double from here. 


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#10 dTraderB

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Posted 11 July 2022 - 09:11 PM

2022 LOWS will be retested, most likely NEW 2022 LOWS during next few days or in August, and ES 3300 later this year.