Friday – Aprils 6ths Futures

/200 Comments/in /by

I am going to release this report at 1 A.M. Eastern,  so by the time many wake up, the futures could be recovering, about the same, or getting worse.    Did anyone in your house wake up looking like this Theme Picture when they saw the futures?   This was the Midnight Eastern time view of the Futures. I got just a couple of emails.  What does it mean?

  Well,  I’m here to say 2 things…

1.  It could get a lot better or a lot worse before the Markets open with any news released before then ( Sorry for the cold comfort), but…

2.  I do have what I think is some good news, so please read on …

 

 

Again:  This was the FUTURES at 12 A.M. Eastern time.  Honestly, nothing is broken with these readings.  

FOR EXAMPLE:   SPX IS AT 2636.25 here,  now look at the chart below

SPX – Where is 2636.25 on this chart? That  is still 10 points above the 10sma.  So a back test of the 10sma and trend line needs to drop further.

 

 

What reason is there to believe that this dip will just be short lived & probably a good place to add?  …

 

CYCLE COUNT

 

 

NASDAQ – If the lows of day 34 get taken out, that would mean that Thursday was day 37 and it is late in this daily cycle.  Lets just say that we sell off for 3 days below day 34 and reverse,  that would be day 40.  The short cover & spring back out of the low would probably shoot right back to where we are now.  It is late in the Cycle count and that is helpful.  They used to go 30-40 days, but they have extended lately, but the break above the 10sma is a good sign.

DJIA –  The 10sma is at 23,9965, so I am watching for that to POSSIBLY act as support.  1 thing that I do want to mention is that the 10sma was broken in early March & it recovered at a 1/2 cycle low.   So breaking the 10sma is not an end to the rally,  but it does hint at weakness, and we saw weakness in march.  Watch the 10sma …

 

ALSO TAKE A LOOK AT THE SPX INDICATORS  –  The RSI & 2 lower indicators are already just about back to where they were at the last 2 ‘Peaks’, and this is only likely day 3 ( or day 37?).    A 1 or 2 day pullback should not hurt them.

 

SO WITH OUR STOCK PICKS

 

 

CREE – Some had follow through and gave buyers a little breathing room.

AQ –  Some sold down a bit.  I own this one, and it was actually down yesterday.   When the markets were dropping, however,  this one was green,  so I think that this is still acting correctly.

 

UA #1  – Under Armour reversed and sold off Thursday. Can you picture how this drop might even drop further on Friday and still not be so bad?

 

 

UA  #2 – Does this help?  A stop under the Green or blue  trend line keeps funds in tact. This was a light volume drop so far.

 

I want to keep this report short rather than post a lot of stock set ups.  Let’s watch how this plays out,  but I expect this drop to be fairly short lived.  Even a drop to new lows should make this an ICL if it breaks the Feb lows, and then a stronger rally would likely take place.  PLEASE USE STOPS BELOW RECENT LOWS IF SELLING GETS TO CASCADING-  YOU CAN ALWAYS RE-ENTER ON A REVERSAL.  PROTECT CAPITAL.    Right now,  we broke the 10sma upside,  it  looks bullish, and this pull back could be just a normal back test .  That is what I am thinking.

 

Remember ( or review) the stocks on my recent watch-lists in each report.  SQ, SAIL, CASA, AQ, UA,   and add  AMC  ( Thx Ron) ,  FEYE ( Thx Deshy) , LUNA for a pullback, etc etc. Watch how THEY act.  AQ was NOT selling down when the markets sold off.  IO and others held above the 50sma.   Watch for signs of strength or a reversal and we’ll see what Friday brings.

 

It is 1 a.m. eastern time as I release this,   futures are way down,  and My Gut Feeling is that this selling will dry up soon enough.   We haven’t had enough selling to break FEB lows on the SPX yet, has anything changed with Trumps new ideas?    We may sell off, but we can just look for possible support at the 10sma?  Any trend lines?  And look for a possible reversal as the day goes on.   Let’s see where we close on Friday.  If we Keep selling down,  we may be going after the lows and dropping into an ICL, but at least we are late in the daily cycle and not on day 22 or something.   IF SELLING PICKS UP, JUST USE STOPS IN CASE IT CASCADES.   I should be in the comments section if anyone has a question during market hours Friday.  We are above the 10sma and the cycle timing is getting late,  I am not overly concerned and I am invested.  Let’s see what Friday trading brings, especially by the close!    🙂

 

~ALEX

 

 

NO RECOMMENDATION, but I really feel like  GROW & DPW  will do what RIOT & NETE did soon.  They are looking set up to POP.  I could be wrong,  but they are setting up in an interesting way.  I own SRAX and have mentioned SSC a couple of days ago.  ( I actually own GROW, but I am definitely taking a risk and entering before I should.  I may sell at any sign of weakness, so it is best not to follow me, but I do own GROW and SRAX).

Also Many MJ stocks are lining up again.  In the recent past,  they have lined up,  POPPED,  and dropped.  I will keep an eye on them and report anything bullish for those that love this sector.

I saw  CBWTF, ACBFF, POTN, EDXC, NWGFF, etc etc  starting to show signs of life,  but I’d like to see a bit more.  I’ll keep watching this sector

200 replies
  1. Cason
    Cason says:

    Early report. Bonus!

    My order to snag final tranche of TQQQ is in! Two things I did notice tonight already – gold isn’t moving higher. When we really had fear gold popped. Yes it later gave it up but it has that overnight and morning pop. This time it does not so no safe haven flow. 2) while Europe is down it’s all less than 1%. Hong Kong actually closed firmly in the green so we’re not seeing fear contagion overseas. More clues that CF’s analysis is on the ball!

  2. miller
    miller says:

    The header picture is a perfect choice,,hahaha,,The WTF look on their faces actually had me laughing out loud at how spot on it is., ,

  3. Kenny
    Kenny says:

    Stopped out of MU….A downgrade is a downgrade is a downgrade. Might buy back after selling stops. Might just stay in cash till miners become friends with us again.

    • chartfreak1
      chartfreak1 says:

      I did some additional buying , mostly Tech yesterday, so I am now only about 20% cash

      I am really looking forward to the Miners putting in a final low & racing higher. …

      I love that trade alllll daaaaay looooong!

  5. chartfreak1
    chartfreak1 says:

    JOBS REPORT AT 8:30 COULD, MAYBE, MIGHT drag these futures out of the red .

    I meant to say that when I said that they could be a lot worse or a lot better before the open. 🙂

  6. Ron Futch
    Ron Futch says:

    Get use to volatility in markets for 2018, 2017 a very easy trading year IMO, the easy money is likely over for now, but the great volatility opens nice short term trades, but that said careful with leveraged 3X ETF’s as they can be fools gold at times unless you are in front of monitor daily and are disciplined…. best of luck today..

      • pankef
        pankef says:

        The increase in volatility may be a sign of a longer term transformation from BULL to BEAR in equities. Indeed, both DCLs and ICLs are playable in that environment, but the possibility that a BEAR may be developing should not be discounted.

      • Ron Futch
        Ron Futch says:

        I play 3X ETFS, but my point is very volatile, bought LABU wed 69’s sold at the close near 78 as day trade, but don’t like giving back, this morning back near where I bought it, so buying it again with stop risk free trade, only point is can be very volatile, thus sell em when you can not when you have to, can always reenter 🙂

  7. chartfreak1
    chartfreak1 says:

    The futures aren’t really recovering (yet) or selling off further after the jobs report. I CAPTURED a screen shot for this report last night, so that we can compare this morning, and you’ll see that (so far) the futures were worse last night when I captured them.

    I would think that we are going to get the GAP DOWN, SLAM DOWN Open, and then it may just sit there like it is now, waiting for sellers or buyers. If the DCL is in place , AND WE ARE STILL ABOVE THE 10SMA, this could be a simple back test , Markets may close on Friday in the Green.

    POSITIVE: AT THIS POINT, it just doesn’t feel like futures are ‘all over the place’ and hyperactive. They seem down and just sitting there so far. Maybe the sellers are out?

    It feels like we will get a slam down, buy it back morning. I’m just watching the 10 sma for now

      • chartfreak1
        chartfreak1 says:

        I watch it on everything. I’m not overly concerned, we are near the lows and late in the timing.
        I just watch for clues as to where we might be.

          • chartfreak1
            chartfreak1 says:

            Thanks Kathleen , I just continue to look at the charts and try to ignore the ’emotional’ news & noise that causes a lot of nervousness. For me, It is what it is, until it isn’t. So far, it is still a swing low above the 10sma. ( So far) 🙂

            Nothing violated to the downside, lows are in tact, bottoms often have their ups and downs, but if we arent buying at the bottoms, then we risk buying at the tops of a move & facing deeper drawdown..

            And this report was also trying to keep in mind that even if the lows break now, and we get a lower low, it should be an ICL. We are on day 38 if that is the case, a break down would probably just shake out at the 200sma & recover.

            I still think that the lows are in place though, as long as the 10 sma holds up.

          • Cal S.
            Cal S. says:

            Good morning, Steve –

            I recall your mentioning using the TSI, which I’ve been trying to learn about. Do you have a resource to share? Just wondering how you use it. I’ve been using it with GDXJ, trying to learn more. It seems stronger starting late yesterday, but I have only a limited time-frame of using it. Thanks!

          • Steve Tytler
            Steve Tytler says:

            Cal, the key to using any stock market signal is to watch how it works under different market conditions so you can get a “feel” for it because you can get false signals from any signal and you have to know when to follow it and when to ignore it. You are looking for something crossing at a low or high price point on your charts. That’s how I discovered my 9 EMA / 10 SMA cross I have shared here. I use the standard TSI setting (25,13,7) for longer term changes and I use a shorter one for catching early moves. Like Alex I have some settings I prefer not to share. I also use RSI 3 and RSI 5 as short term indicators with a 10 EMA and a cross above the 10 EMA is bullish. The way I developed my own charting system is to experiment with different settings and go back and look at how those settings behaved at prior lows and highs. Rather than using a whole bunch of signals it’s best to learn how to read 2 or 3 signals very well. I primarily use MA’s and TSI with RSI and other signals adding confirmation. I hope this helps. Unfortunately there is no simple signal that is always right, you will learn with experience when to trust a signal and when to ignore it.

          • Cal S.
            Cal S. says:

            Thanks, Steve, for your comprehensive answer. Several days ago, I loaded TSI across several time frames to watch for a time to see how it behaves – already gleaning some info from that. Currently I have TSI set for 25,13,8 – will leave it there while I watch longer. Thanks for sharing your settings.

            Happy trading to you – Hopefully we’ll have miners back in a sustained uptrend again so I can wish us all Happy Investing (instead of trading)!

  9. Ron Futch
    Ron Futch says:

    looks like 3 wave corrective off futures lows, bearish …. watching thru 2640 and support 2620… watching CRSP GBX (good ER) as not a lot compelling out there..

  10. Cal S.
    Cal S. says:

    Good morning, Alex!

    With miners stuck in consolidation it’s hard to get excited about doing anything with them, except possible slowly building a position for the longer term (which I abandoned awhile back).

    I believe you mentioned in a recent report that the 200-day MA should serve as resistance. Would you consider a break above that level on decent volume a buy signal?

    Like everyone else, I’d love to see a breakdown to buy into; but I want to be prepared in case Mr. Market throws a curve ball after boring us to death. I am beginning to see some subtle bullish signs.

    • chartfreak1
      chartfreak1 says:

      It would certainly catch my attention.
      We broke above it on Fen 14th and then it rolled over, but a break above those highs ( Feb 14th) would seem to indicate more strength than recent loves

  13. RonB
    RonB says:

    Finally joined the TQQQ party. I was ticked that I missed it at the lows so today was a (possible, hopeful) opportunity to try my hand at TQQQ.

  20. chartfreak1
    chartfreak1 says:

    I bought WIFI this morning, I have been watching it for quite a while. This is another one that may not be easy to ride, it moves quickly.

    I was thinking that once it broke below the 50sma, it could tag the 200sma, but this morning with Futures down big it hardly dropped & immediately took out the 10sma. I bought it and it took off, and now I have a bid in for more at $15 if it drops there.

    I have been watching WIFI for a while, but didnt think that it was quite ready, so I didnt buy the lows – this has been a nice stock. Now above the 10sma again, that is a bit of improvement that I like to see.

    https://uploads.disquscdn.com/images/620f9f18aea99f5933fbf806a4d591665674da21cca777bb2b3a0cedb2bd1b6a.jpg

  22. Cal S.
    Cal S. says:

    Good morning, Steve Tytler –

    I recall your mentioning using the TSI, which I’ve been trying to learn about. Do you have a resource to share? Just wondering how you use it. I’ve been using it with GDXJ, trying to learn more. It seems stronger starting late yesterday, but I have only a limited time-frame of using it. Thanks!

        • RonB
          RonB says:

          talking deja vu, are we back to breakout fakeout failure with IO and SQ?. I was really hoping to be past that action for now

          • chartfreak1
            chartfreak1 says:

            I own both too, and yes, this feels like & could be deja vu.

            The problem is that these both move A LOT in a day or 2 or 3 day move, so it gets amplified.

            I obviously am hoping for a shake out & recovery, but being down 3 & 4 % and breaking below the 50sma is ‘uncomfortable’

  24. Glenfidd
    Glenfidd says:

    TWTR this am tried pushing to get above 10day at $28.97 .
    Push back.
    Though TWTR has been ‘my trader’ I may have to consider riding the calls for a few extra $$$ if she can close cleanly above.

  26. chartfreak1
    chartfreak1 says:

    The markets gapped down, moved higher, and now have dropped back toward daily lows, but it is good to see VIPS, CREE, WIFI , MU still green.

    Maybe this is just a test of the morning lows

  28. Ron Futch
    Ron Futch says:

    volitility is so elevated…that it really wouldnt surprise me to see sub 2600 if they broke it down…sub 2620…..counter if bulls jammed it back up above the morning high (2657)…they could run it for another 20 to the 70’s today…. no clue on which 🙂

  33. frank yong
    frank yong says:

    Does Jerome powell speak today? Hasn’t stocks always dumped when he speaks? I have a feeling the icl is still ahead…

  34. Ron Futch
    Ron Futch says:

    LFIN update.. somebody going to jail … The SEC said Longfin’s founding CEO, Venkata Meenavalli, caused the company to issue more than two million unregistered, restricted shares to Amro Izzelden “Andy” Altahawi, who was the corporate secretary and a director. Meenavalli also caused the company to issue tens of thousands of restricted shares to two other affiliated individuals who were allegedly acting as nominees.

  37. chartfreak1
    chartfreak1 says:

    IO recovering, SAIL recovering& regaining the 10sma, thats a bonust – , AQ doing well, my SQ sucking wind so far.

    SRAX _ wish I bought more on a day like this

  38. Jeff
    Jeff says:

    Sold all my VIG at profit while there still was some. When the President says the markets have been good but its time to give some back now then I’m out.

  39. chartfreak1
    chartfreak1 says:

    REFRESH FOR SQ- This is just me thinking out loud, so you can understand my trade too.

    Some tech stocks seem to be reversing and maybe buyers are stepping in. SQ is still near its lows. I am not overly concerned yet, but I want to see some buyers step in by the days end obviously.

    SO — This is why I bought the reversal on SQ under the 50sma –

    https://uploads.disquscdn.com/images/df44d9eaa3b557d1ef75abfe72d1af4ef3889943d9f84cbcc03b93e7dbd9ad36.jpg

    So I mentioned that I entered early & a bit riskier by buying under the 50sma as it reversed, HOWEVER,, I also added again after it regained the 50sma, so I am at a small loss here now.
    I will have to sell this one if it breaks that dark blue trend line, because the LIGHT BLUE trend line ( or the 200sma) is below and Maybe it will head down there?? I dont want to ride it that far down if it does.

    I CAN ALWAYS JUST GET BACK IN IF THINGS REVERSE LATER. I would Take the small loss, and buy back on a sign of strength for a bigger gain. For example: If it gets back above the 50sma.

    • RonB
      RonB says:

      I broke a rule this morning, I keep an alert 1/2 way down to my hard stop and promise myself I will take 1/2 off at that point, but it is so easy to just give it one more tick. So I finally took 1/2 off. I remember Jessie Livermore talking about how amazing it is how much stock can be sold on the way down – the stock manipulators do not sell on the way up – it’s on the way down that they unload.

      • chartfreak1
        chartfreak1 says:

        Actually – do you recall Jesse Livernmore saying that he never made more money or the big gains when he traded as boy plunger – trading all day, as opposed to his later years, when he would “Sit tight when you know you are right’. He learned to ride out the wiggles and sat tight.

        The term OLD TURKEY came from his time period & a successful trader that he knew.

        He also went broke a few times & had to take a loan to get back into the game 🙂

        But there is nothing wrong with selling, and with me it is all situational.

        • RonB
          RonB says:

          Yep – I’ve read that book a dozen times. I just don’t know if we are right with SQ cause it seems to be getting waterlogged and taking 1/2 off is not a bad strategy. Nicholas Darvas was another good study. He placed his bets by wire and as long as the stock stayed up in his “Darvas Box” he left it alone and made a fortune. But according to his strategy SQ would have hit his stop. You can almost guarantee it will bottom here tho!!

  40. Ron Futch
    Ron Futch says:

    WIFI.. narrowing bull coil… break higher out of coil 25.70’s.. no position but got a little vol spike

    • frank yong
      frank yong says:

      Hey Alex

      Are you still leaning towards the dcl being in?

      The sell down seems as if stocks still want to seek out the dcl/icl

      We still got to get through Jerome Powell…

          • chartfreak1
            chartfreak1 says:

            I’d like to see how things close personally

            We are late in the daily cycle, we are close to the lows timing wise.

            Powell is speaking and an ICL could be ahead if we drop under Feb lows.

            Some may wish to sell and step aside to see how it plays out, Worried about a slam down Monday-
            others may ride positions, ( some of mine are fine , still above the 50sma).

  48. JT
    JT says:

    My GGIFF position perked up today. It’s starting to establish higher highs & lows. Weekly is rounding upwards.

  50. chartfreak1
    chartfreak1 says:

    I figured that CNBC would cover it if Powell spoke, but someone said he speaks at 1:30 & I havent heard anything about it

    Anyone else hearing anything ( I could google it, but Just thought I’d ask while I check other charts & things).

  51. Ron Futch
    Ron Futch says:

    Fed Chair Jerome Powell Speech
    my FOMC colleagues and I believe that, as long as the economy continues broadly on its current path, further gradual increases in the federal funds rate will best promote these goals. It remains the case that raising rates too slowly would make it necessary for monetary policy to tighten abruptly down the road, which could jeopardize the economic expansion. But raising rates too quickly would increase the risk that inflation would remain persistently below our 2 percent objective. Our path of gradual rate increases is intended to balance these two risks.

  52. Ron Futch
    Ron Futch says:

    Treasury Secretary Steven Mnuchin CNBC Interview
    This is not a trade war; objective is not to be a trade war; says there is a potential of a trade war.
    Willing to negotiate with China; does not want to talk in public about negotiations with China.
    Can manage this without difficultly to the overall economy; has ways to deal with impacts to agriculture.
    He does not focus on short term market swings.
    Favors making personal tax cuts permanent (Note: This will require 60 votes in the Senate, which seems unlikely at this point).
    On Amazon (AMZN): President wants AMZN to collect sales taxes from third party sellers; working on post office issue.
    Not concerned about Treasury purchases from China; says lots of buyers around the world.

    • RonB
      RonB says:

      lower than what? to me it looks like it is still at a higher low than Oct 6, Dec 6, Feb 9 or Mar 8.

      • Cason
        Cason says:

        I’m in SET. Really interesting as it seems to follow maeker recently but oil is late in cycle seeking a low but SPY should be at/near DCL. They aren’t synched by cycle but recent price action has been similar .

  59. Steve Tytler
    Steve Tytler says:

    This morning I posted that this looked like a dip buying opp today.
    Quite the “DIP” !!
    Anyone buying?

    • chartfreak1
      chartfreak1 says:

      I bought WIFI & added to SRAX this morning, but I’m not interested in adding to the tech stocks that I own right yet.

      fairly close to sell on SQ

      Checking other charts into the final hr, ICL could be ahead, what a shame if we closed above the 10sma and still get the shake out. We never did break above the down trend lines

      • frank yong
        frank yong says:

        Hey Alex

        You say we never broke above down trend line? When I draw it on spy we did break above yesterday. How did you draw yours?

      • Steve Tytler
        Steve Tytler says:

        I noticed that TQQQ and UDOW both bumped up against the downtrend line on my charts yesterday and reversed back down. Hard to get a “trend” going these days. As you said, very frustrating.

  64. chartfreak1
    chartfreak1 says:

    THINKING OUT LOUD:
    It’s tough because this is happening on a Friday, and Mondays CAN BE big drops after a bad Friday.

    At this point, I dont think we’ll take out the lows, but that doesnt mean that we wont on Monday, so some may want to lighten up? Some may have raised stops , but now a gap down Monday would jump your stop ( Mine would), so I still want to see the final hour of trading, but we COULD still break the recent lows , form an ICL next week, and be within the timing.

    For me, I own stocks that aren’t getting killed – yet ( except for SQ).

    AQ is fine,
    IO is o.k.,
    SRAX, SC, GALT, SAIL look ok for me, still above the 50sma-

    —SO WHAT YOU DO WITH YOUR POSITIONS MUST BE BASED ON YOUR SITUATION. If the markets gap down Monday, depending on how this closes, Something like TQQQ could be down quite a bit, if these arent the lows.

    My stocks are not acting all bearish in this sell off..yet

    • miller
      miller says:

      I keep scalping the short side on the drop thinking we’ll bounce at some point but Im going all in long at 2577- 2572 on the Eminis,

      • miller
        miller says:

        Possible back test of both trends if it holds? 1rst one on overnight drop and now lower one? We are sitting on support here though.

  65. Ron Futch
    Ron Futch says:

    XBI has held 82.50 even during feb lows.. trying bounce there.. breaks there could get interesting for bios… missed LABD play today but could run higher

  66. chartfreak1
    chartfreak1 says:

    REFRESH FOR 2 CHARTS

    When asked “Am I Selling?” You see a difference between what I am holding ( SAIL looks normal) and TQQQ is also off the lows, but it is closer to the lows…. TQQQ could get messy if we sell off Monday, it is very close to Feb lows. SAIL is not even close to Feb lows. . I own AQ, it is not sell worthy if we are close to the dcl/Icl. IO Is fine for me too, ….

    SO PLEASE do as you see fit, based on what you own My ‘Ugly’ stock is SQ, and I havent decided yet what I will do, I want to wait until the close.

    https://uploads.disquscdn.com/images/8b967d83c2ab759a99db57710d83aca44ce568d505ee91232d28e575cfa485dc.jpg
    https://uploads.disquscdn.com/images/0226a222828c32398edc609316ec0f2f005774eb079af25c8baaf050c8829494.jpg

    • Steve Tytler
      Steve Tytler says:

      Alex, thanks for posting your thoughts. You are a very successful professional trader so many subs (including me) like to see how you look at a nasty and unexpected (by me) sell-off. I’m still holding my TQQQ, UDOW and TNA but it’s “butt pucker” time. I’m hoping for a rally into the close. Good trading to all!

        • Steve Tytler
          Steve Tytler says:

          Ron, to be clear I am NOT holding “old turkey” I will sell if it looks like the up trend has been negated and unfortunately we are getting very close to that point. Even if the up trend remains intact my plan is to sell in about 2-3 weeks when I hope stocks have reached a short-term top. This choppy market is too unpredictable for “old turkey” trading IMO. I am trying to buy near a DCL and sell near a DCH … but much easier said than done.

          • Steve Tytler
            Steve Tytler says:

            Yes I agree, this could be a great buying opp for the brave. I’m seeing reversals, the major indices are all a “buy” on my 5 min chart. I’m “all in” so I’m just a spectator

          • Steve Tytler
            Steve Tytler says:

            Miller, as I said yesterday this may not work for you as a futures trader, but a simple signal that has worked for me trading ETF’s is a 9 EMA / 10 SMA cross to signal a “buy” in any time frame. On my 5 min chart the 9 EMA crossed above the 10 SMA and started angling up at about 15:15 ET on SPY and most of the other indices. The 9 EMA remained angled up and held above the 10 SMA which told me it was likely to rally into the close, which is what it did. I also got a late 9 EMA /10 SMA bullish cross on my 15 min chart about 15 minutes prior to closing. That means nothing for Monday, however. It was just an intraday signal. It may be short covering or bargain hunters. But I would much rather see a small rally into the close than a big sell off in the last 15 minutes of trading. We’ll know more on Monday.

          • miller
            miller says:

            I dont see how it works for anyone other than a scalper. Since the “recent top” thursday, on the SPY (and the UDOW) the 9 EMA crossed the 10 SMa 8 times on a five minute chart. Not once leading to a reversal of any decent or even profitable move (unless one was scalping futures) and the largest gain after a crossover was 1 point on the SPY. A measly .003% gain? while risking how much on stop loss? only to continue to drop again. – 8 signals . wrong 8 times, through a 3% drop on the SPY (11% on UDOW) Seems like a terrible timing tool to me on any time frame unless one is scalping trades.
            I just dont think you do any new traders here any favors by saying youre “all in” because your 5 min charts are a “buy”.

          • chartfreak1
            chartfreak1 says:

            1 minute buy on a 5 minute chart 🙂

            I say that jokingly, because we all know that a ‘Buy’ on a 5 minute chart can be destroyed 5 minutes later on the 10 minute chart .
            I guess you gotta start somewhere- I do use a 5 minute chart on support

          • chartfreak1
            chartfreak1 says:

            LOL

            For a guy that claims he doesn’t believe in cycles, you are trying to buy at a Daily Cycle Low, and trying to sell at a Daily Cycle High.

            HHHMMMMM?? 🙂

      • Steve Tytler
        Steve Tytler says:

        Looks like we are getting the EOD rally I was hoping for, so that makes me more “comfortable” holding over the weekend.

  67. Ralph Wiederzane
    Ralph Wiederzane says:

    Setting up for another Black Monday, or the more typical 4% rebound rally? Tough call, I have no idea, all I know is my miners go up when gold is down, and down when gold is up!

  70. Ron Futch
    Ron Futch says:

    short cover rally see how far they can move it… have to leave early and cashing in rest of positions… not interested in waiting till sunday night/monday morning to see where ES is sitting….. will re-evaluate entries then… nice weekend all as look forward to watching Masters:)

    • chartfreak1
      chartfreak1 says:

      Yeah, its close to $1 off of the lows , so even if someone wanted to sell it ( even after hrs) at least they get a Better price that 3:00 P.M.
      I’m still holding

  76. akos54
    akos54 says:

    I wanted to thank everyone in general for making this a great site. For being civil and professional through ups and downs. Let’s all keep Alex here for a long time. Have a good weekend.

    • chartfreak1
      chartfreak1 says:

      You’re awesome AKOS54— Thx , Have a great weekend.

      And its true, the selling can be quite stressful, but cooler minds prevail. I appreciate everyone here making this such a nice community of traders & friends too!

  77. BayTrader
    BayTrader says:

    I don’t wanna talk about it. But this is why I scalp. Holding and this always happens

  79. Ombibulous
    Ombibulous says:

    Alex, I just sent an email to support. I was able to access the weekend report yesterday, but this morning I get the message:

    “Nothing Found
    Sorry, the post you are looking for is not available. Maybe you want to perform a search?”

    I can get to the other reports. Don’t know if others are having this issue. This is happening on multiple devices.

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