Trends in Conflict; Potential for a calming day in the markets
With few Earnings and very little economic data, I don't see today flying one way or another. The only triggering item in the next 24 hours is the midterm elections. Historically, markets go higher at the close of an election, regardless of outcome.
If you don't want to watch the video, the trends are as follows;
Last Macro Trend Signal Spots
30m - 3789 Uptrend (11/07/2022) Higher High
1Hr - 3772 Uptrend (11/04/2022) Lower High
2Hr - 3799 Uptrend (11/07/2022) Lower High
3Hr - 3843 Downtrend (11/02/2022) Higher Low
4Hr - 3843 Downtrend (11/02/2022) Higher Low
6Hr - 3760 Downtrend (10/17/2022) Higher Low
12Hr - 3779 Uptrend (10/23/2022) Lower High
Daily - 3923 Up (10/28/2022) Lower High
Weekly - 4366 Downtrend (2/14/2022) Higher Low
As you can see, the 30m if wanting to show an upward funnel, but it is working against the 1hr that hit on Friday, and the 2hr that just hit this morning as well. The 2hr would be a fresh lower funnel. We are currently in the Apex of the 30m uptrend vs the 2hr downtrend.
I think we will see a calm day of trading, potentially getting back to around 0% on the day overall. Price action could likely be in between that gap that we opened with and our current price high just above 3800.
There aren't many Earnings for today and as I said, very little economic data. This whole week is basically like this, with the main movement not coming until Thursday when CPI comes out. That data will likely be the catalyst of us going lower this year, or of sustaining around 3900 until the end of the year.
So Brace Yourself, Inflation Data is Coming.
My sentiment today;
Shorter Term - Neutral
Short Term - Neutral / Hint of Bullish
Medium Term - Neutral / Bullish (I think we hit around 3850 before that CPI data comes in)
As always, trade safely and remember your risk management plan
Long Term - Bearish / Neutral
If you don't want to watch the video, the trends are as follows;
Last Macro Trend Signal Spots
30m - 3789 Uptrend (11/07/2022) Higher High
1Hr - 3772 Uptrend (11/04/2022) Lower High
2Hr - 3799 Uptrend (11/07/2022) Lower High
3Hr - 3843 Downtrend (11/02/2022) Higher Low
4Hr - 3843 Downtrend (11/02/2022) Higher Low
6Hr - 3760 Downtrend (10/17/2022) Higher Low
12Hr - 3779 Uptrend (10/23/2022) Lower High
Daily - 3923 Up (10/28/2022) Lower High
Weekly - 4366 Downtrend (2/14/2022) Higher Low
As you can see, the 30m if wanting to show an upward funnel, but it is working against the 1hr that hit on Friday, and the 2hr that just hit this morning as well. The 2hr would be a fresh lower funnel. We are currently in the Apex of the 30m uptrend vs the 2hr downtrend.
I think we will see a calm day of trading, potentially getting back to around 0% on the day overall. Price action could likely be in between that gap that we opened with and our current price high just above 3800.
There aren't many Earnings for today and as I said, very little economic data. This whole week is basically like this, with the main movement not coming until Thursday when CPI comes out. That data will likely be the catalyst of us going lower this year, or of sustaining around 3900 until the end of the year.
So Brace Yourself, Inflation Data is Coming.
My sentiment today;
Shorter Term - Neutral
Short Term - Neutral / Hint of Bullish
Medium Term - Neutral / Bullish (I think we hit around 3850 before that CPI data comes in)
As always, trade safely and remember your risk management plan
Long Term - Bearish / Neutral
บันทึก
Been pretty much as expected. I've just been playing computer games with my son in Germany all day lolบันทึก
Definitely spot on with this day. Never got into a trade, as I figured it would be a relatively dead day altogether. See where things go for tomorrow.
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คำจำกัดสิทธิ์ความรับผิดชอบ
ข้อมูลและบทความไม่ได้มีวัตถุประสงค์เพื่อก่อให้เกิดกิจกรรมทางการเงิน, การลงทุน, การซื้อขาย, ข้อเสนอแนะ หรือคำแนะนำประเภทอื่น ๆ ที่ให้หรือรับรองโดย TradingView อ่านเพิ่มเติมที่ ข้อกำหนดการใช้งาน