Futures down premarket.
99 MA leading to downside.
Market up 5 days in a row on light vol. coming into today.
chatter on DECK - strong.
First hypothesis is z-day, rangebound consolidation type day. Market Signals are weakish -- but not terrible.
I'll be looking to enter on 5/9 xover today -- play the ranges.
/es just below 1400.
/tf short - stopped for -3 tried 5/9 xover - anticipating rangetrade -- but bounced. Hard to enter premarket on low volume. Pattern/rules subject to fail. Reenter - one last time. keep the stop. I lowered the stop which was a classic mistake.
Market Signals pretty weak.
/tf new highs on weak Market Signals -- bizarre... ???
/tf forming a wedge 805 -- break to squeeze or lower? Market Signals say down.... but they don't always tell the truth. weak advn-decn weak $TICK.
If we rip higher -- it'll be a major surprise. I would hypothesize we end up testing lows based on Market Signals.
FB up 7%
/tf breaking down... from wedge.
/tf pops back to 805 -- POWERFULLY STRONG -- no patterns just a lot of chop. Taking out stops.
data at 10:30 - -might be frontrunning good news -- 4 min. to go. Flat here. That would explain bizarre strength.
/tf -- no movement chop at 804-805 -- but looks vulnerable to whoosh down. Can't see a clear pre-pattern though.
FB, DECK, DDD leaders.
5/34 xover /tf -- down to 803 -- now looking weak. short /tf with 8 tick stop at 804.
/tf -- now 801.20 -- 5/34 xover was alll it took... 27 ticks and still dropping on heavy TICK.
So weak Market Signals were reliable -- but needed to wait a while for 5/34 xover to confirm and provide easy trend down. Now -- probably correct to hold through small corrections and ride it short.
/cl - nice mini triple bottom at 11:28 - marked the low. Little Pre-patterns form before real trends.
small triple top and 5/34 xover /tf at 1:11 -- trying a short here. H/S pattern on 15 min. chart as well.
AAPL 5/34 xover -- first time in hours after small double top.
AAPL - back to highs - now a triple top. Very strong... perhaps will keep running. Probably a bad idea to short 588. Too obivious even though it's nearly vertical.
AAPL - new triple bump - much cleaner - slanting down - now a break of TL.
on 5 min chart -- we are at a clear VPOC area -- really not a good place to do anything.
Today is a test of patience.
indices mixed. Really no trend here except the big tech names - ebay new 52wk. high. amzn, aapl. Have to be in select names today to catch a run.
TICK hovering near zero... don't get lulled into making a boredom trade.
and a rip into the close -- just didn't expect it all the way to 808.8 - nearly 20 tick surge 30 seconds AFTER the close -- 99 ma was pointing the way. Just had to be willing to go with the flow.