Yes it was a good day. Normally my goal is 1%-2% in a day, which is not always achieved of course.
As predicted, we have a continuation of trend. It even broke the previously yellow short term trend line which I now label red. The new short term line has adjusted to the next target above. I've added the light green lower trend line to guide.Heineken-Ashi said:
SPX - There's a likely reversal of trend. Could last a couple candles, could last a while. If we get a continuation of trend with no lower wicks that breaks the yellow trend line, game on.
https://i.imgur.com/BgruXcu.jpg
When viewing the market through beer candles, you have to understand that each candle opens at the halfway point of the previous candle and represents the average of the current time period's action.
Open = 1/2(open of previous bar + close of previous bar)
Close = 1/4(Open + High + Low + Close)
High = Max of high, open, and close.
Low = Min of low, open, and close.
A strong trend up will be green or unfilled and have no lower wicks. Opposite for strong downward trend. A candle with a wick on both sides is around a 75% signal that a reversal of trend is either imminent or soon to be.
Previous days like Friday (reversal candle without a preceding double wick candle and looking like a strong upward trend green candle) have usually involved another 2-4 days of continuation of trend during this years chart.
So the beer candles have spoken and point to at hopefully, at least half a week of continuation upward. If any day ends with a red candle, a bottom wick, or a double wick, your best to exit your short to mid term longs and wait for confirmation of new trend or resumption of current trend.
This has been your daily dose of uncompromising, premium, pure tasting SPX outlook.
https://www.aspris.co.uk/wp-content/uploads/2017/07/Heineken-330ml-scaled.jpg
Ragoo said:it was great. We had a lot of fun. Just spouses. Met up with other college friend couples for a wedding in the middle but got a lot of sightseeing and food consumption done along the way.ProgN said:
How's Portugal with the family and Gougler's family going?
Exactly. Your downtrend and SR same as I've posted. As of now the trend is still downward until breaks and confirms the downtrend lines. It rejected both the downtrend and price resistance level. We did not have continuation of Friday's move. Consolidation.... maybe, but needs to close above 390.52ish.lobwedgephil said:
It actually rejected that trend line, basically to the penny. To continue the trend as you say, need to break it, and hold above it.
Looks like we were thinking the same thing.FJ43 said:
I went long on SPY at close. Will exit on open if any push. Will go short at 388ish range should it make it.
Will cut if goes above prior days high.
I wonder if people are so ready to get back to normal after COVID that they refuse to give up the opportunity, no matter the cost. My business typically slows in summers as people go on vacation, but it did not the last two years when everyone stayed home. This summer it did slow.Ragoo said:
Help me understand for a moment - in the news and in the numbers we see inflation at 9.1%
After a week traveling Houston-heathrow-Lisbon-Philadelphia-Houston. Every airport was packed. Every city was packed. Lines and restaurants outs the door. Lines at museums and sites out the door.
It seems like reality is very different from the news. I don't see people adjusting for recession. It is full gas in the real world.
Ragoo said:
Help me understand for a moment - in the news and in the numbers we see inflation at 9.1%
After a week traveling Houston-heathrow-Lisbon-Philadelphia-Houston. Every airport was packed. Every city was packed. Lines and restaurants outs the door. Lines at museums and sites out the door.
It seems like reality is very different from the news. I don't see people adjusting for recession. It is full gas in the real world.
FJ43 said:Ragoo said:
Help me understand for a moment - in the news and in the numbers we see inflation at 9.1%
After a week traveling Houston-heathrow-Lisbon-Philadelphia-Houston. Every airport was packed. Every city was packed. Lines and restaurants outs the door. Lines at museums and sites out the door.
It seems like reality is very different from the news. I don't see people adjusting for recession. It is full gas in the real world.
I've noticed restaurants continually are under staffed which is creating wait times and longer lines. Still lots of people but suspect the turns per table are less. This seems to be the case across the South. Wonder if this is also true for other businesses. Retail stores I tend to see the same.
Airlines have reduced numbers of flights between cities to maximize load capacities but also shortages in pilot and crew.
I do see lots of spending though. Agree feels like full steam spending. Question is how much is on credit after pandemic shutdowns created false sense of having money in many bank accounts.
fingers crossed. I added some more here at 0.87 cents.Danwell Home said:
Followed with a few
And now the second for +6.3%. $650 profit total so far.Brian Earl Spilner said:
Hit my first limit order of the day on UPRO for a quick +5.6% from yesterday's close.
because there are 8 billion people on the planet and you were visiting some of the largest cities in the world.Ragoo said:
Help me understand for a moment - in the news and in the numbers we see inflation at 9.1%
After a week traveling Houston-heathrow-Lisbon-Philadelphia-Houston. Every airport was packed. Every city was packed. Lines and restaurants outs the door. Lines at museums and sites out the door.
It seems like reality is very different from the news. I don't see people adjusting for recession. It is full gas in the real world.
cageybee77 said:
Heineken in Europe is a different beer. Headed to Italy this week (which isn't known for beer) so I'll be drinking some.
I'm not Ragoo.Quote:
because there are 8 billion people on the planet and you were visiting some of the largest cities in the world.
now do "western Pennsylvania coal towns" and "Iowa farms"