In my most recent commentary I’ve left the same chart up now going on for over a week. The importance of this iteration has been for its longer time frame view. e.g., based on a daily perspective. (Note: this is not trading or financial advice, nor to be inferred as anything of the sort. This is big picture commentary for discussion purposes only. See “about this site” for any questions.)
As I have said on the show ad nauseum the “markets” have done nothing to alter my overall position and have in many ways been playing out in such a text book form that it’s almost a bit too text book. So to show this (once again) in real time detail I am going to post another that is current to last night’s day close (Wednesday’s) only zoomed in to the last few days. To wit:
The above is just the upper portion of that prior daily using 15min interval candles/bars. As I had said last week:
I would not be surprised to see the “markets” slowly rise up during earnings week doing what they call “riding the underside” of that dominant trend line (blue). If it does it implies weakness, not strength, which is why it needs to be paid attention to if it were to break through it (which it has).
Where we go from here, nobody knows. But all I’ll assert is now that the Federal Reserve has shown its hand, the “market” now awaits what may be the most important day for any earnings – which is today.
As always, we shall see. But that “seeing” I do believe may happen today.
© 2020 Mark St.Cyr