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MSFT: to my eye the upwards move in MSFT hasn’t finished yet. It appears to be a ‘five’ with a target of about 148. That’s 2-3% above last night’s close.
The upwards move *might* coincide with the revised higher targets in Dow and SPX.
In the light of the potential for a further Dow rally
all short stops reduced to 27300
That is a lot tighter than my usual way of playing
this market but it is all I want to risk atm.Never give up, never surrender.
In the light of the potential for a further Dow rally all short stops reduced to 27300 That is a lot tighter than my usual way of playing this market but it is all I want to risk atm.
Hmmm… I hope my ramblings don’t influence your decisions cimac. You seem to be pretty good based on your own systems.
Yes, SPX and Dow look unfinished to my eye, but we all know that things can turn unexpectedly.
Yes it is S1 … based on monday the odds are L after
a possible spill up.As for your influence … always good to read your well
thought through posts. We are all big boys here and
make our trades based on our own decisions.I thought we would top and drop this month.
That has not happened so I now have to reduce risk
until the picture is clearer.Never give up, never surrender.
Stops to 27100
Good move.
Small short Dow at 27150
Closed at 27050
Never give up, never surrender.
Small short Dow at 27125
Closed at 27075
I will now wait and trade FMOC action.
Never give up, never surrender.
GBPUSD: the Pound still appears to be in a five wave upwards move towards resistance at $1.34. On the chart I’ve shown a possible route upwards. With the General Election now announced I imagine a majority result for the Conservatives will push the Pound upwards (removal of political gridlock) and perhaps the peak target will coincide with a completed Brexit.
The shapes in the RSI and MACD match a five wave pattern perfectly (highest readings at wave iii of 3). There’s divergence developing but I suspect a little more time is needed before the Pound can pop upwards to the $1.32 area.
DOW: on the daily chart short term we can see the Dow gapped up through that important descending trendline (that was touched from underneath four times). The last couple days the Dow has tried to consolidate above that line, and last night did a retest from above.
Of course these trendline breaks can be prone to failure as a ‘head fake’ and the two candles above the line show indecision.
But for the moment I suppose one should assume that the upwards break is positive for the market unless something else happens.
SPX: spx gapped up above the previous ATH at 3028. Since then it has been consolidating, showing signs of indecision in the last two days.
It’s possible that it will slip downwards to test the line at 3028 or just leave the gap unfilled for the moment.
Like the Dow, this can be a ‘failed break’ and if it falls back decisively below the line at 3028 that will tell us ‘something else is happening’.
But for the moment it looks like consolidation above the line and the *risk* (for shorts) is that it will move sideways then decisively higher. Unless something else happens.
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