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jarek
Rep: 94
Posts: 3,474
Looks like no economic news can stop the bulls these days. It would have to be something much, much bigger, but also then they may use it just as another buying opportunity on the way up.
For now let's see how they cope with some little overhead resistance somewhere at current levels:


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JI
jimkane
Rep: 3,058
Posts: 33,089
I think, once again, the bulls will win.
JA
jarek
Rep: 94
Posts: 3,474
Once they will overcome this downsloping ML:


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JI
jimkane
Rep: 3,058
Posts: 33,089
The bulls always win...
JI
jimkane
Rep: 3,058
Posts: 33,089
And yes, for fun, I'll watch the price projections here. I won't even bother to call them potential 'W2' ABCD's.
JI
jimkane
Rep: 3,058
Posts: 33,089
Pimp-co just announced a big bump up in their U.S. growth forecast on massive stimulus. Pumping (pimping...) their own book, as usual, but the market likes it.

Watch the price projection here at the key line...
JA
jarek
Rep: 94
Posts: 3,474
Here comes the picture:


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JI
jimkane
Rep: 3,058
Posts: 33,089
And lo and behold the market 'sees' it and reacts sharply, right back to trend, and then a sharp snap up. And, again, the market closes the day at another critical spot. There has to be something useful in that, given how often it happens. If one can see a few hours ahead where the most critical area may be, perhaps a trade can be set up in anticipation of it gravitating to that area. Just working on a concept...
JI
jimkane
Rep: 3,058
Posts: 33,089
Market exploding. Nearing the high...
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jimkane
Rep: 3,058
Posts: 33,089
Three ticks from a new high on the H1 contract. 2.75 points from the continuous contract high. Point is, bulls right back at the highs. Poor bears, they never learn. Some day they'll have their day in the sun, just not today.
JI
jimkane
Rep: 3,058
Posts: 33,089
And there it is, the contract high for ES H1. Shouldn't be long before that essentially meaningless continuous contract high at 35 is also taken out. I really love this pattern of down in the AM right to obvious support areas, then run up from there, into GLOBEX, and continue into the night. The games they play...
JI
jimkane
Rep: 3,058
Posts: 33,089
It had to get one tick higher!
That also got it to the exact 1.272 at 36.20 on that ABCD. So, we got a weekly close essentially at the high tick for the week, the month so far, and the entire 'bulls#$&' market. Those poor bears, still trying to call the top. For me, I'll just keep creating 'ride the long' plays.

It's the bulls time in the sun. I'm not going to fight that. I just saw in a Bloomberg survey not one single analyst was bearish on next year. 100% bulls! I'm seeing 'breakout' and acceleration calls everywhere. Sentiment is extreme for the bulls. It can get more extreme, or stay extreme for a long time. The $VIX is dragging on the lows, but can get lower.

Midcaps one good trading day from new all-time highs. Russell, Transports, etc. right behind Midcaps. The entire drop from the crisis erased, new all-time highs. Unreal. It's the bulls time to shine. Let them enjoy it, as it won't last. The bears will shine again, just not today. Goin' with the flowin'...