On the show yesterday (Wednesday) I was discussing the current gyrations in the “markets” where I stated that there does come a point where certain patterns, trend-lines, etc., etc. become either irrelevant or need to be changed/altered. However, with that said, I pointed out that the “blue line” that I have been using was not in that category as of yet, even though the “markets” appear to be on an assumed unstoppable march. So it’s in that light I’m putting up the following that has been updated (e.g., the larger time frame) and one to show the more detailed via a 15 minute version zoomed in of what has transpired over these last few days. To wit:
There are two very important observations to point out on the above. The first: That “final gap fill” has now been accomplished almost to the decimal point as of yesterday. The second: The price movement during the day sessions so far this week have been the equivalent of what is known as a “lifeless market.” i.e., you get the price bump higher in the overnight to make the “markets” gap up – then – sit in a range of about 10 points ping ponging back and forth all day long going nowhere. My own moniker for this type of price action you may remember me saying as “Screaming sideways to nowhere.”
Another characteristic I’ve noted was that this “market” is displaying another type of movement which also has a moniker some refer to as “Swinging higher monkey bar style.” This is where the price action seems to go higher imitating what we all used to do playing in the gym or parks using the hand over hand ladder cross. I pointed this out prior, but here’s the latest, again, to wit:
Remember, as I say all the time: “I don’t draw the lines – the market does. I just try to connect the dots.” So when looking at the above remember to keep in mind that blue line hasn’t moved from when I first used it in the prior charts. However, as you can clearly see – the machines seem to be very, very, very (did I say very?) cognizant of exactly where it is and what it means to them. Don’t let that point be glossed over, for if they’re paying attention to it (as they are with seemingly pinpoint precision) so should the rest of us.
As always, no one knows what happens next, but the above is why I have yet to change my stance, unlike most that are trying to convince themselves (and anyone else that is still watching their clown shows) “It’s all clear, just buy, buy, buy!”
We shall see.
© 2020 Mark St.Cyr
Note: This is not financial or trading advice of any sort. This is for discussion purposes only in regards to broader topics. Please read or reread the “About this site” page for further details.