UPDATE Jan 11
A very quick update on an important day. The first real economic data of the week is released an hour before open (about 15 minutes)
⚠️ *BEWARE* ⚠️
The markets should rally to a new highs today and maybe tomorrow, but...
It is doing this because of OPEX next week on Jan 19. The first big opex of the year. OPEX = Options Expiration (a big one, January options are always offered first, so these options have been loaded for a year). They could run this the rest of the week before dropping it next week. Or it could blow off today or tomorrow. Either way, I'm not holding anything overnight and exiting positions on the run-up. Now that you have been warned, let's look at the charts.
CPI and Jobless Claims are released an hour before open. Jobless Claims are a lie and will be ignored UNLESS they spike. People don't believe the numbers because they have been revised down every time. The administration has revised jobs by 500k over 2023, which means they reported 500k jobs that didn't exist. How's that economy looking 🤔 CPI is expected to be higher, and the bet on the street is that we are even higher than consensus. The market may not care, as long as it's not outside of the streets expectation. Basically, the numbers only matter if they are bad.
I expect a spike or run to the upper bollinger near 17220 before getting rejected.
the bollingers are pinching. This is expecting a big move at CPI/Jobs
$Micro 10-Year Yield Futures(JAN4) (10Ymain.US)$
This had big volume yesterday it was trying to push up, but it couldn't really break 4.02. Now it's been pushed down.
A quick look at my preferred index ETF, QQQ. Tech leads on the way up and down.
Upper expected move for today is ~413
Lower expected move is ~405
the 5 day MA is right around 408. If the market sells to 408 and it holds, then look for a rebound.
Possible head and shoulders. we could sell at the news this morning and then buy it back up.
A little glimpse of a simple style of how I trade. Find the algorithm trend (white). buy when it reaches the bottom and sell when it hits the top with RSI confirmation. Set the candles to HA style and have faith in the trend. 🤑 Be sure the trend is in the channel if the channel breaks, then the trend has changed, and it's time for a new channel. if you saw my charts, they look like grids with all the channels and support resistance lines.
Be Safe, Be Cautious, Be Wise
and as always
Good Luck
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intuitive Jackal_354 : I agree 100 % and there won't be a rate cut in march
intuitive Jackal_354 : rug pull
JonnyBets : nice