MP100422Daily Each of the U.S. indices above have either TD9, RMI or “buy the D point patterns” in place which suggests a further rally is likley. We begin our morning with U.S. equity futures having follow through from yesterday’s rally. The NQ is trading into the center of its profile, the level where both buyers and sellers believe that fair value exists within its profile. A move above11541 would signal a move to the top of its profile, 11841. The RTY is trading into top of profile resistance. A close above 1757 would signal a change in trend.. The YM...

MP100422Daily   Each of the U.S. indices above have either TD9, RMI or “buy the D point patterns” in place which suggests a further rally is likley.       We begin our morning with U.S. equity futures having follow through from yesterday’s rally. The NQ is trading into the center of its profile, the level where both buyers and sellers believe that fair value exists within its profile. A move above11541 would signal a move to the top of its profile, 11841. The RTY is trading into top of profile resistance. A close above 1757 would signal a change...

MP093022Daily Note: I will be recording today’s Trader’s Edge show from 8-9 a.m. Please email me at steve@tfnn.com if there is anything specific that I can review for you. Above is the 125-year seasonal cycle pattern for the DOW during mid-term election years. The red vertical line represents today which suggests that a rally should unfold. Both the DOW and the DOW equity futures contract have bottoming patterns in place. However, the 37-year NDX 100 mid-term seasonal chart suggests otherwise as it does not bottom for another week or so. As we look to the charts for Apple, we see...

    The black numbers on this weekly chart for the DOW identify consecutive weekly closes where the close of the current week closes above the close of the prior week. The red numbers identify consecutive weekly closes below the prior weeks close. Since the DOW’s top, which formed during the first week of 2022, the DOW has had two, 2-week counter trend rallies (black arrows). This week’s close is week one of that pattern. But perhaps more important, is the fact that this weeks close was a close above its Oscillator Unchanged Line (red green line), something that has...

    Sit Rep:    TLT possibly could break lower today and run to 128.  The Fed talks today at 2 ET.  Earnings from some big names on Thursday.  Volume is low. This is not good for any sustained rally. We need volume by Thursday.  Yesterday’s action was plain ugly if you’re a bull.  The only slight positive to the markets is an uptick in put buying in options.   Just waiting now for the Fed at 2 PM. Look for even lighter volume until Powell talks. Watch for updates after.   We bailed...