Loading ...Update — spx (EW)
When I first posted this midweek, I indicated that I preferred the ALT count in red.
ET’s comment is from his forum this afternoon.
“There is ES 4,996. The red count on the daily chart at this link likely now applies.”
https://studyofcycles.blogspot.com/2024/01/daily-and-alternate.html
Just when you think you have the EWs on ES figured out, they will pull the plug. They will say “I ran” from it.
Watch the middle East very carefully.
GL
https://www.zerohedge.com/geopolitical/french-shipping-giant-latest-suspend-red-sea-transit-details-emerge-us-destroyers
Just look at the timing !!! 4pm EST. Can’t disturb the META and AMZN euphoria now, can they?
At 4:00 p.m. (EST) Feb. 02, U.S. Central Command (CENTCOM) forces conducted airstrikes in Iraq and Syria against Iran’s Islamic Revolutionary Guards Corps (IRGC) Quds Force and affiliated militia groups. U.S. military forces struck more than 85 targets, with numerous aircraft to include long-range bombers flown from United States.
As I tell anyone who will listen, I pay ZERO attention to narratives of any kind.
They are all worthless to me. Its about the math. Period.
If something is about to happen, those in the know will leave a trail.
“pedro’s law” of markets.
I’m not disagreeing with you.
The more I look at charts, the more I ignore the fundamentals.
Maybe they should measure S&P in gold instead of dollars and then see what to the EWs tell?
With whatever upside that may still be ahead for S&P, would I buy NVDA today or AG?
Were there more longs than shorts when it happened in NVDA? SMCI? META? AMZN?
Did charts of Moderna “tell” about the rise during Covid?
Wish it was as simple as ignoring the narratives.
The solidest companies are underperforming the “high weightage” ones in S&P and Nasdaq.
As they say, the tape (charts) tell the truth. But the tape can be painted.
Due respect, always.
GL
… corrections …
“what do the EWs tell”
“the stocks of the solidest companies are underperforming the stocks of the “high weightage” ones in S&P and Nasdaq.
What does the chart of DPST tell? Is the regional banking fiasco due to rising rates and CRE defaults a narrative?
https://finance.yahoo.com/quote/DPST?p=DPST