The "D" Leg Technical Analysts Deserved Eclipses Bull Market Momentum
Edge Zones (ESM4): 5180-90, 5205-15, 5230-35, 5270-75, 5290-95
You can access the MGI document HERE for the latest Edge Levels and insights.
It’s National Beer Day, so please tell a trading friend about this newsletter if you hope to avoid getting mugged by CPI on Tuesday!
Five Zones for Monday:
CPI is on Tuesday. Here’s where I’m willing to engage Monday:
Bactest of 5285-90 (short). Three stars. This is the top of the session’s Expected Move and backtests where Price broke down on Thursday.
Backtest of 5270-75 (short). One star. This is the Prior Day High and a major trendline. Price just missed my limit order at 5270 when it gapped up at GLOBEX open. I think this zone might have one more sell left in it.
Reclaim of 5230-35 (long). Two stars. This zone represents what I see as the Bear/Bull Pivot. It is also the bottom of the session’s Expected Move and backtests the “B” level of the short-term trend.
Reclaim of 5190-95 (long). Three stars. This zone is beyond four-sigma for Monday and likely contains strong demand.
On Wednesday I said, “Inflection may be upon us.”
This is because Mr. Market signaled Volatility loomed on the horizon on March 26.
Contraction always leads to expansion
and this principle manifested itself in bold, four-sigma fashion on Thursday.
And the move was technically perfect.
Volatility then continued Friday
with a monster bounce in the other direction.
Falling knives always create comparable squeezes,
especially in a bull market.
This is the nature of a liquidity vacuum.
On Wednesday, I wondered if enigmatic1 Mr. Market was in a state of Distribution.
Seems he was.
Now the big picture question is:
Will trend come from trap or ABCD?
I’ll be ready to react either way.
Never trying to predict.
I hope to see you on the livestream trading floor tomorrow!
Stay classy until then.
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LEGEND’s word of the day. Means, “difficult to interpret or understand; mysterious.”