The FOMC Whipsaw Paid, Crude Pushes $89, ETH/BTC Enters The Frame

Market Snapshot

Daily breakouts across the board on the dailies. VIX remains elevated and that trendline is holding, similar to what we looked at earlier in the year. And I’m only thinking about a serious corrective movement.

Will it be 10% in 10 days, or just the 5% we’ve been seeing the last 2 or so years?

• ES (SPX): 7,368.50 / +0.45% / full read below
• YM (Uncle Dow): 51,888 / +0.30% / daily breakout, same as the rest
• NQ (NazQuack): 27,438.50 / +0.66% / daily breakout, same as the rest
• RTY (Uncle Russ): 2,919.60 / +0.58% / full read below
• VIX: 19.80 / -4.12% / remains elevated
• GC (Gold): 4,109.60 / +1.08% / no read today
• CL (Crude): 84.84 / +0.28% / full read below
• BTC: 63,951.72 / +0.09% / going nowhere fast, full read below
• ETH/BTC: 0.029753 / -0.36% / full read below

SPX: Resumes What It Was Doing All Along

For clarity I’ve turned off my swing tool, so you can see the range we’ve been talking about more clearly.

Interestingly, we saw the breakout move, then a snap back prior to the FOMC nonsense. Post FOMC it shot straight up to the range highs, then drops back to lows on the statements, and resumes what it was doing all along.

Resumes what it was doing all along.

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Uncle Russ: Carbon Copy

RUT is a carbon copy of the same thing, as were all the stock indexes.

Carbon copy of the same thing.

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Crude Oil: The Push Back To $89 Has Started In Earnest

Crude oil’s turn and move started overnight, and the push back to $89 has started in earnest.

We had to wait for this entry, and it is so far worth it.

We had to wait for this entry, and it is so far worth it.

Crypto: A Range Within A Range Within A Range

Now, normally I’d be talking about BTC and still complaining that it’s going nowhere fast. Which it is. And developing a new range within a range within a range, like a scene from Inception!

Now, as I’m still a relative crypto noob, I’m not familiar with all the possible coin combos, and I don’t fancy digging through the shitcoin and memecoin swamp to find out. My good friend mentioned to look at ETH/BTC or BTC/ETH, whichever takes your fancy. I stayed with the first call, ETH/BTC, mainly because the data is on Kraken.

Anyway, a clear trending move on two top tier coins. I’d think of this like GBP/USD and EUR/GBP back in my currency days, and then taking a look at GBP/EUR.

Any anyway. Lovely trending channel. Clear patterns, checks me movement box.

Speaking of boxes, the point & figure charts are also looking interesting, with a potential longer term channel to look at and assess for a turn or breakout. Basically, this is a good location for something interesting to develop.

A good location for something interesting to develop.

Premium Poppers: $145 Locked In, $645 On The Table

Over on the Premium Poppers, once again locking in a great morning move prior to FOMC, which is an odd enhancer for the day, not a thing to avoid.

Once again we have a clear BO setup, which we looked at during the live group call as it was developing. A clear and simple breakout with a nice quality score, 5 out of 6 for the 1st BO.

A decisive move down, allowing us to lock in profits and transform the trade to a guaranteed profit. And ride that bad boy through FOMC to see if there would be some bonus profits if we can land in the profit tent.

$145 locked in. $645 on the table. All the while I was doing other things during the shitstorm.

And of course the community traders get their names on the score board.

Don, Eddy and Bill all took the SPX Bear BO #1 at 50%. Mary had wins on both SPX and RUT, then another on SPX later. Chris had winners on both, and manually adjusted his SPX target to close at 40% instead of 50% to get out with FOMC coming and secure some profits. His words: but it’s a win.

Well done team.

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$145 locked in. $645 on the table.

Students are smashing the results, AGAIN!

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Fun Fact

Since I’ve got the point & figure charts out on a crypto pair this morning, here’s a thing that tickled me.

Point & figure is the oldest charting method in the Western world. Older than bar charts, and considerably older than candlesticks as far as the West is concerned.

The first written reference turns up in 1898, in a book called The Game in Wall Street, by an author writing as Hoyle. Charles Dow was plotting his own version back in the 1880s and 90s and called it the Book Method. Bar charts don’t get a mention until 1896. And candlesticks, despite being centuries old in Japan, only really arrived in the West in the 1980s.

So the chart I’m pointing at a crypto pair this morning is older than the chart type most traders think of as the traditional one.

Source: Wikipedia, Point and figure chart