UnknownUnicorn3162232

01:40

UnknownUnicorn3162232

Choppy price action on day 2 of JPOW. Many were expecting the same action as yesterday, but in typical market fashion, it had many whipsaw fake-outs in both directions! That said, we are eyeing this weekly chart, because if it closes as a Bearish Engulfing candle, that will be yet another bearish sentiment as we look ahead.

01:17

UnknownUnicorn3162232

Monthly chart starting to act more and more like September 2022 now! A push below last month's lows could really get the bears growling! Already a Bearish Engulfing Pattern forming on the weekly chart, and after today, the daily put in an Evening Star Reversal pattern! Such an important area!

01:05

UnknownUnicorn3162232

Definitely an interesting move today moving the monthly candle in such a way, that the action is mirroring the September 2022 action! If that is the case, then a loss of last month's low could see some increased selling pressure. Interestingly, all before two days of JPOW testimony!

01:13

UnknownUnicorn3162232

Moving up last month's candle, not dissimilar to the September candle before it reversed down with power! Weekly chart closed with a green outside Hammer candle which could be strong if price stays above it. Mind the gaps!

01:29

UnknownUnicorn3162232

A momentum move through last month's close corresponded well with Fed speak today. Weekly chart has one more day to see if it can keep that lower shadow, and the daily left with a Bullish Engulfing candle, but low volume. Could be an interesting Friday!

01:05

UnknownUnicorn3162232

Happy March! In like a lion? Hard to say so with this chop, but some major levels are being tested which if broken could see some more bearish pressure, but if defended could see another push attempt by the bulls!

01:13

UnknownUnicorn3162232

Well that's all for February, now we will see how similar things move from the similar August 2022 candlestick setup. If similar, then we could see the bears really pressing in March. That said, a push over February's highs has some lofty targets for the bulls!

01:30

UnknownUnicorn3162232

One more trading day left in the month, and so far, February is looking a lot like August 2022. That would imply a breakdown below this month's lows in March could see some heavier selling. In the meantime, still range-bound on the daily since the post-Opex candle.

01:21

UnknownUnicorn3162232

Short week, and an okay week to be short! Now the question is, will we see more bearish confirmation next week, as today's lower-shadow stretched out the range since price closed back in yesterday's candle. That said, we are watching the monthly chart's close next week to get some bigger picture signs. HAGW!

01:26

UnknownUnicorn3162232

Not much time left in the month and price is back in January's inside candle. If it closes like that, the bears have a chance to step up. Today's range was an important one but left with some questions. It was a bearish outside candle, but the lower shadow gives the bulls an opportunity. That range will be important along with the post-Opex candle.

01:10

UnknownUnicorn3162232

A red close below the post-Opex candle implies more bearishness. Today was a meaningful candle, with FOMC minutes and it did close red, so we will see if we get more downside confirmation, which would infer that the bears are still in control. Only two trading days this week to see how that weekly chart shapes up... or down...

02:00

UnknownUnicorn3162232

The bears took control today, but as we noted, they had the chance to do it after closing below the CPI candle and the inside daily candle last Thursday. Friday's close was suspect, despite the Hammer candle - and it proved to be a Hanging Man off a major moving average. It lost grip today and we saw some nice downside action. FOMC minutes on Wednesday!

01:16

UnknownUnicorn3162232

Price worked its way back to the top of the prior monthly candle highs, but the weekly chart finished with a double Doji, leaving everyone guessing into the 3-day weekend. Doji sandwich or reversal? The daily is suspect, as the gap remains above and the close is still below the CPI day candle.

01:12

UnknownUnicorn3162232

Those prior monthly highs keep getting tested with power! The inside week turned red at the end of the day today, and today's close is significant as it confirms the inside day down and it was a close under the lows of the CPI print! OPEX tomorrow too!

01:27

UnknownUnicorn3162232

Despite pushing above prior monthly highs, the weekly and the daily chart are both stuck in prior candles, so this week will be important to see if there is any confirmation of direction. Of course, be prepared for Opex shenanigans on Friday!

01:23

UnknownUnicorn3162232

Price action held above the range of the last several months, but the weekly chart is still chopping around with a double inside candle, even after the worse-than-expected CPI (inflation) print. The daily chart also left things suspect, closing below yesterday's close by EOD.

01:46

UnknownUnicorn3162232

Dancing around last month's highs still. We had a momentum move out this week, and then a momentum move back in. Reversals of reversals! Now, CPI on the radar next week and Opex, so will see who wins this tug-of-war. Weekly chart keeping us guessing, so hopefully confirmation next week, one way or the other.

01:33

UnknownUnicorn3162232

That big drop intraday... momentum move as we saw price enter back into last month's inside range. Then it was just about shorting the right rips today. Now, we will see how this month moves as the next 1/3 is up ahead. Daily chart finished with a Bearish Engulfing Day, keeping the bears happy for now.