Thank you Jeff!

thank you

Tom Lee in CNBC has been a killer this year so far and he’s assumption is SPX is to reach 5200 by the EOY! I hope he’s wrong this time but can’t ignore his assumptions!

Great as always , many thanks wizard

Price action has been more bearish in wheat than I expected recently as it keeps moving below support levels that “should” see the buyers stepping in on pullbacks. However, the 60-min chart of /ZW wheat futures has nice, clean positive divergence with a fairly well-defined downtrend line that forms a bullish falling wedge.

As such, my preference would not be to add on pullbacks to support any lower from here, but rather to wait for a solid/impulsive breakout above that bullish falling wedge (downtrend line). Here’s the chart.

I only made 2 posts on Friday, one video & 1 with chart screenshots, both covering & putting a big weighting on the fact AAPL just hit my minimum downside price target, laid out weeks ago, on Friday and was likely to bounce from there. https://rightsideofthechart.com/qqq-spy-aapl-at-support/

Bounced a little shy of 2% from there so far & likely at least a little more to come this week before the next leg down but more upside or not, a solid break below Friday’s low/176 support/target would likely open the door to another leg down. Max upside bounce target off the 176 support would be a backfill of the Aug 3/4 gap (191ish) with a ‘most likely’ bounce target range of 183.25-187

Arrows on those charts above show my min. bounce targets & current preferred scenarios. Only about a ~2% bounce off Friday’s lows in QQQ where I highlighted the stock market & key stocks such as AAPL hitting support although I’ll be assessing the bounce as it goes in order to determine where to start closing out index longs & reversing back into shorts for the next leg down.

Thank you was not aware , will check it out. It has been really difficult, even with textbook patterns , the grain futures are very unstable

Seriously? I only made two posts on Friday, both stating that I favored a tradable bounce from Friday’s lows, even stating that I closed the shorts to reversed to long in my active trading account & also book some profits on swing shorts in my longer-term account. So instead of an hour earlier, I gave you a heads up that a bounce was likely off the multiple support levels on the stock market & market-leading stocks, especially APPL, over 30-hours in advance. The market picked up today almost exactly where it left off Friday. Next time I’ll try to predict the bounces a week or more in advance since 3 days isn’t enough lead time…lol

When I first got on this site I was very confused because I would get out of a swing trade because of Randy’s analysis. It took me time to think of all his suggestions as active (day) trading and figure out myself from the charts if I should enter the trade as a swing trader. I have never heard Randy call a trend trade. It would be nice if he would state if he thinks it is an active or swing trade setup.

Thanks

Forgot to say, you can access the show on YouTube for free. It airs every Thursday.

Grains are a tough trade heading into the late summer/fall. I always like to check the latest “Market To Market” episode before taking a bullish or bearish trade in grains. “Market To Market” is a PBS show that focuses completely on US agricultural markets. The last half of the show always features a guest who specializes in agriculture commodities, and they usually have a good read on what to expect in those markets. In addition, the show features an extra segment called “Market Plus” that goes even further in depth with each week’s featured expert to talk more about current grains and livestock pricing trends.

Just opened position with that great green 1h candle