Apologies off topic here. But I couldn’t help noticing this price action in Microsoft on the weekly. Could be setting up nicely here. Such a parabolic move.

Yes, I think so & also because SPY & /ES falling to those levels also coincided with QQQ falling to the 60-minute uptrend line posted earlier. As such, that’s where I reversed from short to long for what I expect will just be a relatively minor intraday bounce & then back short again soon.

Just one more example of where the news either follows or coincides with the technicals (charts). /NQ broke down below that 60m rising wedge earlier today & was backtesting it from below when that news(and technically)-induced spike down came. There are typically two objective short entries when trading a bearish rising wedge pattern: 1) the breakdown below the wedge and 2) a backtest of the wedge from below, ideally with just one backtest, especially if it is followed by an impulsive rejection off the wedge.

Yes, the weekly crude inventory report at 10:30 today caused a spike as it almost always does (initial rip or dip) but technically, just looks like a run of the mill stop raid to me that very briefly & just slightly enough took /CL over that 57.54 R level to make a nice stop-clearing raid on the shorts & sucking in some more longs before sending /CL back down & triggering a sell signal on a break of that minor uptrend line I highlighted earlier today. The fact it popped 57.54 to clear the stops makes the short trade that much better as it likely took out a lot of shorts (who now won’t be covering) & sucked in new longs that are already underwater & will start to have their stops hit (sell) if crude continues much lower.

US equity futures suddenly tumbled after Reuters reports that the signing of the US-China trade deal could be delayed until December as terms and the venue remain unclear.

Randy, any input on these pretty large whipsaws today in CL and ES/NQ. I know the CL inventory report started that one off but its been all over the place the last hour and just now ES dropped 10 points in seconds and I cant find anything in the media?

I’d consider a stop based on at least a 2:1 & ideally a 3:1 or better R/R calculated using the difference between your entry price(s) & profit target(s), dividing that number by the R/R factor (e.g. profit potetnial divided by 3). I’ve just tweaked that first support/target level on my /NQ 60m chart down to around 8133 (actual support/unadjusted target) & the second & my current preferred target is still just above that 8040-8050 support zone although it’s going to take both SPY & QQQ also breaking down below the 60-min uptrend lines to get there. It would also help to see /NQ close the 11 am 60m candle below the 10 am (previous) candlestick.

Just passing it along as a quick & unofficial pullback trading opp. As far as the sell signal, there isn’t any well-defined horizontal price supports just below on either /NQ or /ES in which to say that a break below a certain price level would trigger an objective short entry.
In this case, we have a fairly well-defined uptrend line on the /NQ 60-minute chart but the thing about trendlines is that they are dynamic, not static as price support & resistance levels are. In other words, the breakout/breakdown level on trendline changes as time moves forward due to the positive or negative slope of the TL.
Typically, I look for an impulsive break below a trendline or wedge pattern (e.g.- a big red candle on increased volume) and/or a 60-minute candlestick close below the TL. I’m only passing that along for active traders looking for short-term trading opps an not as an official swing short setup as I just can’t make a strong enough case for considering an official swing short on the indexes at this time.
The point of this post was also to highlight or more so reiterate (based on my analysis posted yesterday) that the risk-off assets such as Treasury bonds, gold, silver, etc. appear to be set up for potential bounce trades and should the equity indexes pullback 1% or m more soon, as I suspect, that would most likely be the catalyst for the potentially bullish developments in the charts of the risk-off assets that I hightlighted yesterday to play out for a bounce trade.