Saturday Review

I’m sending this week’s Saturday Review immediately since Adobe’s last-minute URL-switch delayed many attendees from entering. The beginning thoroughly examines the current relationship among the three major indexes. If anything, it has worsened, without yet being reflected in overall trends. That doesn’t necessarily require the next leg to be that reversal, and often a final unified bounce develops first. So, we examine both possible paths, 1-2 derivations of those paths, and then also consider the potential for rally extending anyway.

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okay good morning and welcome it is Saturday it’s time for the Saturday review we will be doing a hard break at 1030 at the latest preferably a little bit before that but if you have stocks post them when they come to you and we’ll work them and try to get all of them anyway and if any questions come to you as I’m going through the going through the description discussion of the market please post those I mean I get to my way but I will address everything so where are we and the first thing first answer to that oughta be really where are we not what I mean by that is what could have happened and didn’t because what could have happened last week this week was certainly within proximity to Pryor High that was last Friday morning Pryor High on Friday morning and reaction to the employment situation report no no no no sorry so in the morning failed to maintain it and as a consequence missed last week an opportunity for a new trend I close on a Friday we had one of those apple and add portfolio manager smart enough to be involved and that’s where he’s being involved that is in the the Dow 30 type of stock Blue Chip widely followed very liquid pretty consistent or reliable earning streams dividends everything that we all want in our retirement safety they have to be involved but they can’t be in the speculative issues anymore and of course the control group is S&P the S&P 500 not as down in the dumps as ndx but down on a pull back and certainly not on the terror not on the rally mode that the that the Dow is on getting an email someone who is having difficulty getting in just to be sure I did send out a follow-up it has been having some issues going out this weekend and so I’m assuming this is one of their issues that we come in and problem with the with the URL but what else do we know of speaking of the weather the wet X indicator itself is bearish wouldn’t know it to look at it from Friday afternoons price action Friday afternoons price action being influenced finally by the signal that’s triggered at Wednesday’s close it comes its influence comes online as early as noon as late as entering the bias environment 131 2130 and in fact entering the bias environment was no better than entering the noon hour although there had been a little higher high and in fact extending all the way through the bias environment through the final hours entry halfway through the final hour the entirety of that action is Niro raging is it was despite probing like the noon hour of temporary hire High and the final hour or the head of the final hour the final entry have improved a higher high everything it pulled back everything had corrected until that final half-hour so if we can dismiss that final half hour which isn’t optimal but if we can also point out that apart from this closed 24 3450 being touched in the final minutes having picked up basically three points from the cash session closed the entire day the cash session was spent in negative territory also more indicative of a bearish session in Polish so the bottom line is that I’m not dismissing the influence which is important for Monday morning because the wet X influence is exactly that Friday afternoon and Monday morning and if there’s any influence on Friday afternoon better influence in this we’d have a high degree of confidence of anticipating that influence to be more aggressive on Monday morning and I’m anticipating unless disproved by popping up Wednesday night add 25 7525 and outer case unfinished business below the expect that to be an attraction 24 1550 is unfinished business left outstanding Thursday morning 2412 50 last Friday’s low actually the the snap election vote reaction oversold are size they require retest have all of that gives way if that is being tested into the OR at any point during the day if not ever but probably if that’s if we get that much sewing pressure on Monday morning we’re away from the high the highs any gravitational pull that we can contribute to the highest probably your relevant at that point and rather than produce that fresh hi we would simply be looking for deeper pulled back deeper pull back being something on the order of a man is under 24 1250 really 24 1250s test likely to be a point lower than that then 925 2407 & 2399 do we need a new Hive two counts we do need a new high and do I close a new hi. Because on the morning couple Fridays ago the reaction to the to Britain’s elections and that’s still not right that is not the correct cause so in any case and reaction to the new high or while printing the new high are a size 1 in 3 minutes I’d simultaneously became upper body at the height that requires a retest the prior Friday while that intrenched the uptrend and told us that the interim pull back would be temporary still hasn’t been rewarded with its own new closing high that there has been a new High clothes that’s Wednesday basically but it’s so mitigated by probing higher the interim Friday by probing higher even that Wednesday morning the Gap up and that the new High clothes was within the all of those ranges it’s just not qualifying that’s not in the spirit of satisfying and fulfilling these buyers for that effort they made that produced a new I close on Friday so in 25 1250 pricetown first and then we have that 2447 or 2445 2553 outstanding is less likely now as much time as has developed to get out of this range that becomes much less likely to be terminal and whether or not that is immediately exceeded or whether that is interrupted by a dip to lower prioritize which will watch for the potential that in fact this is just a temporary false break but at this point if this leg is inserted in the pattern at this late stage probably a pullback would recover tell her hi so that’s one shade One Small Change potential I mean it’s potentially big change but just one small Edition new possible leg that would develop so the bullish pattern is actually to dip about 35 points here test 2499 and not just touch it but actually prove it or 2399 from 30-30 150 the cash Section Quiz basically or actually it’s lower than that 3050 if we drop this 31 points get that done probably at this late stage that means we’ve got much higher Highs coming not just back to 2445 2553 or 2453 but even higher right yet as far as looking at the comparisons and also as far as looking at it needs to hold on Monday morning it also needs to be and what end of this week but at the end of the following week so there’s no Saturday review that weekend but there will be next weekend that seasonal that seasonality tends to be bullish at least to the extent that it prevents selling off prevents or makes unlikely not necessarily enter of Richard a drop or even a one or two-day drop but an actual Trend reversal to the downside so if the market is going to complete some upside of jective and I do so on a timely basis so its position and if not actually not only position to but already trending down before the July for Holiday otherwise down Trend reversal of the rally or break lower from an ongoing trading range and other case would be delayed until at the very earliest right after July 4th typically though several days of protection after that alright I see a couple people made it in again I apologize Adobe is very odd and how they change the domains radically and I think that’s something that they are aiming to correct and their update that goes out tomorrow night the point to that being that the chart-room is unavailable I’m being told from 10 p.m. to 2 a.m. eastern Sunday night to Monday morning 10 p.m. to 2 a.m. they did this couple weeks ago as well when they’re when they’re and recordings were having difficulties they weren’t sinking appreciate it very much low volatility cause mood end prematurely it does that’s true that is a that is at least it causes the trend to to change the way a tense but if it’s a narrowing range this one hasn’t really been narrowing but if it’s a narrowing range it does tend to break falsely and One Direction before reversing in the opposite direction have more substantial and if that means small break in other words it’s narrow range low volatility range which is gotten shopping but still centered if it suddenly breaks higher that’s going to be a lot likelier to contain a peek brakes lower 2399 and reverses more substantially to the outside that’s going to be likelier to break through the 2443 or 45 that is 53 upside calculations please go back to the first part of the comparisons among the three major indexes and the problem persists money is big money is rotating into safety and how to have a great weekend take care

Friday’s big reversal in S&Ps and bigger plunge in NDX aren’t the end of the world. Not, yet. Assuming no substantial gap down Monday, there’s still potential to retest Friday’s highs, even a requirement for a new high close. Specific levels and characteristics of each, and the proprietary indications behind them, are discussed in this week’s Saturday Review.

 CLICK HERE TO WATCH

The following stock requests were reviewed in this order:
JPM, GS, MS, AGN, MOS, CRM, AMD, LITE

transcript:  —————– (06/10/2017 09:32) —————–
David B: Good Morning

Mark Glezer: gm

charlie: tks
—————– (06/10/2017 09:49) —————–
Mark Glezer: bearish relationship b/w indexes needs to manifest over a few sessions to be credible, current could have been just one day wonder, right?
—————– (06/10/2017 09:50) —————–
Bill G: Do you expect continued rotation into IWM?
—————– (06/10/2017 09:54) —————–
Mark Glezer: do you this might be the start of higher volatility period the mkt was lacking  for r a long time?

Mark Glezer: do you think?
—————– (06/10/2017 09:56) —————–
David B: This could be money managers that are underperforming rotating over the next couple of weeks into chasing sectors that have underperformed as part of quarterly window dressing?

ljr: stocks: AGN, MOS

ljr: LITE
—————– (06/10/2017 09:58) —————–
Bill G: With Dow, IWM, XLF and XLE up, it did not look like a move to cash?
—————– (06/10/2017 10:01) —————–
Mark Glezer: how long do you think this top would take to form – a week or two possible?

David B: can one assume if the market is up or down on a friday is not strong hands?
—————– (06/10/2017 10:06) —————–
David B: closing under what level for two consective sessions would take one more close high off the table for awhile?
—————– (06/10/2017 10:10) —————–
David B: CRM,AMD
—————– (06/10/2017 10:22) —————–
ljr: any preview levels for wedex?

ljr: ok.

Bill G: Thanks

David B: Thanks

ljr: thx

charlie: tks
—————– (06/10/2017 10:24) —————–
Mark Glezer: thx much

===

phonetic transcript: okay good morning good morning and welcome welcome back Saturday Saturday review starting now and the first of all thank you everyone for taking time from Saturday from the weekend I have to make it worthwhile help me out any questions any comments when they occur to you please don’t hesitate to post them I make them around in them naturally or I may benefit we made all benefit from the prompt so how are we we are sick not me I pointed this out in the announcement for the Saturday review the market has a little problem here now if this were the extent of it nobody get rid of this app tation notation anyway if that were the extent of it that is just the S&P is or if the rest of the major indexes look like this we wouldn’t have such a problem wouldn’t have such a problem but in this case what we have is in the reason let me just sorry the reason why we wouldn’t have such a problem is because it looks horrible that yesterday from this trading range from this trading range there’s finally a break out if you aren’t looking at the days you would know that opportunity and that was to actually close on a break out yes but also on a new trend extreme and just like last Friday we were here 1 week ago today and requirement for 2415 got 20 for 12:50 In the Heat of it all all held number of other lower lower levels you got the pivotal low basically sat as critical of a pivotal low that the pivotal low of the trading range that tried to break out yesterday that held all of those held their Tessa support and so that is recovered through the clothes and so there’s potential to have trapped shorts near-term sewing pressure is done what is distribution distribution is strong handed sellers or strong hands selling into strength strong hands big money they can’t get away with selling into weakness when they sell in the weakness there is one thing inherent and one thing implicit one thing and here it is if they’re selling in the weakness and they’re strong hands are just going to make price even worse and evaluations if they were locking in China Wok in on the cell they’re already gone by the time their next round of chairs yet for sale implicit if there’s strong hands and they’re selling that they are selling because they force evaluations dropping anyway so that’s why strong hands tend to sell a head of that valuation turn this would be distribution the past week this is an attempt to get to another level this is basically I think of a helium balloon hot air balloon dumping all of its ballast or a lot of ballast and then it lives up again catches another current this is a pretty quick turn so we now have a by the way these sellers didn’t get anywhere to the degree that they were that productive they were probably that productive because it was a Friday what were they selling what was getting hit even more so so that we can go over to and kids to NASDAQ MDX tremendous tremendous downside Friday very shallow up side by the way much shallower break shall we attempt at the same time but by the time that so here’s a trend up around pulls back here’s a trend and you can see the education and why not I mean everybody sees that there or that’s where they decided things were ever bought are they pulling the reins and the market collapsed but it’s covered it’s a little hesitant to get through there so the same level and then you can see very clearly the Gap up the steeper slope the Breakout the difference sentiment that is a lower Pryor hi it’s not any less relevant than what I just described with that synthes they tested the lower end of their ring and recovered the equivalent here for smt’s would have been a little bit higher balance and through the open certainly probing under the week’s range but then to close up here huge differential but similar character because once and q’s sought-after Next Level look at have a just likes the right through that lower Pryor High that was a good candidate didn’t matter but found a lower-priced it closed above it so somewhat similar to S and q’s have found a lower pressure high in the near-term that robs sellers of a lot of traction just as it did in es one caveat is that this is a weekend you know how to time heals all wounds it can do the opposite not make a wound any worse but make a victory long seem forgotten that was a victory If This Were a Monday or Thursday pattern I would definitely be looking at this bouncing bouncing overnight holding a retest the next day that would be absolutely that template is very difficult to shake when that template is shaking win regardless of what I just described having held lower prioritize or some relevant support through the clothes when that’s broken anyway most often that’s over the course of a weekend time heals all wounds it also makes those victories seen forgotten so how do we know what would happen well on Monday we won’t just dip back down Post open to Friday’s Lowe’s on Monday if in fact Fridays drop and regardless of having bounce to close back above these lower price if Friday’s drop is going to extend its going to be by new sponsorship this sponsorships done that’s what closing back above that successfully tested support indicates that sponsorship is satisfied this is nq’s don’t forget so Monday will Gap down if it’s going to be a bear session it’s going to start by gapping down in a sense of extending Fridays to climb we can also rally org app up or something very substantial to the outside overnight and then back down intraday but for extending down deepening Fridays drop it would have to start by going down similar time frame on Monday even if it’s later tested or if it has been tested over night and being recovered through 9:45 that doesn’t mean it’s straight up from there but the resolution is up just a matter of timing backing and filling if necessary but sellers for that leg would be done so we normally do this at the end compare the three major indexes Ps and Qs and the Dow that this is a major change normally there’s not such clear evidence of any Trend change that’s really are focal point today because here we just showed ESR control group nq’s a reflection of speculative activity in the to the degree of the Russell or not even a degree but that type of clientele that the Russell attracts NASDAQ Composite these are the bigger if there is a blue chip growth index or growth compilation of stocks it would be the end kids these are and also Blue Chip means by the way more widely followed the longevity of the company’s history the market cap so that big money can move in and out with more liquidity more liquidity than the smaller cap stocks perhaps on par with with the with a GM so Microsoft video the things so when a fiduciary or institutional money or index-tracking brilliant hedge fund wants to increase their exposure to more speculative or economically sensitive components or stocks companies I’m sorry this is where they go so this is a reflection of big money and their taste or appetite for speculative interests let’s look at the opposite end of the spectrum the down the Dell is going to be big money that has to be invested and that’s really the whole point we’re looking at additional monies maybe mutual funds that have a mandate to be invested but they can still in the NuvaRing Oregon indexes where they have two or all they care to is match the markets performance but they are smart enough for their on the forward enough front lines to know that things are shifting or things aren’t going to keep the same Pace or they’ve gotten ahead of themselves and it’s time to rain in their horns a little bit but they have to stay in stock so they go to that blue or chat for the literally literally specifically the Blue Chip specifically the older companies again why we followed huge market cap unlike and q’s very consistent earnings probably dividends more reliable and where they can see why if things hit the fan and that’s of course the Dow and so what are according to the Dow and according to the Dows performance relative to an cues and the gas for that matter what’s the dad doing is this even in the same time frame it is night and day poked its head up yesterday morning already been doing that today yes back above its prior Lowe’s that have been probed the debt and q’s back above it substantially lower Lowe’s lower Pryor High as that is to at least told them through the clothes Dow was recovering for a new High clothes now wasn’t a new High clothes are closed above all prioritize but it was a new High clothes new trend I close the Dow isn’t predictive it doesn’t lead the way so it’s not requiring their requiring there to be an eventual are close but we do still have in fact from last week in the ES we do still have outstanding that requirement because even though yesterday morning probed higher highs it didn’t close higher this new trend I close on a Friday just for being a new trend I close on a Friday requires an eventual third an eventual higher clothes new trend I close which by the way not just optimally but means above all prioritize above Fridays hi that’s still outstanding we didn’t have to get at close about Friday for 4350 until Friday failed to hold that probe there just closed above these prize but now the requirements even greater which is fine I’ll be we still have projections at 220-445-2453 this is Basis set so okay so probably not done got over butter size at yesterday’s high we’ve got oversold are one minute after the open away from the reaction to a headline to produce the when tractor is done prematurely premature ends to selling pressure in other words impatiently rallying or one of the signs of a top forming not that a top has formed here’s impatient growling remember Thursday sellers didn’t gain or Thursday sellers gained attraction for the reference the bias environment was exited onto the noon hour slow in the final hour was entered lower the only way that’s overcome durably is by gapping up above the priors High or at least gapping up to it and extending through it through the open for the opening 15 minutes about Tony yesterday didn’t do that yesterday’s open gapped up to well Gap and extended to Thursday’s hide but by 9:45 had not recovered it that doesn’t prevent extending higher just like Thursday’s sellers having gained traction didn’t require or didn’t didn’t resolve down there’s ways around at gapping up above Thursday’s high would have done away with these sellers having indicated that they’re stronger hands or growing because the market extended higher anyway it was built on quicksand that’s the whole reason why we even considered a cell signal on a Friday probing new eyes why we knew that if this had gotten if this is been triggered that meltdown quote on quote was likely so now that’s happened in itself out of the way it was on a Friday it looks like it was because of the size but to give away said it’s not the size of the move on a Friday and also that that question do I think this might be the start of higher volatility. The market was lacking for a long time yes I think necessarily when the market or when the direction changes that it has to be that it’ll have to be a much more volatile. And that means it can mean trending throughout I mean an entire session can open here and trim down through the clothes and a very orderly fashion and still be more volatile if it’s entered a range is compared to Prior ranges but I do look for a lot of choppiness and the next leg down again sooner that this late or that this sooner that the wants to get past this it can do so by immediately resuming the rally on Monday and be done with it but if it does it in a way that is not as likelier but still just as much potential to First retest Fridays how I first neutralize the requirement outstanding for new High clothes you had a more solid top or or more developed top then the path down is initially going to be chopping and their form of more volatile question this could be money managers that are underperforming underperforming okay this could be money managers that are underperforming rotating over the next couple weeks into chasing sectors that have underperformed as part of cordially window dressing question and the point is to the end of the quarter off and with that produces is chasing the winners so if they’re going to chase underperformers the laggards or rotate out of the winners or do any rotation at quarter and usually that’s as it’s called window dressing because they want to pretty up the place so they’ll be chasing the leadership but as we saw yesterday I haven’t investigated them here for us but as we saw yesterday Facebook’s look all the way to the right Amazon for Jeff Beezus write down to a very critical support almost Apple Microsoft Google Netflix that’s the huge discounts here these are still substantial performers and so it’s not a stretch to look for the big money doing their window dressing taking advantage of these suddenly lower prices question with Russell retailers wives Wednesday cordially chairman press conference Q&A those are always fun to trade Thursday the Boe Friday boj and quadruple which expiration so definitely a lot of catalysts out there question can win assume if the market is up or down on a Friday that it’s not strong hands not necessarily it’s one of the other way around that if there’s a strong move on a Friday afternoon and morning about the continuation of a move but if 4 if we’re looking at any kind of new new paradigm so if the market have been trending even if it hadn’t been trending down just been trending big big days and Friday went Friday afternoon was big that wouldn’t speak to anything but on Friday afternoon that’s just not win big hands strong hands are acting not predominantly they’ve already positioned based on where they anticipate any economic report that might be coming out and there really wasn’t any as the cause they are more more active in the middle of the week that’s where we get our wet X Wednesday expiration in Decatur again because they need to liquidate question closing at what level for two consecutive sessions would take one more clothes high off the table for a while there really isn’t a setup like that I appreciate that the point of the question but they that would be a totally separate signal in conflict and we wouldn’t be able to it would be having the unfinished business above having the unfinished business above smps requiring a third or an adventure close and then suddenly there were a trend change signal for instance like this was an opportunity here closing under Wednesday’s low the interim low between to new highs not a great one because there wasn’t a new High clothes at it was that that was an interim love but that sort of setup that if that’s what you’re after that would just be in conflict with the outstanding expectation or requirement for for a new I close it wouldn’t be it wouldn’t be a function of it so wouldn’t set at or delay it it would just be a challenge to juggle them alright okay let’s do stocks real quickly I have a hard finish today in other words got to finish this sat basically 15 minutes from now 25 after will do as many stops as we can do in that time and if I can’t get to them all I’ll do them later but as far as Saturday review I see a couple before however say it you know last week I kept promising to get to the Prudential stock and I never did interesting set-up say had been very distributed in fact let’s do couple so I really want to bring those back so for instance JPM so through last week massive topping Head and Shoulders type action first warning shot across the bow nice weeks this week I think there’s a lot of talk of Dodd-Frank that’s driving some I don’t get why that is beneficial to the bigger financial institutions that basically have Protections in Dodd-Frank from barriers to entry or higher operating costs to their smaller competitors but it seems to be working out anyway cancels did well I think this is a correction now Goldman nice week but you can see relative to prioritize nothing accomplished except a lot of volume coming into higher for Lowe’s on Morgan but generally distributive patterns okay so let’s do allergen keep posting stocks of the two from everyone and come back around also pretty distributive pattern on allergenflyer distribution up here so my question is is that already played out the time for a correction this is if you ever see this level or this range I should say up to 264 we’ve already had some glimpses of the lower end of the range 255 that’s a very tough area to get through I suspect if it has higher highs in it back above 236 for instance there’s a chance at one more thrust Tire I would look for some sort of probe above it briefly say to fill a gap and then to resume the decline but meanwhile back under 205 says the decline is already presumed I would be awesome it’s the right down to support here right this resistance at 12:50 support down in this range down to 1064 pretty well to find range pretty good at defining that range which by the way tried momentarily breaking higher on Thursday really good volume into that into that entire balance It really looks like Friday is broader Market problems threw a wrench in amd’s intent which still seems to be to break higher having avoided this cell signal having held this support so unless AMD and Intel AMD would have closed under 1064 it looks like it is trying to chip away at resistance and it is trying to extend higher as a trade and look for the 1465 15 area I’m still need to get out of a 1466 to Signal a noob rally what do we have up here when I started Tesla ready for 10 the tank stocks this is just been obviously it amazing stock it’s been one of the ugliest patterns this was a very difficult. To chart then add seems to be a little more predictable lot of resistance up here and like to see a retest of that high but at some point these lower prioritized and a 323 that is substantial move in the scheme of things but if that were to break lower this is already corrected there’s no support here other than lower prioritize and a book ettore bounce off of that wooden next Target 280 20% down side any others several minutes here but if not that more that it okay twice any preview levels for wed x Wednesday morning appreciating have a great weekend

Has there ever been so much negativity surrounding a market rally? “The last time P/E vs. Interest rates were at this level…” “The last time insider sellers vs. buyers reached this degree…” The last time the percentage of volume was concentrated among this small a portion of stocks…” The last time index gains were attributable to so few stocks…” We get it.

Those data are all correct, of course. But the last time the market rallied to new highs amid such extreme negativity… it kept going. The last time, and every time. At least, in the near term. Or, at least, immediately reversing down proved only temporary.

In fact, this week may launch immediately into a correction. Primary indexes are all simultaneously testing a 62.8% projection of their recent narrow bases. That’s natural resistance. And now that the week has ended with at least two structural developments entrenching the uptrend — confirmed breakout, and new trend extreme close on a Friday — at least one more higher close is required.

Fulfilling that upside requirement may be the most bearish metric possible right now. A bullish scenario would draw upon the counter-intuitive: A correction that renews the spirit of the battered bearish opposition would keep alive the uptrend.

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The following stock requests were reviewed in this order:
GDXJ, IBB, GDX, STX, AMGN, CELG, REGN, ETH

Transcript: Tthe last month of the quarter starting now and so we’re going to come back to that just keep everything in mind this is a quarter bu if things start to happen as we enter the final stretch one thing that happened into the final stretch into the end of the second month of the quarter and intuitive women’s Choice report is optimism excessive optimism not necessarily extreme optimism optimism suggest that we’re at a peak Wednesday Wednesdays that position the market to actually Gap up above prize didn’t do it flushed right out and how big is on Wednesday Gap up or maintain a gap up above the upper end of the range but wasn’t rejected the way Wednesday had been again optimism as soon as the bias environment started lapsing rallied the way it would have rallied had the open actually gapped up above prioritize the way the morning would have ran late at the open gapped up above prioritize the way we would have anticipated it Haven but we still had by signals and place and they took off as well the point is though that’s a lot of optimism ahead of and employment situation report and employment Swiss report was anticipated very optimistic Lee as well not just the prior day but overnight until just hours before and then the reaction it was a little excessive that optimism at that point and the reaction took us back down to the overnight ranges low right there despite there being a new glove xtrend extreme that required being tested intraday off in the same day but not always despite that newly created unfinished business above the market the open was in proximity to the overnight low and had that overnight low been broken through the open the market would have broken free from the gravitational pull or the orbit of the overnight High and remember Wednesday back here that would have been the effect the objective being 2150 2250 and that was avoided so is that sellers are not just not strong handed they are Their Own Worst Enemy because they keep making it easier for buyers to step in buyers are excessively out or not not excessively overly optimistic extreme or not right not extremely optimistic but excessively optimistic and we can tell that from the slopes we can tell that from the pullbacks there is no lower low and any of this there’s one overnight and that’s not matched through any other there’s the last low overnight Thursday night fresh low on it you need to to reverse the trend and you don’t get it. Overnight not until intraday is there a pull back when we remove the overnight from the equation move the overnight from the equation I had a Fridays open not even detectable this is what I call a Satchel Paige rally Satchel Paige Kansas City monarchs baseball team famous for saying don’t look back you don’t want to see what’s gaining on you and that’s where this markets at where this leg of this stage of this kind of a market is at it can’t afford correction not a deep one not a complete one it doesn’t have a kind of sponsorship sorb buyers sufficiently so that and still have leftover to resume the rally and so it’s steep gettin It’s Gettin his much distance is a can a head of items so that they don’t reverse the trend by breaking under so it’s because now on just the next hour hour-and-a-half so we know though there’s at least another day of rallying out there because of two reasons one is here’s a multi-session range multi section range not starting last Thursday but between last Thursday and Friday we’ve got two sessions in the same range multi session in fact that extends to three sessions in fact that extends the four sessions this probe below the three sessions opens within the range closes within the range two sessions will suffice but this is a multi-session range that breaks out Thursday afternoon and that is confirmed we want confirmation second consecutive clothes confirms breakout confirm breakouts require at least an eventual third higher close this is entrenched as well because this is a Friday and it’s a new trend high or new trend extreme and other direction on a Friday that to forget about the context of a multi-session ranger the prior session bingo break out this alone these two conditions the new trend extreme and it being a Friday also don’t happen unless the market is just not necessary so sure of One Direction but so unsure of the other direction to such an extent that it produces a new extreme clothes Trend extreme close all time just for that trend but on a Friday and that tells us you can see it on Friday 2399 instead it was 20 for the 250the real value to the next Tire close or I’m sorry too knowing that a higher closes coming is that the next Tire close isn’t so long as Monday doesn’t immediately fulfill that newly created outstanding objective of at least one more higher close so only as Monday and maybe even several days where to begin a pullback correction remember stay away from 2401 7524 e 275 so long as the next leg is already under or the next day is already beginning and pull back the deeper the pull back the more upside that we have a reasonable expectation of getting because there will be an outstanding are close immediately fulfilling that are closed on Monday robs us of that information immediately pulling back give us that information to know look for a spot to get long could be these lower prize 2415 I don’t think so though I don’t think that deep of a pull back if we do get an immediate fullback before resuming the rally and why because we’re in the Satchel Paige face were in the overly optimistic face can’t afford too deep of a pulled back or whatever is behind us we’ll have gained on us we don’t want to see that 1750 up to 24 just eyeballing this we got lower prioritize here from Thursday afternoon 2575 so these are levels that I want to look at it for testing them on a pulled back so negative need jerk reaction to something happens over the weekend or Monday morning in any case we could be on our way to a fresh High clothes and another new High clothes that would satisfy that objective and something to rails that or two rails organically and any case doesn’t produce that fresh High will definitely want to know where we might want to consider buying for that recovery that highly reliable recovery to a fresh dried clothes here’s a bigger picture chart we’ve got Marcus High it’s fullback correction Breakout breakout never got to a fresh eye before correcting or Not Afraid close at least that required any follow-through wasn’t a break out clothes on a new high that’s why that fresh I entered a was so vulnerable to what did follow I’ll be it quickly worked out this continues to be a market that when trending when it tries poking its head out is very vulnerable to abruptly reversing the trend the major moves here are being made mostly from within the range to the upper and and then briefly above it this is one of the first multi-session probes above a prior High in a while so having closed above 24 24 25 next time for noise of 24 4750 up to 24 5525 now there’s another measurement in here we’re kind of removed from it it was more in target range or more in proximity priority yesterday’s open but that would have been too close back under 24 2150 is closing under 20 150 what already start the domino effect some support some lower Pioneer 2415 but start the domino effect of they’re just not being any Escape maybe we get off of 2415 depending on how that’s met if it’s not staged over a couple sessions if it’s quick pull that Band-Aid off cover intraday but we make a couple of lower closes under 24 2158 2415 and the next legs a doozy remember 2399 support really not existent maybe obligatory temporary but that pretty much ends the rally gets his down to 8384 lower and then certainly no bullets reason to revisit this so looking at the markets are stacking up compared to each other the three major indexes that reflect speculation conservative investing and then the control group let’s measure that in terms of percentages so whether or not the base is stable by being lengthy and choppy or whether it’s unstable by being briefed and shallow the percentage Remains the Same and in this case 161 8 lot of resistance their resistance at 6180 no coincidence really that we spent two entire timing windows or an entire time we would have basically into the final half-hour on Thursday fluctuating around the 61 8 if that extends to 6180 pretty much gives us out to 4755 so what’s going on with the speculative kind of different speculative kept poking its head up just another reason why we weren’t looking for a new bear Market we were more expecting at least a correction or and most agrex I should say and q’s don’t lead but they certainly weren’t reflecting that bigger money and there’s only a hundred sides here they tend to be the highest-profile most widely followed among technological including by attack other growth things that cetera and so this is where bigger money has to go because they need to liquidate and the same measurements get us pretty much to 261 8 we take the upper end of the range it’s last relative High but discount that that I’m sorry Wednesday session and q’s already to 261 8th and exceeding so not showing any signs that the speculative fervor is wavering and then the Dow which was a little bit better at completing that correction we don’t even have a last relative hi to measure from that’s it is 61 8 not 161 8 not 261 a projection but just to 61 8th and that’s not to say that the down this is he really has that much more potential upside has some please don’t really have that much more potential upside just because and q’s have outperformed to the tune of 261 this is a normal alignment not specifically to the calculation Advanced going to continue in advance that if it were blindsided with something would likely recover this is a normal relationship again top do you get less attractive to be less attractive to new buyers just something about that ratio during natural ratio that has a psychological effect am a psychological effect so there’s not per Tutti for a pullback but from those levels are not in her sleep on those levels but from those from that relationship where the speculative is leading and the conservative is lagging probably not durable reversal if there is one and it’s some point or reversal that we need to be bought for a retest of the high and that is if the patterns don’t extend anyway and if they do extend any way from these relationships and from these calculations it seems counterintuitive to say that just makes the legs shake Yer or the bases less stable that’s just more of the Satchel Paige Behavior because eventually they all have to turn around and look and some things gaining on it this isn’t it still not at so wouldn’t be surprised to see the week start with an immediate pull back because all three major indexes are at a 68 or derivative and q’s being the only one that’s really exceeding its and then only very late in the day and higher objections to play and higher closes are now at standing that would so we’re going to recover we’re still going to be today or in that regard the last time this happened so so then see price went out against that contact renette contacts against that negativity is really the only indicator that you ever need in the bigger picture between that and following trends making sure that longer-term you’re not short something that’s in an uptrend or getting aggressively invest in something that’s get to break its downtrend those are the bigger picture tools and those bigger picture tools are telling us we haven’t yet talked or if this is part of the top it still has our highs to come which doesn’t tell us what’s going to happen Monday it tells us how to react to the possibilities on Monday any questions about any of that let me know otherwise let’s get into stocks