This chart of the Dow has been going sieways since last November. The trend lines allow for a maximum of about one more month before prices will have to break one way, or another. In either case, the break will set the tone of an Intermediate Term leg, either up or down, that will be eminently tradable. Based on extreme bullish psychology, i.e., Fear and Greed Index readings still in Extreme Greed, that break is almost guaranteed to be down, nonetheless, we will wait for a better risk:reward scenario, either a red down arrow or a break below 33,880. DJI Intermediate Term Trading Model Note that the EW pattern is labled as a Wave (1) and (2), implying a Wave (3) is next. What would a five wave sequence playing out look like? DJI Weekly - Long Term Forecast There is a lot at stake if the DJI breaks down in the next few days or weeks. If it doesn't our focus will remain mostly on this TSLA - earnings are out Wednesday - and to a lesser extent on TWLO and PLTR. Speaking of which, TWLO finished Friday with a nasty downside reversal, one that does not bode well for the immediate future, especially on a close below $65: TWLO - Friday downside reversal and Sell Pending < $65.00 Now look at the same pattern occurring Friday on QQQ, gap-up open, new high intraday, then closing negative on the day: QQQ: Same pattern IWM - Failed to make new intraday high on Friday, bearish divergence: Coincidence or looking back a month from now will Friday, July 14, 2023 be a top of major significance across all global stock markets? We will know soon enough. If the latter, expect new short positions (via index puts and/or VIX calls) to be sent out and posted in the days ahead. For now, "Top Pending" is the best I can do, but be prepared to aggressively trade the next Intermediate Term Sell Signals whenever and in whatever indices they get triggered. VIX - No reason to get excited*; which ironically is reason enough to start monitoring August/Sep calls *… No reason to get excitedThe thief, he kindly spokeThere are many here among usWho feel that life is but a jokeBut, uh, but you and I, we've been through thatAnd this is not our fateSo let us stop talkin' falsely nowThe hour's getting late, hey For Jack, RIP my friend
