ShepWave

ShepWave Pre-Market / Intra Day Update for Tuesday. Again, So far so good. TIME CYCLE TURN COMING?
by ShepWave.com
Posted: 8/7/2017 22:51 EST

IMPORTANT NOTE FOR TRADERS PUBLISHED AT 4:08 PM ET USA.

I am receiving a great multitude of emails regarding today's intra day bearish reversal.

I believe I have managed to reply to most of you. Subscribers have been obviously at the top of the list.

I have just published a quick note regarding the short term trend and possibly the short to mid term trend.

I will be able to be at a computer around 10:00 PM ET USA. I am trying to reply to emails via my phone but it will probably be too difficult to keep up at this time.

PAY ATTENTION TO THE SIGNALS FROM TODAY. I WILL GIVE MORE CLARIFICATION LATER.

Until Later,

Shep

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Again, You JUST CAN'T MAKE THIS STUFF UP!

Monday's action was pretty standard: we saw the new highs in the Dow Industrials index AS ANTICIPATED.

Also, we did in fact see an upward surge in the QQQ (NDX) as anticipated.

Don't be foolish trying to call a market top prematurely. Remember we are always looking for the signal before assuming a top is in.

So read the notes and analysis carefully in the short term charts for Tuesday.

I know a lot of you long-timers simply trade the wedge patterns such as the one identified in the 15 min QQQ chart for Monday--and do quite well. Sometimes just sticking to the simple strategies is the best. Trying to get too greedy will always cost.

I have tried to keep the notes down to a minimum.

No matter what you are trading or what time you are trading, please read all of the notes in all of the charts for Tuesday. This is one way to learn the critical technicals of this type of analysis.

For now we will want to base a lot of our short term trades off the action in the Dow Industrials index.

Log In at www.shepwave.com for Tuesday's Pre-Market / Intra Day ShepWave Update.

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IMPORTANT INTRA DAY UPDATE FOR TUESDAY PUBLISHED:

Again, the major U.S. equity indexes remain predictable. Notice the critical short term trend lines as shown in the 15 min SPY chart.

We cannot make the indexes do anything. As technical analysts we simply define the triggers and various technicals based on the varying time frames.  I think it is funny when I get an email and someone asks me 'well why wasn't the trigger area triggered?' 

With that said, the major U.S. equity indexes remain very predictable---but not necessarily controllable. It is important to understand the difference.

Log In at www.shepwave.com for today's Intra Day ShepWave Update.

Reference: Shepwave.com is a technical analysis site for the Major U.S. stock indexes. We use Elliott Wave theory along with our proprietary indicators to give analysis for the Dow Industrials, Nadaq 100 and S&P 500 indexes. We specialize in trading the QQQ and DIA.