Afternoon Notes - 4/19/2022 | Archimedes Methodologies

Good Afternoon:

I continue to wonder how we will all get through this unbelievably insane time we are experiencing.
The war in Europe is heating up, and there is no doubt in my mind that the Davos elites will drag us into it. It serves all of their purposes.
The lockdown of 26 million in China over the coronavirus baffles me. There has to be something more to it. We know that the virus is no longer a threat. And all the Chinese are vaccinated. Scary!
As evident in the chart above, the market ended up massively unchanged today. The Head and Shoulders reversal pattern continues to form on the daily chart. While bullish, it remains incomplete and unresolved.
The early May Fed meeting will be the key, but price could take a direction early.
That leaves us at a pivot point with not much edge to determine direction.

But as can be seen from the hourly chart above, there is also a Head and Shoulders Top completing its measured move inside the intraday time zone. This would be the start of the right shoulder forming on the daily chart at the neckline.
The WEM range is also marked. Since the market is unchanged today, we remain in the middle of the range. Remeber, we look for longs in the green, and shorts in the red.
The red line coming down is the 5-day EMA, holding the market down. Until we cross above the line, sellers remain in control.

Finally, at the granular 5-minute level, the market stayed right inside the daily expected move boundary and found resistance at the 4400 hedge wall, as pointed out in the Morning Notes. Our pre-announced support and resistance held.
The Founders Group took a long trade round trip off the first low on an Algo buy signal for $925 per Emini Contract. The second rally occurred in the last few minutes of the close and after hours when I prefer not to trade.
The market was trying to pivot higher into the close, a positive sign, but it ran out of runway.
Options expiration should now be complete – so onward and upward (hopefully) to the next crisis.

Stay Tuned,

A.F. Thornton

Afternoon Notes – 4/19/2022