Sunday June 26, 2022 ISSUE 49
Don't forget to sign up for the Upcoming "EasyLanguage Forum". Where Sam Tennis and I will be covering EasyLanguage from Beginners to Intermediate.
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Samuel K. Tennis is world-renowned as "Mr. EasyLanguage" as he was the lead programmer, designer and programmer of EasyLanguage when he was working for Omega Research, which changed its name to TradeStation in 2001.
Sunny J. Harris has been a professional trader since 1981 and author of "TradeStation Made Easy!" She began using TradeStation & EasyLanguage (at the time "System Writer") since 1987 and has been a TradeStation Beta Tester ever since.
Sunny and Sam have been friends for more than 30 years and are partners in writing our upcoming "EasyLanguage Object-Oriented Programming Made Easy!"
I have added two new pages in the Reference Section: Diagramming Sentences & Parts of Speech, and Taxes. Take a Look.
Some of you asked that I notify you when I buy back in to TSLA. Here it is: TSLA has given several bullish signals on SunnyBands and DMA_H since its first recent on on 5/13/22. If it goes up on Monday and breaks the DMA MidLine I'm buying again for a ride to 829ish. If the trade happens I'm going to keep a close trailing stop as protection.
If you haven't yet had a chance, please take a look at my Podcast: "The Sunny Harris Show! with Sam Tennis". It's FREE. Listen while you Trade.
The most recent Episode is an enlightening visit with The OptionProfessor, Jim Kenney. Past episodes include: Glenn Neely (Elliott Wave Expert: neowave.com), Perry Kaufman (prolific author and master trader: kaufmansignals.com), and technical Rock Star Tim Slater. Upcoming espisodes include Adrienne Toghraie (traders coach: tradingontarget.com) and Michael Filighera (Elliott Wave master & Trader: tradershelpingtraders.com), David Kosmider (tradingresearch.com) and Wally Olopade. I listen to Podcasts while I trade! You don't have to just sit there and listen.
Don't miss these Podcasts! These have been delightful and enlightening interviews into the lives of famous traders and their take on the markets.
This coming week we have several important reports coming out that will likely affect the markets. We have some important stocks reporting earnings: SNX, CGNT, ROIV, EPAC and more. In addiction, Reports next week are G7 Meeting, Durable Goods, Crude Oil Inventories, Goods Trade Balance, Wholesale Inventories, HPI, Consumer Confidence Manufacturing Index, FOMC Speaks and more.
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QUICKLINKS: VantagePoint | Last Week I said | Dow | ES | SunnyBands Implications | Trading Room | Automated Strategy | Multiple Timeframes | Stocks | Oil | BitCoin & Etherium | Gold | Bonds | Diatribe | DEFINITIONS| Quips & Quotes
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VantagePoint ai Prediction for Tomorrow
VP clearly projects the anticipated direction and magniture of tomorrow’s market. You can use any symbol; I trade the EMini S&P. My read of this clearly the market is poised for further move upward. All three moving averages are under the zero line and pointing upward, further confirmating the anticipated direction.
The VP projection for tomorrow is for a high of 31,596 and a low of 31,226. Friday's close was 31,500 with a low of 30,846 and a high of 31,517. The prediction calls for a slightly higher hign and a lower low. Not a lot of movement predicted after 4 volatile days of up movement.
All three MAVs are pointed upward with the short- and medium-term above the zero-line and the long-term looking like it could go above the zero-line. If this is a bear market rally then the long-term MAV might not make it and begin to turn downward again.
SunnyBands Implications
Dow Jones
The stats for the Dow are:
Last Close: the close Friday was at +31,500.68000. Change from last Sunday (+/-) (+29,888.78000) = +1,611.90000 Purple or Gold on top? Purple UOB = +32,939.24873 UIB = +32,363.76340 MidLine = +31,385.62315 MidAngle = -86.4751 LIB = +30,407.48290 LOB = +29,831.99757 Above/Below 21-day MAV = 31769.1205 - Below Above/Below 50-day MAV = 32514.9706 - Below Above/Below 200-day MAV = 34389.4156 - Below Color of DMA_H = DarkGreen
This tells us that the market was up 1,611 points from last Friday's close (phenomenal) and yet Purple was on top.
In fact, price is just barely above the DMA MidLine and yet the DMA is beginning to turn to Flat. That could mean that the huge upward pressure is about to become choppy with action trying and not succeding to continue its upward movement. The Dow's MAVs show price is below all three, which it has to break to continue its upward movement.
The DMA_H turned Green on 6/21/22 signaling a Long position. It could easily turn on us as it has many times since 3/31/22 in its downward progression.
My guess is that we are not seeing a bottom in yet in place. There are heavy trendlines that say we are still in a Bear market and this is likely a Bear market rally.
Be careful with your long positions.
S&P 500
The stats for ES are:
Last Close = +3,916.25000 : the close Friday was at +3,916.25000. Change from last Sunday (+/-) (+3,675.75000) = +240.50000 Purple or Gold on top? Purple UOB = +4,128.88823 UIB = +4,040.75490 MidLine = +3,892.36080 MidAngle = -53.3097 LIB = +3,743.96670 LOB = +3,655.83337 Above/Below 21-day MAV = 3935.7143 - Below Above/Below 50-day MAV = 4050.9500 - Below Above/Below 200-day MAV = 4390.8988 - Below Color of DMA_H = DarkGreen
The DMA_H is clearly Green with the Long signal occuring on 6/20/22 from a close of 3,716. That's 200 points profit to date. And, of course, that's $10,000 dollars at $50 per point with ONE contract! In just 5 trading days!
Yet, Purple is on top which puts downward pressure on price action. Purple has been on top since 4/25/22. And, shows no turn as yet.
The ES is below all three of its MAVs and needs to get above 3,935 before confirming an up move. That's not much, but will likely encourage more up movement.
The ES shows an Attractor at 3,888 and another at 4,084. These are the areas that would have to be transgressed to establish a new confirmed direction.
The ES pennant formation shown above reminds us that if price breaks out to the upside it could start a new trend in the direct of the flagpole.
Today the high of the market pierced the flag, but the close did not. We are now still waiting for more evidence.
The Dow shows an Attractor at 31,416 and another at 32,511. (+/-) These are the areas that would have to be transgressed to establish a new direction.
I also see a pennant formation stretching back to 6//2/22, which would say that the former direction would resume when the pennant is broken to the upside.
My guess is the market will now enter a period of congestion until it decisively breaks the DMA MidLine.
Fibonacci Retracements and Extensions
Fibonacci retracements show us that the 50% extension is at 4,213. That's a long way up with Pennant formations right at that level. If those are broken its all upward from there. The 23.6% level is the next immediate level that must be penetrated. And, it lies at 3,900. The 38.2% level is next at 4,073. Penetration of these level is key to upward movement. At the same time, price could easily move to 4,073 as a target.
Last Week I Said
I would not be surprised if we see another Bear Market Rally, however. Just enough to fake people out. I wouldn't believe it though.
Stocks
HUM
The stats for HUM are:
Last Close = +456.81 : the close Friday was at +456.81. Change from last Sunday (+/-) (+428.44) = +28.37 Purple or Gold on top? Gold UOB = +469.21 UIB = +458.04 MidLine = +440.97 MidAngle = 41.99 LIB = +423.90 LOB = +412.73 Above/Below 21-day MAV = 444.46 - Above Above/Below 50-day MAV = 442.73 - Above Above/Below 200-day MAV = 432.02 - Above Color of DMA_H = Gold
HUM almost achieved its complete recovery recently but still hasn't achieved it. The price before the huge down was 471.44. It is currently at 456.81 but upward movement is being stimied by a downward sloping Trendline where price is right now. To resume upward progress it will have to break that TrendLine.
You can see that Who'sOnTop is showing Gold again looking for more bullishness. If you had bought on the Gold signal and gotten out when the DMA_H signalled bearish you would have had bought at 391.66 and sold on 4/11/22 at 451 for a profit of $60 per share or 15%.
The UOB lies at 469.21 and the UIB is at 458.04 . That's the next goal if this little rally holds. VantagePoint says tomorrow's prediction is for a high of 460.14, another 4 points upward. The predicted low is at 451.61.
Even though the DMA_H has been flashing Red for a few weeks, another Buy signal came on 6/21/22 at 449.98. Price is currently at 456.81, for another 6.83 points..
As with all my indicators I wait for price action to confirm the signal and it confirmed on 6/22/22.
AMZN
AMZN, is still the stock with the highest PHW, and is very tradeable from a short position since 7/16/21. It is currently down 35.72% from its high. That's dramatic! Current price is 116.46, up a bit from Thursday's low.
The DMA_H signalled Bullish on 5/27/22 at 115.15. That's a few points, but no great movement yet.
The 20:1 split made the stock tradeable for the common rretail trader, with price now being 116.46. That's doable. The unsplit price would be 2,329.20.
If AMZN breaks below the Horizontal Line you see below all bets are off and it will likely resume its Bear market downfall.
TSLA
The stats for TSLA are:
Last Close = +737.12 : the close Friday was at +737.12. Change from last Sunday (+/-) (+650.28) = +86.84 Purple or Gold on top? Purple UOB = +833.04 UIB = +794.82 MidLine = +731.41 MidAngle = 0.57 LIB = +668.00 LOB = +629.78 Above/Below 21-day MAV = 706.50 - Above Above/Below 50-day MAV = 791.32 - Below Above/Below 200-day MAV = 912.16 - Below Color of DMA_H = Green
Cathy Wood's 5-year projection for TSLA (chart below) is currently at 4,600 at this juncture.; she lowered her projection a few weeks ago. Several other pundits I keep track of are suggesting a much higher price also. And they have announced a split in the form of a dividend (whatever that means). That should be bullish. And yet, prices continue to languish.
TSLA gained 86 points since last week, rising with the rest of the market in this Bear market rally. However, it did not rise proprtionately with the overall market.
The 3 MAVs I watch are at 706.50, 791.32, and 913.16. That means that we had a Death Cross (where the 21-day MAV crossed below the 200-day MAV on 5/11/22. That is generally a bearish sign. And Purple is clearly on top still.
Price is currently right at the DMA MidLine which is Flat. To demonstrate more upward movement it needs to break above the DMA MidLIne.
But! The DMA_H signalled Bullish on 6/22/22 and was confirmed by price acion to the upside.
Seems to me people should be flocking to TSLA with gas prices right at $6.26/gal in California--for Regular!
I still believe we will continue to turn to carbon-neutral technologies and electric vehicles. I have not yet purchased their vehicle because I'm waiting for better batteries. I would want to get to LA and back on one charge before it is viable technology in my mind. When the batteries are better I expect this stock to really take off.
Notice that I think TSLA is still a good buy for lots of fundamental reasons (not the least of which is lower prices and a huge run-up potential.) Nevertheless, TSLA has dropped more that 40% from its high.
As you all know, I sold my holdings in TSLA at 1093.87 on 4/5/22. That's 230 points ago. Several readers have asked me to let them know when I buy back in. I'll definitely let you know. And since we now have a bullish signal I'm watching Monday's action to buy back in. If price goes up Monday, I'm going to buy for a run to the UIB which lies at 833.
ARKK
The stats for ARKK are:
Last Close = +45.83 : the close Friday was at +45.83. Change from last Sunday (+/-) (+38.80) = +7.03 Purple or Gold on top? Purple UOB = +49.18 UIB = +46.92 MidLine = +43.30 MidAngle = 5.57 LIB = +39.67 LOB = +37.41 Above/Below 21-day MAV = 42.01 - Above Above/Below 50-day MAV = 45.44 - Above Above/Below 200-day MAV = 80.09 - Below Color of DMA_H = Green
Several months ago I said I thought ARKK price would tick on down to the LOB and possibly beyond. It did just that. And it keeps on going, still with the LOB. Current price is down almost 113% from its high.
Price (at 45.83) is below the 200-day MAV and above the 21- and 50-day. Price is currently at 45.83. It has been in a bottoming formation for more than a month and as of the 6/17/22 DMA_H Bullish signal has been rising and is now at the UIB. Maybe she can keep this momentum rolling and do some recovery.
When you think about your own trading success, take a look at what one of the most notable traders (Cathy Wood) has done.
I do think, still, that she over-trades. And bottom fishing is a risky business.
MSFT
Last Close = +267.70 : the close Friday was at +267.70. Change from last Sunday (+/-) (+247.65) = +20.05 Purple or Gold on top? Purple UOB = +279.44 UIB = +273.13 MidLine = +262.16 MidAngle = 8.39 LIB = +251.19 LOB = +244.88 Above/Below 21-day MAV = 261.17 - Above Above/Below 50-day MAV = 267.76 - Below Above/Below 200-day MAV = 299.60 - Below Color of DMA_H = Green
MSFT (closing at 267.70 Friday) is below its 50- and 200-day MAVs and above the 21, on the daily chart, which lie at 261.17 , 267.76 and 299.60 --with MSFT up 20 points from last Sunday. MSFT is now also below its 20% retracement line.Yet, it is sharply up from its low on 6/13/22 and is now above the DMA MidLine. That's Bulllish. It is also right on the 200-day MAV.
The LOB SunnyBand lies at while the LIB is at 251.19. It is now the upper bands we need to watch They lie at 273.13 and 279.44 respectively.
The SunnyBands gave a Bullish signal on 6/15/22 with a down candle below the LOB and an up candle going back above the LOB. Price at that time was 251.76 so it has shown almost 16 points progress since the signal.
Don't you think you should purchase the SunnyBands and DMA_H for your own? Sure helps Profits! I will gladly give any reader of this newsletter 20% off for the next month. Use the Discount Code SSS_Offer.
Looking at the weekly chart, yes MSFT is below the DMA MidLine which lies at 262.16 and the DMA is Flat. It should at least make it to the MidLine.
Looking at the PHW_Lower indicator below (green vertical lines) you can see that you could have made $65 per share on a Long trade from that last signal.
Buy the DMA_H and SunnyBands for yourself. They are life savers. I totally rely on them for my own trading. You can have these indicators for yourself. They are a great trading tool! And now I have a new indicator that plots a series of colored dots letting you see at a glance Who's On Top, Purple or Gold. Here's what it looks like. It is the series of Purple and Gold dots at the bottom of the chart.
Send me a note telling me what stock you would like to see analyzed next week. If you are reading this I would like some suggestions! Click here to leave me a Comment.
Please join my Podcast (The Sunny Harris Show! with Sam Tennis). It's a lot of fun getting to know the Gurus from a personal standpoint and hear their predictions for the coming market. I listen to podcasts while I trade.
Oil
The stats for CL are:
Crude Light (CL) on a Weekly chart (closing at 107.62 Friday) after being sharply up and then down again for the last 3 weeks with Putin's war and now it is in a large Pennant formation with price range being narrow for the last 3 weeks. The long term trend is now down 49% since its high of 120.50.
The UOB of SunnyBands lies at 121.94 and the UIB is at 113.72. Price is now below the DMA MidLine in a Pennant formation and has been going down since its recent high of 120.50. The DMA MidLine is at 111.46 which is providing resistance and may speak to lower prices. If the MidLine is penetrated we are looking for higher prices again.
Putin will decide where price is going next. If, and it looks likely, Russia begins to support Kaliningrad to the West of Lithuania and North of Poland that we will get into a war with Putin (whom my Kyiv friend (in a phone call today) says their news says he's no longer alive) defending Lithuania and Poland, members of the EU.
BitCoin, Etherium, Gold, Bonds
BitCoin
The stats for BTC are:
BitCoin is down 105 points in after-hours trading this evening. Price is currently at 21,150 and is below all 3 MAVs. There is a strong Attractor at 19,482 which is calling price lower. We had a Bullish signal from the DMA_H on 6/21/22 at 20,875 and we are now waiting for Price to confirm it. It looks like Price could move upward. Currently Price is sitting in a bottoming formation in the middle of a serious Pennant formation and will have to break out from it to continue upward.
While BTC and ES have been out of lockstep over the recent past, they are back in synch now. BitCoin is out of favor as a refuge from drops in the stock market since it is following the stock market on its way down.
Price is above the LOB and touching the LIB. But, it is below all three MAVs. If Price moves up, even slightly, it could head right to the DMA MidLine which lies at 23,737.77. That would be an upmove of about 2,000 points.
I still believe BTC and ETHUSD will be widely accepted as currency, though I have no idea when. And I certainly don't know where regulation would take it.
Ethereum
The stats for Ethereum are:
Last Close = +1,215.35 : the close Friday was at +1,215.35. Change from last Sunday (+/-) (+1,094.16) = +121.19 Purple or Gold on top? Purple UOB = +1,579.14 UIB = +1,472.74 MidLine = +1,292.11 MidAngle = -85.89 LIB = +1,111.48 LOB = +1,005.08 Above/Below 21-day MAV = 1496.71 - Below Above/Below 50-day MAV = 2068.15 - Below Above/Below 200-day MAV = 3120.62 - Below Color of DMA_H = Green
I haven't held any BitCoin. Instead, I have had ETHUSD (Etherium) since its low in May 2021. I'm still holding ETHUSD and intend to hold it for years just to see what happens and it is currently below my buy-in point. Why not sell? Because I'm in this one for the long-term and expect it to take off at some point. If it doesn't, oh well. It was an interesting experiment.
Gold
The stats for Gold are:
Last Close = +1,830.30 : the close Friday was at +1,830.30. Change from last Sunday (+/-) (+1,840.60) = -10.30 Purple or Gold on top? Purple UOB = +1,909.87 UIB = +1,889.43 MidLine = +1,856.26 MidAngle = -44.64 LIB = +1,823.09 LOB = +1,802.65 Above/Below 21-day MAV = 1844.95 - Below Above/Below 50-day MAV = 1868.26 - Below Above/Below 200-day MAV = 1854.64 - Below Color of DMA_H = Green
Gold is currently up just 0.1 points at 1,830.4. GC is below all three MAVs. Price is sitting right below the DMA MidLIne and in a large Pennant formation. This means it will breakout to either side of the Pennant in the near future.
Price is very near the LIB and will at least go down to that level. If it is strong it will bounce off that level. If not, it will penetrate it and drop on down to the LOB. See the Stats above.
The Midline is at 1,856.26 and the UOB is at 1,909.87. It could go either way.
I still believe we will hit the 2,000 price again and go higher. World strife adds to the attractiveness of gold. I still think that will be broken to the upside.
And Russia and China have been accumulating and stockpiling gold. And both are rattling sabers.
June 23, 2022 I gave a talk at TimingResearch's Options, Currencies & Futures Conference. Click here to view it. You'll hear and see how I simply and define Futures trading.
Bonds
The stats for @US are:
Last Close = +136.03 : the close Friday was at +136.03. Change from last Sunday (+/-) (+134.66) = +1.38 Purple or Gold on top? Purple UOB = +141.00 UIB = +139.09 MidLine = +136.00 MidAngle = 1.00 LIB = +132.91 LOB = +131.00 Above/Below 21-day MAV = 136.27 - Below Above/Below 50-day MAV = 137.92 - Below Above/Below 200-day MAV = 151.96 - Below Color of DMA_H = Green
Bonds have been recovering a bit this past week and have been up since the Green DMA_H Bullish signal on 6/15/22 at a price of 133-13/32. With the price now at 136-27/32 that's over a 3 point profit which translates to $93.75.
Purple is still on top in the "Who's On Top" indicator, but is now light Purple, signifying a weak Flat movement. In fact, the last bar was Grey, telling me it is a non-move.
Bonds go down, yields go up. In fact, the 2-yr / 10-year Treasuries yield curve is now inverted; that is the yield on the short-term treasuries is less than the yield on the longer-term. Looks like we are expecting even more inflation and higher interest rates, probably by 0.5 - 0.75 points this next time.
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Consulting/Mentoring - There is nothing that makes me happier than my students turning into great, profitable traders. I love to help new traders, and intermediate traders who are in a slump.
SunnyBands - SunnyBands are a extension of my DMA. The two lines above and two lines below the purple and gold DMA alert me to where the market is going. They are constructed from ATR bands on either side of the DMA.
DMA_H - Sunny"s DynamicMovingAverage in histogram format, using sophisticated math to smooth out the whipsaws.
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Sunny has been teaching others to trade almost as long as she has been trading. Helping struggling novices over the hurdles is a passion of hers. Sunny has won awards for her teaching and consulting, being #1 in several categories. Sunny can teach you how to use TradeStation & MultiCharts and EasyLanguage and PowerLanguage, TC2000, VantagePoint, NinjaTrader, Genesis Navigator, and MetaStock so you don’t spend months struggling on your own. If you have a concept you want programmed, she can do it for you or teach you how to do it yourself. Click Here.
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