Pre-Open Commentary | Aug 8, 24
Condensed Insight Before the Bell.
Key takeways:
Nothing changes in midterm view since yesterday. Just to sum up these metrics:
- TrendPhase: neutral/bullish
- Profile: bearish
- Dealers: neutral
- Positioning bullish
Midterm/swing trading is not about nailing bottom or high to the tick. If you look at the chart of TrendPhase which I posted yesterday you can clearly see that the “signals” are not spot on, sometimes they lag a bit, sometimes they are too quick. So you have to have a plan to build these positions as the metrics turn in your favor.
Right now, as you can see, it’s still a bit of a mix with slight bullish advantage.
Intraday: