I don’t know if anyone else follows Jeffrey Tennant on youtube. I don’t have anything like the wherewithall for the live MEJT system, but every night (about 2am Uk time) he uploads a video showing how the system performed in the trading day just finished.
For me the value is the targets he gives – which wait until they are hit – they are not strictly speaking Support / Resistance lines (overshoot is normal). The market is SPX. All I can say is I’ve been watching it every day since not long after he started (I think it was CC on the other thread who turned me on to it). In my pure anecdotal opinion, his record on targets is pretty good. He also looks at indications outside his own MEJT system, typically the Tom DeMark system which counts bars on unconventional time frames (as I understand it). These have performed less well (again, all imho). Generally, JT has been expecting the end of the bull market, since at least May of last year, but he trades intraday, and eschews opinions, even his own, and just obeys his system. In fact, I’m not even sure he DOES trade on his own account – he seems more interested in testing and refining the system than in making money. I believe he works full time as an MD. I like the videos – not only are they useful for a view on whether price will retrace, but his style is refreshingly modest and the vids short. (Compare Oscar!)
But the reason I write.. (around 2.00) He uses the Nasdaq McClellan Oscillator. ($NAMO, stockcharts) According to JT when it cuts through the B.Band on the daily, it should reverse. (fwiw: this would suggest the SPX should bounce on monday). I’ve bookmarked the page, here: