Wednesday, June 19, 2024

Sitting on the line…

football-line

I mentioned that 107.65 spy was an important "line in sand" on a closing bias.  It closed today at 107.68!  Not a decisive break by any means.  Just sitting right on the line.  Not much else to say today.  It went as I expected.  I also expect tomorrow to be a repeat of today... flat.

Wednesday through Friday is when it's going to get crazy.  Volume should pick up a lot and I'm expecting wild swings, and fake-outs.  But, even if we rally to 110 spy I don't think it will be for more then a few minutes.  We shouldn't close there, but only swing up and touch it.  Maybe?

We could just go straight down from here?  Either way, this week will mark an important top.  I'm still inclined to believe that we are going to start  a free fall down to as low as the 900 area before a big rally occurs again.  That should be into late November, or early December.

Of course we will have bounces along the way, but the big trend is now down... not up.  That 110 spy area is huge, no major, NO Mega Extreme Resistance!  It won't be broken on the first hit.  The odds are about as good as me winning the lottery!  I'm not kidding... that's huge resistance.  Don't believe those that say we are going to 1200.  We might after a big correction first, but not straight up from here.

Red

P.S.  Today marked the lowest trading volume on the spy in the current year... only117 million shares traded!  Does that look bullish to you?

Red
Author: Red

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nbg
nbg
14 years ago

Digging your post red, digging your posts!!

On sideline – waiting………

Red Dragon Leo
14 years ago
Reply to  nbg

Thanks nbg…

I like to do my posts a little different then most do. I add a lot of emotional thinking with technicals to back it up. I don't post many charts, (as you can see), but instead try to put a “feel” on the market.

As we all know, the tech's haven't been real accurate since about March. Clear manipulation has thrown all TA's, Astrology, Elliottwave, etc… out of whack! Sometimes you have to go with your gut feeling.

Red

jaywiz10534
jaywiz10534
14 years ago

HI Red,
Clear thinking for sure
Just thinking also
IT is possible, but impossible to confirm at this point in time, but the current high might ONLY BE wave A of P2, thus we get such a tremendous “B” wave downdraft the next 2weeks.
Jay

Red Dragon Leo
14 years ago
Reply to  jaywiz10534

This is a tough market to call Jay. So much manipulation that it seems that all TA's, Elliottwave, Astro, etc… are about worthless. The market only go one way… UP!

Tomorrow, if 10 million people were killed with a nuke, the market would rally… less people to be un-employed, therefore it's positive. Has the world gone insane or what?

Red

Douala
Douala
14 years ago

Hey Good looking… do you have my Pittsburgh Steelers as Bulls?
I will smack you when I see you! 😉 I do love you writes up my friend.

Red Dragon Leo
14 years ago
Reply to  Douala

It's fun playing with Photoshop. I may not make any correct forecasts, but at least my blog images look cool.

Douala
Douala
14 years ago

Hey Good looking… do you have my Pittsburgh Steelers as Bulls?
I will smack you when I see you! 😉 I do love you writes up my friend.

Red Dragon Leo
14 years ago

It's fun playing with Photoshop. I may not make any correct forecasts, but at least my blog images look cool.

Red Dragon Leo
14 years ago

This is a tough market to call Jay. So much manipulation that it seems that all TA's, Elliottwave, Astro, etc… are about worthless. The market only go one way… UP!

Tomorrow, if 10 million people were killed with a nuke, the market would rally… less people to be un-employed, therefore it's positive. Has the world gone insane or what?

Red

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