We got some chop yesterday, which I think finished the wave 2 down inside a 5 wave move up to complete a C inside a larger B wave. We then started the wave 3 up (I think?) into the close, which seems to be subdividing into 5 even smaller waves.
This market is setup now for a big squeeze and all that it needs is some trigger to get it going... meaning some kind of good news. It could be anything really, from ADP Employment Report this morning before the open, the Factory Orders at 10pm or EIA Petroleum Status Report at 10:30. Or something positive about the Tariffs?
Maybe it happens Thursday from the Jobless Claims, or NFP Report (Employment Situation) on Friday? There's no way to guess the news event but the technicals are bullish into this Friday (possibly carrying into Monday), and so is the cycles, which I find the most accurate. Next week though is bearish again and it lasts into early May, so "if" this market is planning on having a big drop (and I think it is) we should see the 3/25 highs taken out beforehand.
Bears will have stops right above that zone and they need to be taken out before the big drop. Nothing to do but hang tight right now and get ready to short after this Friday and those bears are squeezed.
Have a blessed day.
What a day of shenanigans. They were still trying to squeeze me in after hours. Now less than hour later, the markets are down near the weekly lows. I rode the rollercoaster back down and added out of the money the puts that were nearly in the money a half an hour later. Once again the wolves in the internetosphere were leading the sheep astray.
April 3, 4 2000, October 3,4 1929, basically the same thing. This last few days of rally (into day 2) was combination of 2000 and 1929. The SP 500 got up to the 13 day average and closed below it and got up near to the 20 day ema which was 1929ish. Oct 3 and 4, 1929 were a Thursday and Friday.
I don’t think they are going to do anyone a favor and let anyone get in the freefalling elevator at a good price. There won’t be any fakeout low open like today. And we once again saw that box and handle bear fakeout pattern on the hourly chart over the last couple of days (like on the daily last week).
There’s some fake guru touting that he’s 9 for 9 but he was touting being all in long at the end of the day and he never had an April 3 down prediction. Don’t pay attention to that clown unless you want to read him. The guy hasn’t been close for trading purposes and he’s constantly flip flopping and coming up with a new marker. (benchmark)
They gapped it down another 100 pts (SP) after futures reopened. I don’t think the market will be coming back by tomorrow morning.