Another big flush yesterday, which got really close to hitting the 200 day SMA, and we bounced hard until 3:30 pm EST before another dump, but it was for a higher low. Ironically there was a FP on the SPY put out right before 2pm that pointed to that pullback low. So the market is telling everyone where the targets are at, but not the timing. Here's a chart of the SPY with the fake prints on it...
You can see the many FP's on the prior day as well, which I think will be targets for the rally today and/or tomorrow. I think we will see 589.07 today, then pullback some and then go for the 594.22 FP after that, which will probably be on Thursday. That should do it for the rally and Friday we should start down again. Target would be a retest of the low from yesterday but I don't see it hitting as fast as that move did.
Most likely it will have some up's and down's in it and the likely bottom will be mid next week. We have the CPI on Wednesday, so that could be it, or the government shutdown date on Friday? One or the other should put in the low and from the looks of the daily chart I don't expect to see it go much lower, which is why I lean toward a double bottom. The RSI is getting down there where we should get a nice multi-day rally, instead of just 1-2 day squeezes. We'll cross that road when we get there but I don't see a crash.
Have a blessed day.
The Mardi Gras prophecy from the movie Gravity was for the 3-3 date. I sent out a text about it on Monday. Maybe I’ll write it here tomorrow. I don’t want to jinx anything.
Sell signals everywhere but we hit the 200 day average which could provide stiff resistance. That has me a little worried. The 20 day average/ middle Bollinger Band would be an extreme target for a bounce but I’m not expecting that.
I think those Trump tariff dates are secret codes as well. 4-2 for the low? I don’t know how March 12 will play out. Today’s bounce pretty much delays the bottom to past this week. We are far from oversold on certain indicators.
Everyone is bullish, expecting a bounce. They are citing the dreadful AAII #s. It also seems that every rally makes a top right into those numbers release.
The predictive programming that came true on Friday from the Captain America movie was the rare earths trade deal being scuttled at the White House.
In the CA flick, the Japanese Prime Minister pulls out of a rare earths mineral trade deal with the US President, the Harrison Ford Trump character, because he thinks the president screwed him over which leads to…… Turbulence!!!
I think we will see a top Monday, 3/10… then down hard all week into the 5500-5600 area. But between now and Monday we could see some wild swings up and down to shake out both sides before the next big drop.