This is the first time in awhile that the market hasn’t gaped up and squeezed from a previous day’s 20-30 point sell off. This suggests too me the bottom isn’t in yet and we’ll see a lower low on Thursday or Friday.
Everyone thinks (and I agree too) that we need to take out all the bulls long below the 2040 SPX zone as we’ve hit that area many times over the last few months and rallied from it. Not flushing them out has keep the market from breaking out to new highs… which has keep us range bound.
If they flush them out then I do think we can go up higher then the current high into June. If they don’t flush them out then we could be range bound for quite a bit longer.
Looking closer at the charts I’m not sure about going long in a spread into tomorrow. I don’t see the 4 hour ES chart, nor the 2 hour turning up yet. Plus there’s the Thursday/Friday low rule by the PitBull. And the statistical odds of any Wednesday putting in the high or low for any given week as happening only 7% of time. Meaning there’s a 93% chance Thursday or Friday we’ll see a low lower then today.
An early look at the charts on the ES suggest we go up today. Possible dips but overall the trend is up. Peak could be Thursday morning though and then back down again.
Great resource about the stock market crash and useful info about it. Students should also look at Technical analysis training from which they can develop their skills in the stock market.
This is the first time in awhile that the market hasn’t gaped up and squeezed from a previous day’s 20-30 point sell off. This suggests too me the bottom isn’t in yet and we’ll see a lower low on Thursday or Friday.
Everyone thinks (and I agree too) that we need to take out all the bulls long below the 2040 SPX zone as we’ve hit that area many times over the last few months and rallied from it. Not flushing them out has keep the market from breaking out to new highs… which has keep us range bound.
If they flush them out then I do think we can go up higher then the current high into June. If they don’t flush them out then we could be range bound for quite a bit longer.
Looking closer at the charts I’m not sure about going long in a spread into tomorrow. I don’t see the 4 hour ES chart, nor the 2 hour turning up yet. Plus there’s the Thursday/Friday low rule by the PitBull. And the statistical odds of any Wednesday putting in the high or low for any given week as happening only 7% of time. Meaning there’s a 93% chance Thursday or Friday we’ll see a low lower then today.
Crude oil charts http://niftychartsandpatterns.blogspot.com/2015/05/crude-oil-trend-update.html
Well, I guess we down more today first. I was expecting this move tomorrow.
An early look at the charts on the ES suggest we go up today. Possible dips but overall the trend is up. Peak could be Thursday morning though and then back down again.
Not much to do here but wait for tomorrow to see if Janet Yellen can save the market at 9:15 am EST.
Must be too many bulls still on board as the market is going lower then expected.
I’m looking for one more move up before shorting. Should happen today, but could be pushed out until as late as Thursday morning.
Great resource about the stock market crash and useful info about it. Students should also look at Technical analysis training from which they can develop their skills in the stock market.
Perfect number for what… the start of a crash? We are in an “eight” year you know Geccko..