Sunday, May 26, 2024

Waiting on the sidelines…

bull-vs-bear

Not much to add today.  Volume was light at 159 million on the spy.  Of course the market rallied on the light volume.  We are extremely close to a top.  Maybe tomorrow we'll hit 110.34?  Apples' earnings were good after hours and that could be enough reason to rally just a little bit more.

The dollar got pounded again... the PPT hard at work as usual.  It's almost funny how the dollar gets sold hard about 10:30 am to 11:00 am everyday.  After that, the market rallies on the light midday volume.  It pretty simple to move the market higher... just destroy the dollar, and the commodities will rally, pushing up the spx.

Regardless, I'm looking to go short Tuesday or Wednesday, as I believe we will hit 110.34 and then selloff.  Remember... inside information is sometimes better then charting.

Red

Red
Author: Red

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jaywiz10534
jaywiz10534
14 years ago

HI REd,
PERFECT PIC
I just posted “” WHATS NEXT “”
the MKT will give it up on
OCTOBER 22, 23 & 26
Jay

Red Dragon Leo
14 years ago
Reply to  jaywiz10534

I'm thinking that will be about right too. By the end of the week we should have hit the high, and next week will start the selloff.

The high could be hit Wednesday or Thursday… I'm not sure which, but there should be some selling on Friday, as the big boys know what's coming next week.

They don't want caught on the wrong side either…

Red

BloodWine
BloodWine
14 years ago

Hi Red,
Nice Blog 🙂
Careful with Mr. Topstep
These vids are produced by optionsmonstertv (optionsmonster.com)
Ever heard of John and Pete Najarian? They are a couple of the Fast Money pimps on CNBC.
Good Luck here and keep it up!

Red Dragon Leo
14 years ago
Reply to  BloodWine

Yeah… your right about Mr. Topstep. I use other methods as my primary reason to believe the market is heading lower soon. Mr. Topstep is just agreeing with what the charts already say.

I'm not going to base my entire decision on what Mr. Topstep or the guys at optionmonster say only. But, a lot of other technical analysis is now inline with that 1108 area as the major “line in the sand”.

Red

Turbo Tim
Turbo Tim
14 years ago

Red and Jay,

EWZ started selling today. I don't know how long it takes us to follow the pattern.

Turbo Tim
Turbo Tim
14 years ago

Red and Jay,

EWZ started selling today. I don't know how long it takes us to follow the pattern.

BloodWine
BloodWine
14 years ago

Hi Red,
Nice Blog 🙂
Careful with Mr. Topstep
These vids are produced by optionsmonstertv (optionmonster.com)
Ever heard of John and Pete Najarian? They are a couple of the Fast Money pimps on CNBC.
Good Luck here and keep it up!

Red Dragon Leo
14 years ago

Yeah… your right about Mr. Topstep. I use other methods as my primary reason to believe the market is heading lower soon. Mr. Topstep is just agreeing with what the charts already say.

I'm not going to base my entire decision on what Mr. Topstep or the guys at optionmonster say only. But, a lot of other technical analysis is now inline with that 1108 area as the major “line in the sand”.

Red

Red Dragon Leo
14 years ago

I'm thinking that will be about right too. By the end of the week we should have hit the high, and next week will start the selloff.

The high could be hit Wednesday or Thursday… I'm not sure which, but there should be some selling on Friday, as the big boys know what's coming next week.

They don't want caught on the wrong side either…

Red

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