I see nothing bullish about this market yet. Yes, the daily chart is oversold but the weekly and the monthly are just getting started. We had a one day rally yesterday and that should be enough before continuing the selling. At some point lower though we should have a powerful rally from a very oversold day chart. I just don’t feel we are there yet.
Still holding short. We are likely not closing above mid BB on monthly chart which I consider rather bearish however one never knows truly.
I will remove short and go long if we have a weekly close above the 21MA on friday. This is currently at 1211 on the SPX
I will reshort if we hit the upper channel line connecting the july highs with the october highs which is at roughly 1260 at the moment but probably would be down to 1250 or 1240 if it gets there.
I am up and going again with my computer. That was a great FAKE OUT. All the traders were looking at that gap to be filled. Now down we go. I am looking at the 1171 sp area to hit first. I am still looking at Wednesday to be the day for the stiff correction.
We hit a high of 1203.67 spx… almost gap window. I don’t think we’ll get a gap fill though? It’s taking longer then I thought to rollover the charts, but they are all getting more and more overbought by the minute. If we don’t crash today and simply put in a doji candle on the daily chart, then I’d expect the selling to start hard tomorrow. I’m shocked though, as the 29th is a very ritual date for crashes. Of course the day isn’t over yet, but it’s not looking like it’s going to tank today right now.
Let me rephrase that statement. Ist line of resistance 1185 than down to at least 1171 tomorrow.
I am NOT looking for any crash here unlike RED. I hope he is right thou.
I see nothing bullish about this market yet. Yes, the daily chart is oversold but the weekly and the monthly are just getting started. We had a one day rally yesterday and that should be enough before continuing the selling. At some point lower though we should have a powerful rally from a very oversold day chart. I just don’t feel we are there yet.
Still holding short. We are likely not closing above mid BB on monthly chart which I consider rather bearish however one never knows truly.
I will remove short and go long if we have a weekly close above the 21MA on friday. This is currently at 1211 on the SPX
I will reshort if we hit the upper channel line connecting the july highs with the october highs which is at roughly 1260 at the moment but probably would be down to 1250 or 1240 if it gets there.
Any speculation on what will be said and how it will affect the market?
I am up and going again with my computer. That was a great FAKE OUT. All the traders were looking at that gap to be filled. Now down we go. I am looking at the 1171 sp area to hit first. I am still looking at Wednesday to be the day for the stiff correction.
Mario Draghi BCE will talk at the opening in Europe tomorrow.
We hit a high of 1203.67 spx… almost gap window. I don’t think we’ll get a gap fill though? It’s taking longer then I thought to rollover the charts, but they are all getting more and more overbought by the minute. If we don’t crash today and simply put in a doji candle on the daily chart, then I’d expect the selling to start hard tomorrow. I’m shocked though, as the 29th is a very ritual date for crashes. Of course the day isn’t over yet, but it’s not looking like it’s going to tank today right now.
I am able to log on, I see we have not.
Red, did we fill that gap near 1208 level. I am having computer problems. rebooting all morning.
If you’re not short already you might be angry by the end of the day…