Amazing… totally straight up! I guess we’ll hit the SPY FP of 202.45 next Monday or Tuesday. By then there won’t be a bear left alive. That should be about 2024.50 SPX, but it’s common to go a little past any FP level from what I’ve noticed in the past. So at least the 202.45 is to be expected and possibly as much as a point higher?
I put the range in as 2024-2030 SPX. It should simply be based on how many bears’ stops are setting above the current 2019 high that need to be hit before SkyNet turns back down the other directions and goes after the bulls’ stops. While any FP isn’t always a “turning point” but is at least a target that will be hit this FP area should be both.
Why? Because everyone will become bulls then and without the bears to squeeze the market won’t have any choice but to fall back some. Whether it’s some powerful crash wave to the mid 1700’s or not is unknown? But a nice pullback after the elections is very likely in my opinion.
They juiced the Dow today but nothing else was really strong. Transports, $hgx (housing), and jnk were all down today. Toronto Stock Exchange as well. Apple 100 and the Nasdaq both putting in a topping form similar to the secondary top in double ninen. Oh Apple down as well today. SBUX getting hammered in after hours, one of the stocks I watch like a hawk.
New lows skyrocketed today as well on this momentous up day. Definitely put in another HO, but there have already been a gazillion triggered since September but this is the first one seen on this rebound rally; there was a close/ possible one 2 days ago but today is a no-doubter.
We are getting close to a pullback I think but it seems they want to hold the market up until after the elections next Tuesday so I wouldn’t take any big shorts yet. Just might dip my toe in short but not much. This chart shows we are in the “sell zone” but that doesn’t mean we can’t hang out there for awhile. http://stockcharts.com/h-sc/ui?s=!GT20SPX&p=D&b=3&g=1&id=p18930922334&a=349546011
As expected, the indices basically put in a hanging man on this special 85 year anniversary. Yellen speaks early tomorrow morning which is usually uber bullish but the analogs indicated otherwise. 60 min RSI were a bit overbought and extended this morning though so another divergence is needed? Next step is to see a drop below the 20 day emas.
Now let’s see if KC can win the World Series 29 years (1985) after their last playoff appearance (a 7 game World Series victory over the STL). The team playing at home (KC) in the 7 th game of the WS is 7-0 the last 7 occurrences…..Wow an involuntary 777 numey reference…..Of course, the 77 reference was made on the 4 letter earlier today. Something going on with the Show Me state as well.
Past stat’s say that Wednesday’s rarely put in a high or low for the week… therefore we should have a slightly higher high Thursday before rolling over and heading south toward that 1900 area. This could take another week if they take the stairs down (as opposed to taking the rocket ship up).
Amazing… totally straight up! I guess we’ll hit the SPY FP of 202.45 next Monday or Tuesday. By then there won’t be a bear left alive. That should be about 2024.50 SPX, but it’s common to go a little past any FP level from what I’ve noticed in the past. So at least the 202.45 is to be expected and possibly as much as a point higher?
I put the range in as 2024-2030 SPX. It should simply be based on how many bears’ stops are setting above the current 2019 high that need to be hit before SkyNet turns back down the other directions and goes after the bulls’ stops. While any FP isn’t always a “turning point” but is at least a target that will be hit this FP area should be both.
Why? Because everyone will become bulls then and without the bears to squeeze the market won’t have any choice but to fall back some. Whether it’s some powerful crash wave to the mid 1700’s or not is unknown? But a nice pullback after the elections is very likely in my opinion.
GOLD Month and Weekly chart update: http://niftychartsandpatterns.blogspot.in/2014/10/gold-month-and-weekly-chart-update.html
They juiced the Dow today but nothing else was really strong. Transports, $hgx (housing), and jnk were all down today. Toronto Stock Exchange as well. Apple 100 and the Nasdaq both putting in a topping form similar to the secondary top in double ninen. Oh Apple down as well today. SBUX getting hammered in after hours, one of the stocks I watch like a hawk.
New lows skyrocketed today as well on this momentous up day. Definitely put in another HO, but there have already been a gazillion triggered since September but this is the first one seen on this rebound rally; there was a close/ possible one 2 days ago but today is a no-doubter.
We are getting close to a pullback I think but it seems they want to hold the market up until after the elections next Tuesday so I wouldn’t take any big shorts yet. Just might dip my toe in short but not much. This chart shows we are in the “sell zone” but that doesn’t mean we can’t hang out there for awhile. http://stockcharts.com/h-sc/ui?s=!GT20SPX&p=D&b=3&g=1&id=p18930922334&a=349546011
As expected, the indices basically put in a hanging man on this special 85 year anniversary. Yellen speaks early tomorrow morning which is usually uber bullish but the analogs indicated otherwise. 60 min RSI were a bit overbought and extended this morning though so another divergence is needed? Next step is to see a drop below the 20 day emas.
Now let’s see if KC can win the World Series 29 years (1985) after their last playoff appearance (a 7 game World Series victory over the STL). The team playing at home (KC) in the 7 th game of the WS is 7-0 the last 7 occurrences…..Wow an involuntary 777 numey reference…..Of course, the 77 reference was made on the 4 letter earlier today. Something going on with the Show Me state as well.
Past stat’s say that Wednesday’s rarely put in a high or low for the week… therefore we should have a slightly higher high Thursday before rolling over and heading south toward that 1900 area. This could take another week if they take the stairs down (as opposed to taking the rocket ship up).
Almost there: http://screencast.com/t/LqsNqF9Jrs
Best spot to short: http://screencast.com/t/DgGYujkS
CRUDE Oil trend update: http://niftychartsandpatterns.blogspot.in/2014/10/crude-oil-trend-update.html
Thanks, Red!