I am disappointed the SP didn't close in the 1030s today. I want to see a monthly reversal tomorrow but that will take 38 pts and we should have a decisive monthly reversal so we would need an even greater pt total. Merger activity probably held the market up today. With one hour to go, the Nasdaq 100 was only down 7 pts. I saw Apple was up. Can't believe GENZ had that much of a weighting unless there was some sympathy carryover into other tech names.
To me looks perfect for a ramp job into the holiday weekend, and then tank it next Tuesday (or even on Sunday Monday when US markets are closed, so the groggy and hung over retail will panic out.
I'd be careful on the short side right now Z… there isn't any volume behind this move. I think it's going to be choppy this week, with an upside bias.
Tomorrow could go down in the morning and reverse hard the rest of the day. It depends on how low we go today? There is a falling trendline around 1045-`1050 area that the market will likely bounce off of.
It's the “backtest” line from Fridays' breakout. If it hits it today, then it could bounce back up hard from it tomorrow morning. Or, it could hit it tomorrow morning and bounce the rest of the day… maybe ending about flat, and leaving Wednesday to rally on.
I just don't think we are ready to go back below 1040 yet. That might come this Friday, or next week after the holiday weekend… but I don't see it happening tomorrow.
I am disappointed the SP didn't close in the 1030s today. I want to see a monthly reversal tomorrow but that will take 38 pts and we should have a decisive monthly reversal so we would need an even greater pt total. Merger activity probably held the market up today. With one hour to go, the Nasdaq 100 was only down 7 pts. I saw Apple was up. Can't believe GENZ had that much of a weighting unless there was some sympathy carryover into other tech names.
A drop below 50 tomorrow on consumer confidence will tank this market. Still short, 970 SPX first tgt.
Red I emailed you a boatload of pix for possible blog header graphics, THANKS!!
To me looks perfect for a ramp job into the holiday weekend, and then tank it next Tuesday (or even on Sunday Monday when US markets are closed, so the groggy and hung over retail will panic out.
what a down channel on the SPY 15min / 5min
I am with you Zstock 🙂
I'd be careful on the short side right now Z… there isn't any volume behind this move. I think it's going to be choppy this week, with an upside bias.
Tomorrow could go down in the morning and reverse hard the rest of the day. It depends on how low we go today? There is a falling trendline around 1045-`1050 area that the market will likely bounce off of.
It's the “backtest” line from Fridays' breakout. If it hits it today, then it could bounce back up hard from it tomorrow morning. Or, it could hit it tomorrow morning and bounce the rest of the day… maybe ending about flat, and leaving Wednesday to rally on.
I just don't think we are ready to go back below 1040 yet. That might come this Friday, or next week after the holiday weekend… but I don't see it happening tomorrow.
Dow Jones in a channel
How about TMV or TBT?
I don't trust this rigged market, I have two shorts and one long as a hedge.
100% SHORT, going into the last day of the month. I've been looking for longs, I can't find any.