Seeing a sharp move down like that, tells me that the 60 minute chart is struggling to rise back up. This means that the daily chart is no long pushing the market up.
In fact, I'd estimate that the daily will roll over within a couple of days. Next Monday should be positive, as the 60 minute chart still needs to push up above the zero mark and get overbought.
I thought it would do it today, but it's not looking likely at this point. That leaves Monday to be the day it pops up above the zero level and puts in a few positive histogram bars.
Meaning Tuesday should have the 60 ready to roll back over, and by then the daily should be about toast too. The market is definitely weak right now, but until the 60 resets and the daily's MACD lines cross, I don't see any big move down yet.
I wouldn't think so Woody, but the death cross is a lagging indicator. So, it's possible that the market reverses and rallies to new highs, which then the death cross would reverse back up and then be canceled.
But you would certainly miss out on both the sell off and the rally waiting on the death cross, as it's more of a longer term pattern I believe.
I doubt that we will break 1090 today. Just a chop fest of bot's playing ping pong right now. I think we will see a pop up into the close.
QQQQ's I have signals, sell off, end of day.
IWM,DIA,SPY don't have any strong sell off signals, end of day.
Now we just got a 109.73 FP…
If we close today below 1090 on SPX, I will close my long trade.
Seeing a sharp move down like that, tells me that the 60 minute chart is struggling to rise back up. This means that the daily chart is no long pushing the market up.
In fact, I'd estimate that the daily will roll over within a couple of days. Next Monday should be positive, as the 60 minute chart still needs to push up above the zero mark and get overbought.
I thought it would do it today, but it's not looking likely at this point. That leaves Monday to be the day it pops up above the zero level and puts in a few positive histogram bars.
Meaning Tuesday should have the 60 ready to roll back over, and by then the daily should be about toast too. The market is definitely weak right now, but until the 60 resets and the daily's MACD lines cross, I don't see any big move down yet.
But next week could be very ugly for the bulls…
We're about to freefall. Dow back below its 200 day moving average.
We have another FP of 110.25 spy at 1:40 pm…
Is it gonna keep bouncing around, or is the top in for the day?
I wouldn't think so Woody, but the death cross is a lagging indicator. So, it's possible that the market reverses and rallies to new highs, which then the death cross would reverse back up and then be canceled.
But you would certainly miss out on both the sell off and the rally waiting on the death cross, as it's more of a longer term pattern I believe.
If a stock is forming a death cross, but the price breaks up above 50 MA and 200 MA at the last minute, does it cancel out the death cross?