Chartpattern trader is probably right. Pesevento (?sp) and BAM investor are probably wrong. I have too little cash in my account to do anything with either…..ie $170!!
But I did buy a 990 e mini put at 3.00 expires in two fridays. If the two above bears are right I may have enough $ to float my little row boat
When I get over 6K watch out (I do it every 3rd year or so- so I can do it again.) “move over rover and let Jimmy take over” (Hendrix)
I know the CPT is bullish, but I'm not. I don't always agree with him, even though I like his charts. We all have different opinions.
Like for example, the Mr. TopStep guys now think that we are going back down to 1068 area, because we didn't that out the 1106 high from last week. He stated that they stopped the rise at 1105, and that tells him we are going lower.
Everyone has different opinions… that's why it's a zero sum game. Someone wins, and someone else loses. I hope we both make money in it, but I'm still bearish right now.
The inverse H & S pattern on the 15 min chart completed and broke out today. We now have a tradable bottom. I fully expect prices to rally over the next week and half to two weeks to set up a massive right shoulder on the daily chart of the S&P 500. Then I'll be watching for a pivot reversal to buy my short positions back. I went long today on SSO to ride up the right shoulder. After the RS is complete, I believe that the market will collapes and that the H & S minimum objective will allow the S&P 500 to test the 875 level. If that cracks we will test the March 2009 lows. I believe we will test the March lows and move much lower. The world debt crisis is not going to go away.
5/21 Sold shares of SPXU, TZA, TYP and QID 5/25 Sold Shares of SPXU, TZA, TYP and QID 5/26 Closed balance of position of SPXU, TZA, TYP AND QID 5/27 New long on SSO at the gap
I'm now short term bullish. I am long with a target of 1150-1170 on the S&P 500.
For those wondering why we aren't going anywhere but sideways, it's because the 60 minute chart is pushing the market down, while the 15 minute chart is pushing it up.
In this chart of the 60 min, you can see it has rolled over and it is now getting ready to cross the zero line.
The daily is pointing up too, which is giving the 15 minute chart a little more power. I believe the 15 minute chart will peak out by the end of day, and be ready to roll back down into tomorrow.
As for the 60, it should be below the zero line and still pointing down. The daily will be pushing up, and could rally the market higher tomorrow? Or, we could “sell the news” on the job's report, as I believe most trader's know it's all made up anyway.
If the bears have any hope, it's this 20ma coming down hard to push the market back down and form a necktie of resistance at the 200ma line. (Plus on the 60, we are still inside the downward sloping channel).
Gang,
According to Mr. Topstep, we need to take out 109.80 spx today, and then we will be heading back down to 1068.
Chartpattern trader is probably right. Pesevento (?sp) and BAM investor are probably wrong. I have too little cash in my account to do anything with either…..ie $170!!
But I did buy a 990 e mini put at 3.00 expires in two fridays. If the two above bears are right I may have enough $ to float my little row boat
When I get over 6K watch out (I do it every 3rd year or so- so I can do it again.) “move over rover and let Jimmy take over” (Hendrix)
Yes SC,
I know the CPT is bullish, but I'm not. I don't always agree with him, even though I like his charts. We all have different opinions.
Like for example, the Mr. TopStep guys now think that we are going back down to 1068 area, because we didn't that out the 1106 high from last week. He stated that they stopped the rise at 1105, and that tells him we are going lower.
http://www.youtube.com/watch?v=Ivt6Av4FTP8
Everyone has different opinions… that's why it's a zero sum game. Someone wins, and someone else loses. I hope we both make money in it, but I'm still bearish right now.
Just curious there. Did you notice this?
[Begin quote]
“….5/26
The inverse H & S pattern on the 15 min chart completed and broke out today. We now have a tradable bottom. I fully expect prices to rally over the next week and half to two weeks to set up a massive right shoulder on the daily chart of the S&P 500. Then I'll be watching for a pivot reversal to buy my short positions back. I went long today on SSO to ride up the right shoulder. After the RS is complete, I believe that the market will collapes and that the H & S minimum objective will allow the S&P 500 to test the 875 level. If that cracks we will test the March 2009 lows. I believe we will test the March lows and move much lower. The world debt crisis is not going to go away.
5/21 Sold shares of SPXU, TZA, TYP and QID
5/25 Sold Shares of SPXU, TZA, TYP and QID
5/26 Closed balance of position of SPXU, TZA, TYP AND QID
5/27 New long on SSO at the gap
I'm now short term bullish. I am long with a target of 1150-1170 on the S&P 500.
thechartpatterntrader.com …….
[end quote]
Don't forget to check your Big teal lines and little teal lines.
Good luck to all.
NASDAQ Is busting out.
They are going to run it again today. I will be picking some shorts up in abit
For those wondering why we aren't going anywhere but sideways, it's because the 60 minute chart is pushing the market down, while the 15 minute chart is pushing it up.
In this chart of the 60 min, you can see it has rolled over and it is now getting ready to cross the zero line.
http://stockcharts.com/def/servlet/Favorites.CS…
But, the 15 minute is crossing back over the zero line and heading up… which is why we are stuck right now.
http://stockcharts.com/def/servlet/Favorites.CS…
The daily is pointing up too, which is giving the 15 minute chart a little more power. I believe the 15 minute chart will peak out by the end of day, and be ready to roll back down into tomorrow.
http://stockcharts.com/def/servlet/Favorites.CS…
As for the 60, it should be below the zero line and still pointing down. The daily will be pushing up, and could rally the market higher tomorrow? Or, we could “sell the news” on the job's report, as I believe most trader's know it's all made up anyway.
If the bears have any hope, it's this 20ma coming down hard to push the market back down and form a necktie of resistance at the 200ma line. (Plus on the 60, we are still inside the downward sloping channel).
http://stockcharts.com/def/servlet/Favorites.CS…
i am short but not at an intended full position. I will add at some opportunities but have to admit to being cautious, possible overly.
i am leery about the possible calls to 1140
Yes, I'm still short… painfully, but I'm staying put until I see what tomorrow brings.
sp 500 forming a bullish pennant pattern
http://niftychartsandpatterns.blogspot.com/2010…