Until the charts tell me the downtrend is over, I'll be shorting the rips. I won't go long until the charts turn back up on the daily and weekly charts. However, I do see an up move coming on Monday.
May we both profit, regardless of which side of the market we are one.
Yesterday's selling ranks as one of the top 3 biggest panic selling in the last 20 yrs. Today's up volume is almost 10X the down volume. The textbook case of the one-two punch that signals a bottom. Any retest, if at all, will not be material. If we have a follow up of another panic BUY of > 9 to 1 any time next week, then get off the short bus in a hurry for it is hurling off the cliff soon!! lol
The 'teal' line of the spy is around 112.5. That is the last line of warning for the cliff. IF and WHEN we consolidate above it, then the bears are foraging in a minefield looking for a crash……
Rip – I don't know how much it matters, but I noticed that on the SPY MACD, the 5 and 15 minute have already crossed over, and it looks like the 60 is about to cross over. I am a rookie though, so what do I know? Learned a lesson today. Still way ahead.
Until the charts tell me the downtrend is over, I'll be shorting the rips. I won't go long until the charts turn back up on the daily and weekly charts. However, I do see an up move coming on Monday.
May we both profit, regardless of which side of the market we are one.
HI SC, always enjoy your input. Thanks and have a great weekend.
Thanks SC. According to Sundancer, that line in the sand was 114, but maybe it has moved down. Thank you!
Agree completely, SC!
Yesterday's selling ranks as one of the top 3 biggest panic selling in the last 20 yrs. Today's up volume is almost 10X the down volume. The textbook case of the one-two punch that signals a bottom. Any retest, if at all, will not be material. If we have a follow up of another panic BUY of > 9 to 1 any time next week, then get off the short bus in a hurry for it is hurling off the cliff soon!! lol
The 'teal' line of the spy is around 112.5. That is the last line of warning for the cliff. IF and WHEN we consolidate above it, then the bears are foraging in a minefield looking for a crash……
I shall speak no more of this. Good luck to all.
I guess the term “poor” and “rich” are relative terms when you look at it that way.
Rip – I don't know how much it matters, but I noticed that on the SPY MACD, the 5 and 15 minute have already crossed over, and it looks like the 60 is about to cross over. I am a rookie though, so what do I know? Learned a lesson today. Still way ahead.
Well done Z! Always a fan of your charts.
Check out this WFC chart–Right on the money.
WFC Chart woot, today's low 28.0
me too.