That was 118.16 DIA… meaning that they plan on taking the DOW up to around 11,816 (The DIA isn't an exact match to the DOW, just like the SPY isn't too the SPX, but close).
When?… is of course the real question. Is it from this level, or do will sell off to the 1078 level first, and then rally up the 118.16 DIA level in the summer months? That's more likely, as a move straight from here would probably cause a lot of retail bulls to a make a profit… and you know they aren't going to let that happen.
I don't know Monica, but the chart Sundancer posted clearly shows a new high being put in before the drop. If we reach 1185-1190 today, then I'd expect the sell off to start Monday.
But, if we don't reach a new high, then I'd expect it to happen on bullish Monday as usual. I'd love to see it put in today and fool everyone on Monday by selling off.
Somethings fishy though, as those numbers tomorrow are likely to cause a large reaction in the market. Which way is the question? Will it be one more pop on Monday, or a sell off?
Think tomorrow's numbers will be positive and they don't matter anyway. When the market wants to sell off it will but I believe that will happen Monday.
Not that you should listen to me, but I would put in my shorts at the end of today. Look at Sundancer's chart – the big pop usually signals the end of the consolidation phase and it looks like that big pop is today. I would put a stop loss in just under 1200.
Thank you Sundancer. I knew today was going to be painful. I like your chart and hopefully today signals the end of the consolidation phase. AAPL at new highs.
Ah, that's right. Thanks Red.
That was 118.16 DIA… meaning that they plan on taking the DOW up to around 11,816 (The DIA isn't an exact match to the DOW, just like the SPY isn't too the SPX, but close).
When?… is of course the real question. Is it from this level, or do will sell off to the 1078 level first, and then rally up the 118.16 DIA level in the summer months? That's more likely, as a move straight from here would probably cause a lot of retail bulls to a make a profit… and you know they aren't going to let that happen.
Sundancer, didn't you mention a few days back about a fake SPY print of 118.17?
I agree – I'd wait until 1191-1193 area. That is also a head and shoulders patter (Right Shoulder) that dates back to the highs in 2000.
I don't know Monica, but the chart Sundancer posted clearly shows a new high being put in before the drop. If we reach 1185-1190 today, then I'd expect the sell off to start Monday.
But, if we don't reach a new high, then I'd expect it to happen on bullish Monday as usual. I'd love to see it put in today and fool everyone on Monday by selling off.
Somethings fishy though, as those numbers tomorrow are likely to cause a large reaction in the market. Which way is the question? Will it be one more pop on Monday, or a sell off?
Think tomorrow's numbers will be positive and they don't matter anyway. When the market wants to sell off it will but I believe that will happen Monday.
Not that you should listen to me, but I would put in my shorts at the end of today. Look at Sundancer's chart – the big pop usually signals the end of the consolidation phase and it looks like that big pop is today. I would put a stop loss in just under 1200.
Looks like we might get that new high today? If so, then maybe tomorrow's numbers are going to be the reason for a sell off?
Thank you Sundancer. I knew today was going to be painful. I like your chart and hopefully today signals the end of the consolidation phase. AAPL at new highs.
I'm thinking I might accumulate TZA again today.