i'm running low on bearish arguments. maybe the market is too. I'm thinking we'll make a run to the upper BB now at 1114 tomorrow at ?1110, and continue up on monday?
Why would he go long into major resistance? That 110.35-110.50 is some major resistance, and until it breaks, no one should be going long. The 110.50 is the 200dma, which has a 85-90% chance of holding back any advance on the first hit.
Once we sell off a little first, and go back up (if that happens… I don't know?), then it might break on the 2nd, or 3rd hit, but rarely does that happen on the first hit.
Thanks for the update SC, but before believe that the correction is over, I'd like to see the monthly and weekly charts start to roll back up. I don't see that happening anytime soon, but I'm open to the possibility of P3 not starting yet. Anything is possible.
The correction is over. Several bottom spotting signals have been confirmed. Capitulation day was Feb4. Across the board momentum changes occured last Thursday. Confirmation of resumption of up trend appeared on Feb 16.
Any dip that happens along the way to new high, is not a signal to the beginning of P3. The market is in “Buy the Dip” mode. Don't fight the tape. You can scalp your shorts. But holding shorts in hope of P3 now will get your clock cleaned.
Good Morning, Gcocks,
Trying to figure out if I should buy some TNA.
Hard to read, so far.
Erl, GM, What you up to this morning.
Ben, I don't see anything that hurts your thoughts.
i'm running low on bearish arguments. maybe the market is too. I'm thinking we'll make a run to the upper BB now at 1114 tomorrow at ?1110, and continue up on monday?
At the time, I thought he was going long because /ES broke above 1100 (which had been touched twice yesterday), expecting a run up.
Why would he go long into major resistance? That 110.35-110.50 is some major resistance, and until it breaks, no one should be going long. The 110.50 is the 200dma, which has a 85-90% chance of holding back any advance on the first hit.
Once we sell off a little first, and go back up (if that happens… I don't know?), then it might break on the 2nd, or 3rd hit, but rarely does that happen on the first hit.
Carl went long 1099.75, sold at 1096.75 (loss of 3)
Guess he uses stops
Thanks for the update SC, but before believe that the correction is over, I'd like to see the monthly and weekly charts start to roll back up. I don't see that happening anytime soon, but I'm open to the possibility of P3 not starting yet. Anything is possible.
FYI
The correction is over. Several bottom spotting signals have been confirmed. Capitulation day was Feb4. Across the board momentum changes occured last Thursday. Confirmation of resumption of up trend appeared on Feb 16.
Any dip that happens along the way to new high, is not a signal to the beginning of P3. The market is in “Buy the Dip” mode. Don't fight the tape. You can scalp your shorts. But holding shorts in hope of P3 now will get your clock cleaned.
Bingo!!! You are onto something. You have stumbled across the truth. 🙂 Now, don't just get up and keep walking….