Today should produce a short term bottom, so if you're short you show sell out. As I said in the post, once the fed auctions start on Thursday, the dollar won't be supported anymore. That means the market will catch a bid and rally for a little while.
But, I don't see it breaking the line in the sand at 110.34 spy. It might rally back close to it, but it will just be another place to go short.
Today should produce a short term bottom, so if you're short you show sell out. As I said in the post, once the fed auctions start on Thursday, the dollar won't be supported anymore. That means the market will catch a bid and rally for a little while.
But, I don't see it breaking the line in the sand at 110.34 spy. It might rally back close to it, but it will just be another place to go short.
I'm looking for 1040-1050 this week, then a bounce back up. After the bounce is done, we should continue back down. Support at 1020 and 998-1000. I think we'll pause a 1020 on the way down, but it should break on this trip down. Then we'll hit the 998-1000 area and bounce again.
correcting the JULy8th to oct20 from 870 to 1101 = 230 pts posted various levels at the blog spx likes to make 40pt moves and i have been using that as a rule of thumb measure even the last runup was 81 pts 230 X 38% = 88 pts = spx to 1013, but we should get more than that. the previous degree correction was 86 pts at 870 spx on Aug17. so this one should be larger, i would think. Jay
I'm looking for 1040-1050 this week, then a bounce back up. After the bounce is done, we should continue back down. Support at 1020 and 998-1000. I think we'll pause a 1020 on the way down, but it should break on this trip down. Then we'll hit the 998-1000 area and bounce again.
correcting the JULy8th to oct20 from 870 to 1101 = 230 pts posted various levels at the blog spx likes to make 40pt moves and i have been using that as a rule of thumb measure even the last runup was 81 pts 230 X 38% = 88 pts = spx to 1013, but we should get more than that. the previous degree correction was 86 pts at 870 spx on Aug17. so this one should be larger, i would think. Jay
Today should produce a short term bottom, so if you're short you show sell out. As I said in the post, once the fed auctions start on Thursday, the dollar won't be supported anymore. That means the market will catch a bid and rally for a little while.
But, I don't see it breaking the line in the sand at 110.34 spy. It might rally back close to it, but it will just be another place to go short.
Red
Today should produce a short term bottom, so if you're short you show sell out. As I said in the post, once the fed auctions start on Thursday, the dollar won't be supported anymore. That means the market will catch a bid and rally for a little while.
But, I don't see it breaking the line in the sand at 110.34 spy. It might rally back close to it, but it will just be another place to go short.
Red
Thanks Red
I'm looking for 1040-1050 this week, then a bounce back up. After the bounce is done, we should continue back down. Support at 1020 and 998-1000. I think we'll pause a 1020 on the way down, but it should break on this trip down. Then we'll hit the 998-1000 area and bounce again.
Great calls thus far Red….you the man!!!!!!!!
correcting the JULy8th to oct20 from 870 to 1101 = 230 pts
posted various levels at the blog
spx likes to make 40pt moves and i have been using that as a rule of thumb measure
even the last runup was 81 pts
230 X 38% = 88 pts = spx to 1013, but we should get more than that.
the previous degree correction was 86 pts at 870 spx on Aug17.
so this one should be larger, i would think.
Jay
Thanks Red
I'm looking for 1040-1050 this week, then a bounce back up. After the bounce is done, we should continue back down. Support at 1020 and 998-1000. I think we'll pause a 1020 on the way down, but it should break on this trip down. Then we'll hit the 998-1000 area and bounce again.
correcting the JULy8th to oct20 from 870 to 1101 = 230 pts
posted various levels at the blog
spx likes to make 40pt moves and i have been using that as a rule of thumb measure
even the last runup was 81 pts
230 X 38% = 88 pts = spx to 1013, but we should get more than that.
the previous degree correction was 86 pts at 870 spx on Aug17.
so this one should be larger, i would think.
Jay
Hey Tim… Anna has an excellent post on how to play BIDU. You can read it at http://www.hotoptionbabe.com.