Hi RED, My indicators say its DOWn today Flash looking for 9700, hmmm Monday should make a lower low, and recover leading to a couple UP days, but NOV 2nd as an important pivot low still stands MY plan is to close out shorts late today would like to see the 3pm turn DOWN to make it to 3;45 low Jay Monday at noon cycle low offers an opp to go long -2days
However, I never expected that big selloff into the close today. But, I went short about 1pm… once I saw that the 110.34 spy level wasn't going to be retest, and then “Bam” it fell off a cliff.
Tomorrow should be either a consolidation day (small retrace up… may 38% to 50%), or another day of selling. I really think that many bears are going to miss this quick move down.
I'm staying short… even if the jobs numbers are under 500k. That will only produce a small up day. I don't think the big boys are going to hold over the weekend. I just guessing… but Friday could be another down day. Let's see what tomorrow brings first.
However, I never expected that big selloff into the close today. But, I went short about 1pm… once I saw that the 110.34 spy level wasn't going to be retest, and then “Bam” it fell off a cliff.
Tomorrow should be either a consolidation day (small retrace up… may 38% to 50%), or another day of selling. I really think that many bears are going to miss this quick move down.
I'm staying short… even if the jobs numbers are under 500k. That will only produce a small up day. I don't think the big boys are going to hold over the weekend. I just guessing… but Friday could be another down day. Let's see what tomorrow brings first.
I'm thinking that will be about right too. By the end of the week we should have hit the high, and next week will start the selloff.
The high could be hit Wednesday or Thursday… I'm not sure which, but there should be some selling on Friday, as the big boys know what's coming next week.
Yeah… your right about Mr. Topstep. I use other methods as my primary reason to believe the market is heading lower soon. Mr. Topstep is just agreeing with what the charts already say.
I'm not going to base my entire decision on what Mr. Topstep or the guys at optionmonster say only. But, a lot of other technical analysis is now inline with that 1108 area as the major “line in the sand”.
I hope your right Jay…
I'll also be closing out my position today. The move up was very strong, and today is Friday… which is usually light volume. That means a up day.
Either way, up or down, I'm closing out today as time value on my options will be killed over the weekend.
Red
Hi RED,
My indicators say its DOWn today
Flash looking for 9700, hmmm
Monday should make a lower low, and recover leading to a couple UP days, but NOV 2nd as an important pivot low still stands
MY plan is to close out shorts late today
would like to see the 3pm turn DOWN to make it to 3;45 low
Jay
Monday at noon cycle low offers an opp to go long -2days
Thanks…
However, I never expected that big selloff into the close today. But, I went short about 1pm… once I saw that the 110.34 spy level wasn't going to be retest, and then “Bam” it fell off a cliff.
Tomorrow should be either a consolidation day (small retrace up… may 38% to 50%), or another day of selling. I really think that many bears are going to miss this quick move down.
I'm staying short… even if the jobs numbers are under 500k. That will only produce a small up day. I don't think the big boys are going to hold over the weekend. I just guessing… but Friday could be another down day. Let's see what tomorrow brings first.
Red
Great call today! Thanks!
Thanks…
However, I never expected that big selloff into the close today. But, I went short about 1pm… once I saw that the 110.34 spy level wasn't going to be retest, and then “Bam” it fell off a cliff.
Tomorrow should be either a consolidation day (small retrace up… may 38% to 50%), or another day of selling. I really think that many bears are going to miss this quick move down.
I'm staying short… even if the jobs numbers are under 500k. That will only produce a small up day. I don't think the big boys are going to hold over the weekend. I just guessing… but Friday could be another down day. Let's see what tomorrow brings first.
Red
Great call today! Thanks!
Red and Jay,
EWZ started selling today. I don't know how long it takes us to follow the pattern.
I'm thinking that will be about right too. By the end of the week we should have hit the high, and next week will start the selloff.
The high could be hit Wednesday or Thursday… I'm not sure which, but there should be some selling on Friday, as the big boys know what's coming next week.
They don't want caught on the wrong side either…
Red
Yeah… your right about Mr. Topstep. I use other methods as my primary reason to believe the market is heading lower soon. Mr. Topstep is just agreeing with what the charts already say.
I'm not going to base my entire decision on what Mr. Topstep or the guys at optionmonster say only. But, a lot of other technical analysis is now inline with that 1108 area as the major “line in the sand”.
Red
Good point. Looks like UUP broke out (up) of a downtrending wedge.