I’m not expecting any obvious setup to show up today. After yesterday’s beautiful bear day we should have some kind of bounce, but it should be choppy. Early up moves will likely be met with some trapped bulls selling. So we could go back down some as easy as going up.
Today is a day to just set on the sidelines and let the late to the party bears and trapped bulls fight it out. Once done though we should see a move up into Thursday. How high is unknown but if they get something positive out of Greece about a deal then I’d expect a powerful short squeeze.
Personally I’d love to see them fake out the bulls and scream this pig up one more time to make a new high where they take out all the bears and get the bull bus fully loaded. Then drop the ball over the weekend again with the Greece deal and start the 3 week down move next Monday with all bulls trapped and no escape.
Possibly one more flush down tomorrow and then a rally into Thursday I think. So I’ll be shorting this Thursday for 2-3 weeks if it works out like this?
Looking like the set up is short for 2 weeks then I believe FOMC bounce. Distribution has been ocurring all year, so who’s gonna buy at these levels? Although all are waiting (impatiently) for a bounce, we should be sitting out til massive selling occurs for better entry point and odds. GL
Blew right through that premarket low… LOL. Not a good time to be a bull I think! I will NOT be going long into Thursday but will just wait it out until then before looking for a 3 week short.
I’m not expecting any obvious setup to show up today. After yesterday’s beautiful bear day we should have some kind of bounce, but it should be choppy. Early up moves will likely be met with some trapped bulls selling. So we could go back down some as easy as going up.
Today is a day to just set on the sidelines and let the late to the party bears and trapped bulls fight it out. Once done though we should see a move up into Thursday. How high is unknown but if they get something positive out of Greece about a deal then I’d expect a powerful short squeeze.
Personally I’d love to see them fake out the bulls and scream this pig up one more time to make a new high where they take out all the bears and get the bull bus fully loaded. Then drop the ball over the weekend again with the Greece deal and start the 3 week down move next Monday with all bulls trapped and no escape.
Nice chart: http://charts.stocktwits.com/production/original_38984179.png?1435614944
Possibly one more flush down tomorrow and then a rally into Thursday I think. So I’ll be shorting this Thursday for 2-3 weeks if it works out like this?
Looking like the set up is short for 2 weeks then I believe FOMC bounce. Distribution has been ocurring all year, so who’s gonna buy at these levels? Although all are waiting (impatiently) for a bounce, we should be sitting out til massive selling occurs for better entry point and odds. GL
SPX 4 hour chart: http://screencast.com/t/DOC0QwOxtpy
SPX 60 minute chart: http://screencast.com/t/qW7BHTwgNZ5
Blew right through that premarket low… LOL. Not a good time to be a bull I think! I will NOT be going long into Thursday but will just wait it out until then before looking for a 3 week short.
The premarket low today of 206.81 SPY should be tested today (or Tuesday morning?) and then I think we’ll see a bounce into Thursday.
I see a choppy rally into this Thursday. Then I think the next 3 weeks will be down, and down BIG!
Red, Looks like your call of an early start to the correction( vs.the October time frame) is looking very accurate. How do you see this playing out?
Last Friday produced a 5th HO signal (Hindenburg Omen). Keep in mind, it only means a correction/crash is ‘on the clock’. For past history read: https://www.technicalindicatorindex.com/subscribers/guest-articles/Main%20Line%20InvestorThe%20Past%20Performance%20of%20the%20Hindenburg%20O%85.pdf