Futures were very difficult to trade last night and I think they are putting in an ABC formation after the first impulse down to trick bulls and bears once again.
Target for the C is the main channel trendline - around 2580 on futures. It may not get there but right now it looks likely. I will update after open. IF we head lower today I've looked at 3 possible targets for the week. Best to wait for a sell signal. Open may be very chaotic.
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As of 9:45 it looks like they just spiked above the recent high to stop out shorts. the C target hasn't been reached and may not be
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Waiting for this small channel to break, will add shorts on any retest of the channel
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still trapped in the channel, nothing to do yet
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Above channel now, but spy is struggling near the .618 fib. We may turn soon but still waiting for a clear signal. I dislike these "grind up" moves - they can go on for a long time
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C target area is reached, resistance needs to hold. waiting for sell signal. Could take a while
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2580 has been reached, but Tradingview's futures chart is delayed. Still waiting to see if it holds, but so far so good.
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There's the fortress, the question is - does she hold the bull back?
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I want to see the pink trendline break and become resistance before I enter short. These little sell offs don't mean much yet.
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This kind of movement - up or down - is incredibly frustrating to trade against. The markets do this very often to squeeze traders out. Still waiting for that pink line to break convincingly.
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trendline being tested again, no break yet
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SPY looks to be backtesting this little channel, could be interesting if it fails here. Maybe yes, maybe no.
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SPX seems to want to touch this trendline. Sorry, this is how these days go, they stretch it out as much as possible - great if you are long, terrible if short, and boring if neither. I'll update next on a sell signal if it comes.
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Pink trendline broke, waiting for a retest to enter short
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short entered, stop above last high
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Shouldn't really hold over the pink line again (or make a higher high) if this is correct. If not, I'll take the stop.
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still in shorts, they are not making this easy that's for sure
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OK well that was interesting. The only way this can be bearish is if we are making an abc correction. The wave from today is too high to be a "2" but it's perfect for a "B" wave. So, if I'm right (big IF right now) we should see 5 waves down starting tonight to complete a C wave to around 2320 or so. Thanks everyone - see you tomorrow.