We had the impulse up so I would think we get a little more follow through today to reach the upper BB at about 4130. We've hit a weekly structural trendline but a day or two over it is no big deal if it breaks down next week. Also in the vicinity is the 50 weekly MA at 4135, so if the rally is going to stop anytime soon, that 4130 area (more or less) seems to be a prime choice for sellers to step in.
Good luck!
Comment
⋅
Note the reaction of spy at the 18ma yesterday, unfortunately I was away from my desk when it occurred. Daily BB is about 411.
IXIC - Nasdaq composite reaching it's weekly MA at 11431. It's slightly above right now, closing the week below may be a sign of a turn, worth watching into Friday
Comment
⋅
down 1.4 percent on economic numbers pre market, look like the top is in for now. Support looks to be around 3920
Comment
⋅
3914 is weekly 18ma, I think it gets there by next week.
This means a bounce off the 18ma? Meaning confirmation for a push to 413?
the_sunship
⋅
@robertofdz04 I think the pullback for wave 3 of 5 is finished, tomorrow we should get to 4120. I'm wrong if they sell down much more from here, it shouldn't if it's a wave 3
CuzDelux
⋅
@the_sunship, Looking to your 4130 target, from that 4055, then, if gradual pull back, targeting low-mid 4000s for completion near 4155/70. BUT, If impulsive, then wave complete, all bets off, and hope for a breach of 3975? This jibe w/ your analysis? Thanks.
the_sunship
⋅
@CuzDelux, If the turn is not today I expect a march up to 4130. Getting over that would be tough so for me, that would be a possible top. 1. If we turn (today or soon), The B wave maybe sideways action for December (likely with light trading) like this - tradingview.com/x/ewSbMGuW/. 2. If something more dramatic happens (no idea what that might be), we could see a bearish close to December with the rebound in January. like this - I like the way this looks, but it's dramatic and goes against seasonality. More likely, sideways for B.
robertofdz04
⋅
@the_sunship, thank you, I have and will keep following! Although the sideways range is a big possibility, SPY doesn't give in so easily.
the_sunship
⋅
@robertofdz04 also spy Bb is 411. if you are trading spy, that's the level to watch if we continue higher
robertofdz04
⋅
@the_sunship I did scalp the first break of 407.29 down to 405. Either way, hooked on the content you put up, helps tremendously to know the overall big picture/sentiment! I take your word on the 411 BB spy PT. After today's consolidation/cool off from yesterday's rally, we are still bullish.
the_sunship
⋅
@robertofdz04 still bullish but the candle is indecision, let's see what tomorrow/ end of the week looks like - good luck!