mpulley

Market Ready to Bounce

SP:SPX   S&P 500 Index
215 views
1
215 3
I'm showing several indicators that the market is very oversold. I'm looking for some more downside before buying in. Maybe it will come later today or tomorrow.

Could this go lower? Yes, it could but I do think the bears are going to run out of steam here. This will give the bulls a chance to rally before the bears return and takeover again.
Kinda hope you're right but I'm not so sure the bears are quite done yet. Probably more longterm but i see an H&S with a shortened right shoulder - and isn't the current RSI lows going up when price is going down also bearish?
Reply
mpulley yogamarc
@yogamarc, your left shoulder is wrong. H&S should start from a bullish run up, so move your left shoulder to January '18 high. I think your RSI is presenting my case for bull market in the future. Also, I'm not bullish long term. I'm just looking to make some money in the short term by going long. ATM, I'm still holding a few shares of SPXU. I'm looking for my exit point then I'll switch to long.
Reply
@mpulley, Ah! thanks for that! Have not been looking for the bull run up in my H&S (or bear in inv h&S) - so thank you ! I had the 'feeling' from the shape of things that spx might be going long temporarily, but my chart reading was saying otherwise to me - so its good to know it was my reading wasn't on point.
Reply
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing Get Help Ideas Published Followers Following Private Messages Chat Sign Out