mpulley

Market Ready to Bounce

SPCFD:SPX   S&P 500 Index
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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?
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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.
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@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.
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