We dipped under the support channel for two days but climbed right back to exactly on the SELL line in the middle of the green support channel and bottom of the white upchannel.
Big Money selling and reallocation seems to be outweighing the FOMO here (more stocks declining than advancing yet Price still climbing strong overall).
It's ironic that my strangest model seems to still be holding up quite well.
How do you think the lack of unemployment benefits/stimulus extension will affect the markets next week? I am surprised the market did not react to expiration Thursday/Friday. The Senate is effectively on vacation until Labor Day. Millions of people won't be able to pay bills/rent. But I guess it doesn't matter because those same people likely aren't in the stock market anyway... Maybe Trump will be the hero and use executive orders, increasing his chances at re-election.
ProfitHarvest
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@dtbullishbear, it’s all bearish as hell, trumps executive orders are just gonna create chaos/are for re-election marketing purposes, only congress can actually do anything meaningful.
Rolandmele
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Good
Annakowalska
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Yeah definitely..
DaddySawbucks
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bubble will inflate once more imo, BTFD on every pullback, gaps unfilled; higher before lower, double topping:
no pos, wait, watch
kaxo1
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@DaddySawbucks yeah I definitely think they’ll be one last final rally into September at this point, but I’ve been waiting for a pullback around this opex with the amount of calls coming off the books, and with the 50dMA around 314 that could be a lower target before a parabolic rally to double top
JGM0706
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Maybe the November election is the burst? Allan Lichtman, the history professor who accurately predicted the elections since 1984 (including Trump’s win in 2016) said 2020 goes for Biden in the latest run of his prediction model
ProfitHarvest
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@JGM0706, Election Day low is gaining strength in the data
JGM0706
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@ProfitHarvest, it would make sense that low and I suppose it will be in Trump political interest to do anything to win (i.e. print more money) before the election but also it (to print more money) will leave a chaos should he lose?
ProfitHarvest
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@JGM0706, if it doesn’t start crashing next week or two, they Actually are stupid enough to try to pump straight through all the way to election which of course will fall short. Smart play is getting the market to consolidate sharply without instilling too much panic and then pumping gas hard one final time in Sept after recess.