The Double Bottom Low at S+P 2825 today, appears to have successfully retested the important support low at 2822, that I wrote to you about last time, and thus opens the possibility of a rally back up towards 2900.
With the VIX above 20, volatility is such that retest moves that might take days, are being accomplished instead in hours, and minutes.
Things are moving very quickly, so reaction time is being abbreviated into seconds during the trading day, which makes it all the more important to act, and react decisively which in this environment is not an easy thing to do, to say the least.
Continue to focus on contrary opinion here, as bearish sentiment is becoming clearly persuasive. and with that the potential exists for a sharp price spike rally at any time.
Put/Call Ratio peaked today below 1,40, so bears looking for additional downside price action,were clearly denied.
I think a short term bottom was put in today, exactly where it should have occurred on the chart. Use that as a guiding point, as a rally out of this area if it converts enough shorts, could be significant.
I thought I was the contrarian here:) everyone else thinks it will go higher first, then down. I say..sorry no second chances to short..one must stay on the boat or they miss it.
I_AM_FROM_THE_FUTURE
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Oh, and tradingview doesnt show SP 500 futures price action well. I use a different provider for my precise charts.
LotusTrading20
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@I_AM_FROM_THE_FUTURE, i think it shows well, but it's delayed... by 10 minutes or so!
I_AM_FROM_THE_FUTURE
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SP Futures chart has previous bottom way lower at 200 day MA
I_AM_FROM_THE_FUTURE
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@I_AM_FROM_THE_FUTURE, 2775.75 is the previous low on SP 500 Futures chart. It happened after hours that day.
CodedFlow
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i think this market is run by whom has the strongest Ai computers - and in fact we are fighting against the strongest computer. mark this: the cash flow make up can trigger the markets in the right moment. and this is where we have to come in and break the profit... fighting against the strongest computer. because no human can manage and set so many data points... except us.
David_Scott
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We're getting close to a rug pull...
The oversold readings from two weeks ago have mostly worked themselves off...
Sept 1 more tariffs go into effect
The FED signaled today that there was no need for an immediate rate cut and per the data so far no need for a Sept rate cut.
The bond markets are SCREAMING for a rate cut.
The stock market expects 2.5 more rate cuts this year.
Vix curve has entered complacency.
I did expect more of a bounce...and perhaps we will still get one...but for now it looks like the next big move will be down.
xCal
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Forgive my lack of experience but I wanted to bounce a thought. Is there a posibilty of an inverted cup and handle play? I'm not sure all the rules but I know that it can appear as a double bottom at first. I'm feeling the hesitation to bearish move just like you. Breaking that 2900 point would help us know maybe? I might honestly be seeing things I'm seriously inexperienced at charting.