Chart says all. Has been support in 2015/16 and 2018. WIll it hold again? I hope so; I'm going long here. 2054 is just 90 pips below now, IMO might see it this week.
We do have a Bearish engulfing candle on 3/11, ominous for lower... but price forms a descending wedge, pop could come anytime now IMO.
The selloff was so rapid and intense, the buyback will be a vertical recovery IMO.
Not advice; trade at your own risk, GLTA!
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Futures trade at the 200 WMA now. Expect test. I'll be adding to this position.
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Another egg laid by the Great Donald drives it below 200WMA. Futurz form a descending narrowing wedge, a Bullish formation. Expect a strong bounce soon; legislation to pass on Friday and a big rate cut next week will turn it IMO.
Holding the longs and adding here! GLTA!
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Another circuit breaker... wow. Panic... madness.
Trade active
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Added to SPXL long position. Holding on by fingernails. It will bounce soon IMO- looks like a 5th wave, capitulation. Hang on and grit your teeth!
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SPX now -24%, DJIA -28% in three weeks. Very close to pivot IMO, average news-driven panic drives ~29%. It will bounce.
Trade closed manually
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Yeah its insane we're just gambling. Stopped it out; wait it out!
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Looks like the relief rally is starting up. Gapped up; closed gap; and lifts; watch the close; if Monday is also green we got a bottom in place here.
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Still dicey.... no positions over weekend; Monday is a crapshoot.
Did okay day trading the bear flag... every one of these has broken.
Look at XRT and IWM, small caps and retail still tanking....
If you're bearish, short money losing small cap companies. I'm shorting PD and LPSN, holding over the weekend. Even if they gap up, they'll tank anyways.
DaddySawbucks
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Never seen this kind of frantic wild panic before, I lived thru 1987, 2000 and 2008. Never been anything like it. IMO it will crash, might get -20% in one session.
Buying into it anywhere here is pure fkg gamble, nothing more. Bottomless pit atm.
tech_yogi
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@DaddySawbucks, Thanks for sharing. Yes, the technicals are stacked against any bounce. ETFs selling. Momentum plays are leveraged. Sure indication of a recession so no big institutional money to stop the bleeding. And the new put/gamma chasing whatever they are calling it. All points to more SELLING!!!
tech_yogi
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Bounce not happening. Supports mean sh*t in this environment. The recovery will be short lived. Every 1% bounce is being sold into. My HNI friends are reallocating to cash. I imagine that is broad and will put more pressure on ETFs. Staying out.
DaddySawbucks
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@tech_yogi, Yeah, there's no playbook for this. Waves and Fibos mean nothing. It's just a mad panic. Look what they did today, spiked 2k and sold off again. Closing lower than the open ffs...
AdrianZen
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Are you saying that it will bounce after 29% loss? It might be just capitulation and then we'll see 'return to normal' for a moment.
Brizzy64
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Elliott Wave says different. Final level to drop is around 1800- a 50% retracement.
hungry_hippo
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Ouch.
DaddySawbucks
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@hungry_hippo, Yes I coulda got a better price; but gonna double down and DCA here the relief rally will be fierce, don't underestimate greed when fear fades!
hungry_hippo
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Trump's speech must've gone really well, futures down 75 pts.
I don't see Europe rallying considering the 30 day travel ban he just announced.
If you're bearish, short money losing small cap companies. I'm shorting PD and LPSN, holding over the weekend. Even if they gap up, they'll tank anyways.