chartwatchers
Long

S&P - Breakout testback is done

FX:SPX500   S&P 500 index of US listed shares
2106 21 35
It seems we are turning where I predicted.
We are very late in the daily cycle. It seems today we are printing a reversal candlestick .
The 6 day RSI is printing exactly the same reversal like at the end of June.
Today is a very possible point for the daily cycle low. Last week I was hoping for 2 days of decline but it seems we get only one big day down.

Before the US elections powers will not risk a stock market collapse: everybody and his dog will be buying soon. So get ready for a higher high soon.

If this candle is holding 1 hour before the close I'm going long in S&P             .
(How interesting that oil             is supporting this rally...)
Comment: Note at the RSI is wrong: "Same reversal at ***oversold*** levels"
Comment: Based on the past DCLs tomorrow we will have a follow through.
WE can have a marubozu like on the 06.28. DCL or we can test back to the half of today's candle. In that case I will be adding to the long position.
snapshot
I was ready for a down day, but I totally agree that "the US elections powers will NOT risk a collapse." Especially in the same news cycle as their candidate collapsed....
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The US Elections powers do not control the stock market. The stock market will do whatever the hell it wants between now and the election. Plus remember November 2008 ? The market was COLLAPSING at that time and they could not control it.
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bertcoin PRO BestOnlineTrades.com
My point exactly my friend. And who got elected in 2008? And who do "they" want elected in 2016?
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Guybrush80 BestOnlineTrades.com
the difference is : before Obama there was Bush (republican). Now they want to put H. Clinton, democratic as Obama. They made system collapse in 2008 so democratic power could have the possibility to solve everything. Now the two political forces are balanced. democratics have no credibility (obamacare flop, weapons control flop, obama nobel for peace... and 115 billions given to arabia). In this situation of political uncertainty, I think they can't create a Lehman moment.
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Does it mean that GOLD will go down as investors will move from safe (non-risk) asset?
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Gold is only waiting for the dollar to collapse. It might happen today at Brainard's speech. 1:39 minutes from now.
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Arpi, if you don't mind sharing, on average, how long is your daily cycle for SPX?
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I agree, thank for your comment...
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Or 2139.4 then down to 2089. Suspicious if the correction is over already.
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The unlimited buyer is not watching levels or moving averages. They've let alone the market for one day on Friday.
ANd today in the morning they said enough is enough. Let's buy everything.
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Tj chartwatchers
Arpi, with all my respect to you, it seems like sharks are playing Quasimodo as explained in the marketpedia on readthemarket.com. They took the price down on friday 09.09 - catching stop losses of retailers and additional sells of breakout traders. Currently bouncing the price in the down-range with lower highs to clean sell orders left after marubozu - thus preparing clean road for a big shoot up. Soon retailers start thinking that its bear market and sell - they will feel their huge buy order to get net long and KABOOM to sky. However, for now can't tell how they want it prior to rocket.
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Tj chartwatchers
i think they make fake breake out below so called support at 2115 and then rally - that's my thoughts
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i think you meant oversold relative to the rsi
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Right. And I cannot correct now...
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Thanks for all the supports.... Please can I know the values you use for your moving averages?
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Did you open long today?
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I did (bought to dip) just before close (favorite long term stocks). Looking for more if we test 1/2 candle tomorrow.
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rippy83 bertcoin
holding AAPL and SPY for now....what are your picks?
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Tomorrow will be interesting,if breaks the low of yesterday, we might keep caution on sp500 .
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Hi Arpi, Is Oil correlated with SPX? I'm thinking with Oil heading for a 4-5 DCL, SPX will follow suit with a DCL. What are your thoughts? Not holding, but discerning when to next buy in. Thanks Arpi :)
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Hello Arpi,

We are currently at 2177 do you see a pullback soon and then upward move again?
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