Money2020_ET
Long

Today/tomorrow bull flag, intraday channel trades

OANDA:SPX500USD   S&P 500 Index
I'm medium term bearish (next week, first week of July) but for today/tomorrow looks like a bull flag is ready to pop to close the window at 3188. I think it will close today headed towards 3080 (bottom of the flag/channel) unless this thing pops within the hour. If it closes down there, it'll climb after hours, open at the top of the channel or with a gap up, depending on picking up any speed. Triple witching Friday, etc. Good luck, be careful!
Comment: Bull flag popped but not as high as we thought it could go because it ran into heavy resistance at 3140-3150 which is the upper channel trend line we've been inside of during April and May. We popped out of it first week of June, then sliced back through it, and have been rejected now three times as we've back-tested. However, we are still in the trading rectangle that we have been in since Tuesday. We tested the bottom multiple times on Friday but did not bust through it. Some folks I trust are still saying we may turn around next week and rip through that upper channel line to close the gap and retest ATH's. I myself am trading the bearish case, but watching closely of course. GL. Loving the discussion in this thread, btw.

Comments

The bullflag completed at 3164.
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O yes, great insight tyvm for post; it's in the Handle of a Cup atm IMO; measured move incoming, wants to close 24 Feb gap at 3330:

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Ooohhh... Triple Witching sounds like a fun market event B). Nice tip!

How beautiful would it be if we did gap up and we got a double island reversal double top to kick off the crash :).
+1 Reply
Money2020_ET ProfitHarvest
@ProfitHarvest, ooooh that would be my favorite scenario! :)
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On that basis do you think it’s ever going to want to fill any of the multitude of gaps it’s left below the past several months? Why would it fill the gap you mention first? It’s all largely guess work right now. Invisible hands do that
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The_Real_AMF MatthewYoung89431
@MatthewYoung89431, Momentum is up but gravity pulls down. Easier to close the gap that is close by rather than crash to close many gaps farther below. Just my opinion, anything could happen. This beast still needs some sort of lube or catalyst to dump more. Could be lurking but pretty up in the air now. Lets see if we can get a direction after tomorrow's OPEX.
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Money2020_ET The_Real_AMF
@The_Real_AMF, I agree. Very tricky this week.
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The_Real_AMF Money2020_ET
@Money2020_ET, Like watching paint dry.
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ProfitHarvest The_Real_AMF
@The_Real_AMF, The calm before the storm!
Reply
farmerisland The_Real_AMF
@The_Real_AMF, That's an excellent point on the momentum vs. gravity take. Ultimately, all the gaps will almost assuredly get filled. Just matter of when/which first...
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