chinawildman

Scalp the fear @ 289 -> Sell the greed @ 297

AMEX:SPY   SPDR S&P 500 ETF TRUST
After taking a look at SPY , I'm convinced we're not going to see any kind of real bounce until 288-289. Lots of TL and support converge there and the TL from the Dec /Jun bottoms will absolutely be tested. The bullish shark remains valid all the way down to those levels and the fib retraces from there line up much better w/ current levels of resistance compared to Friday's low. I think bulls will see the eventuality of a trip to 289, and save their ammo for these levels. Expect futures to keep bleeding until then.

My PT for SPY in the intermediate term is 266-ish (wave C of expanded flat as outlined in my Bloody August post). However, we'll get some massive face-ripping short covering rallies on the way down tho, and I believe the bullish shark bounce from 289-297 will be one of them. The next one will probably be from the 279-280 levels.

I expect this shark to turn into a bearish 5-0 next week and a rejection out of that .500-.618 retrace area (red box) would confirm it... but we'll cross that bridge when we get there.
Comment: Algos stop hunting like mad this morning... I'm scalping AMZN, FB, ADBE, VEEV, AAPL. Let's see if SPY can regain the trendline that was lost this morning.

Somehow i get the feeling the sick twisted bastards in financial media are gonna run headlines like "trade war escalation raises hope for Fed rate cut" to justify a bounce this wk...
No rip so far. Support has become resistance.
Reply
It's still pretty much following the chart you have above it just went for your final V target right away looks like we bounced to the first pink line so maybe time to start layering shorts again.
Reply
Heh... I think 2020 is going to be a nasty year for markets.
Reply
Chinawildman
Still think we will get that bounce or did spx just break through support?
+1 Reply
Thanks much.
Reply
289 hit on futures!
Reply
how quickly do we test 289?
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Get Help Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing Get Help Ideas Published Followers Following Private Messages Chat Sign Out