Chart says all. Going to new ATH? Tar box 302-304. Could eke out a nominal new ATH before throwover. SPX saw 3026 before; maybe it can give us 3046 this time up. At 3K we have gotta be close to the end of this run IMO.
Divergences popping up, sector rotation, RSI fading; today they rotated out of NQ into RUT, buying 'bargains.'
Hell idk maybe it will just go up another 1K pips; this ain't advice, trade at ur own risk; GLTA!
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Breaking news Trump delays tariffs to 15 Oct, SPY and QQQ jump after hours.
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Another good day to be in calls. Miraculously closed out all just seconds before the 10:50 drop... better to be lucky than good!
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Friday looks like it could be the Big Day. I have ten SPY calls. Let's see if they make it!
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Disappointed us today I was sure it would bull and fade, it was mostly fade. Looks like a right shoulder got within a hair of the ATH. Need to confirm it.
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Trades to bottom of narrowing channel inside pennant. If holds then expect bounce back into target box. Closed shorts on the oil attack news- reaction to events is always brief and usually closes those gaps. Look for re-entry before FOMC.
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I see divergence with relative strength in NQ, RUT strongly suggest more price rotation, this time out of Dow into FAANGs and smallcaps. Expect a retest of highs.
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We got a shooting stat today resting on bottom TL of flag; opened bear spread positions on SPY/QQQ/DIA.
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*Shooting star
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B/c it could still fill the gap on Tues, did not go hog wild, 10 contracts each. Shorting the Friday dailies against October ITM contracts.
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Crawls along just below the TL of pennant. Bullish action is fragile now but did show support through Monday's oil field attacks. Bought bear spreads on SPY + QQQ.
Trade closed manually
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R/R is extremely poor now; anything can happen at 2PM. Pure gamble now; showed a small gain in position so closed all out, defensive sit on fence. Holding 1k GE long as only position, short 10 01Nov $10 Calls.
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Touched the target box twice and rejected. Throwover imminent IMO.
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NB: Extend the lower TL of flag and notice index trades just under it, a failed retracement rally. Expect one more try to break up before rollover.
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Breakdown is part of a larger pattern; a harmonic Butterfly. SPX should find support near 2720, when DJIA hits 24224 target.
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FYI folks closed the position waiting for re-entry. Any gap down stands chance of getting filled and this was a big one, driven by 'trade fears' and global 'fake news', most of which is perpetrated by The Donald. SO, likely to get at least some retracement. I bought some AMD & GE in covered calls while we wait. Not ready to buy calls just yet but it was time to close out some puts for ~30% gains. Not bad for a day's work!
See my related post on Harmonic Theory. Still not sure if that will pan out or whether we get bounce off the lower TL back into triangle. It is still a Bull Market for the time being and I still expect higher prices EOY, but it's gonna be a rocky road IMO. Very chancy here!
For this particular idea; notice we are trading just above the rising TL of bottom channel; this COULD be a retest of lows and a higher move MIGHT be around the corner, or at least an upper channel test if it becomes range-bound. Nothing is certain; take what you can get when you can get it!
Long-term perspectiove: Historic crashes occur when SP500 PE >30. Current PE = 23.2; going higher. Plain & simple. LIkely another small correction first.