Looking for capitulation around 420 or more for the final 5th wave of C. Now that all the Powell traps are done, a final wave to the channel high (and slightly above) should finish this rally.
No doubt bears are going to start throwing in the towel around here - 5th wave of C can be intense and painful if you are against it.
I prefer to collect shorts above 419 slowly. Target is eventually 360 where various technical confluence lies - double bottom area, and Monthly BB among many other important weekly and monthly MA's.
Good luck!
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SPY monthly target area 365-355.
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note we are pushing up against the monthly 20 and 18ma's. They can get above them a bit , but I think February closes below both.
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on futures - 4190 has been stiff resistance for the last few rallies - including yesterday. Bulls need to breach that, otherwise it could be a double top forming. Bias is still up and Slow Stochastic is still embedded bullish.
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interesting inner structure on futures -
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lots of fed speakers today. It's possible we already had a first impulse and yesterday was it's correction. Today may be a surprise to the downside.
this market has just been fucking me, betting on the 420 gap fill by the end of the week now. knowing my luck it will dump now that I'm long
the_sunship
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@BuzzedLightBeer, nah I think you're good. They have to push the limits to convince the media everything is ok. Cramer now saying it's a bull market. They will give him a few days maybe to look brilliant.
TORNADOF5
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@the_sunship, i hate nvda hope to short it when this fake market crash :{ thanks man
jcolburn7
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$420+ then a healthy drop. I don't see it going as low as this poster though. $392 at best. market is too strong to sink that low. several things would have to snap in order for it to happen.
the_sunship
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@jcolburn7, confluence of monthly indicators appears to be the target here, my guess it will be the same on the downside. Plenty of economic problems being ignored by the market. Look at the baltic dry index, something is not right.
Skegee52
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@jcolburn7 yeah id be interested in playing it back to the daily uptrend line from 348 i agree something has to break for us to visit the lows again … right now it’s looking like it’s prepping for the seasonal market pullback
TORNADOF5
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any idea about XLE ,seems time to long energys again ? omg crazy market
the_sunship
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@TORNADOF5, bouncing with the market. 91 area is a gap and they will probably try to fill it. It's still a short IMO.