Finally some of these retail stocks are dropping! I have been in a few that need to flush in a huge, huge way for months now and while they have been dropping, not enough. Anyway, lets see what happens, the shaded box is where I would have my eyes on SPY. Maybe we just flush through July, maybe it hits the shaded box and bounces. That would be where my eyes would be for a possible bounce though. Good luck. Not even looking today I have way to much to do but alerts are set and lets see what happens. It's been a controlled sell off so no reason to think we just flush until it shows it that it wants to. Assume the controlled sell off continues and for anyone thinking the markets are remotely bottomed, wow. I am sorry but you are so far off in that thought. The markets still have a HUGE drop before you can say they are bottomed for investing.
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I already see bear pennants and flags developing on a few tickers. Use your stops if you act.
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Remember, history repeats itself!
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While there is more downside, lots more downside to come... I am buying AMZN at 2130.00 Limit order set. Shares. Just for a bounce...
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Actually sold it.. lol. Waiting for a green candle to show up first. QQQ and SPY still have a little more down to come before a little bounce shows up. Lets see where that takes AMZN. Another melt off tomorrow and I am in with complete confidence for a bounce. Big question mark here though... ill wait for the green candle to show.
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I am simply going to say this... careful! I am looking for a continuation into next week before any sort of real "upside". Remember, the market is not even remotely close to bottomed for any kind of investing.
This is an expanded flat. A bullish setup with 2 objectives: 1) establish a higher low (generally occurs in the transition from a corrective cycle into a new impulse/bullish cycle) - in this case it kills 2 birds with 1 stone and fills gap down, which if it bounces will subsequently establish a higher low than the 385.15; 2) form a higher high - based on the time cycle of the formation this will likely be by end of week at around 414.. I think I saw you post something recently with a 414 target??.. that could play out here especially with OPEX this Friday. I'm not making the assumption that will hold but do believe we will get a test of the 411-414 range before the test of 380s. This market F$@*s jeez
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@otwa2113, I'd like to see us sell off till about 3:30-3:45 today which could setup a nice rally into the weekend followed by next leg down next week.
@tendency, 8% short float increase in SPY since last Thursday which is a lot for SPY relatively.. something tells me the underlying theme here is to absorb the overhanging supply and capitulate the weaklings. For that reason I do think its possible to see a whipsaw to 414 and then shake out the bait. But at some point this is going to squeeze pretty nasty. I think that "some point" is whenever BTC wants to roll. The correlation to BTC recently is troubling long term, a blessing and a curse depending on what side your on.. But BTC definitely wears the pants recently