Week update for week ending 23 August 2019
In Bear territory.
Projected range for upcoming week 2896 - 2802
Bull RSI: Neutral
Bear RSI: Neutral
5 RSI: Negative
Consolidation: In Consolidation between 2822 - 3025
Price-Trend: .6x ATR
Daily for 23 August 2019
In Bear territory.
Price Projection: 2782 - 2678
So as you can see from the above chart, we have been range bound between 294.5 and 282.5 since the beginning of august, and I see no reason we don't test 282.5 again here sometime next week. Furthermore, we have significantly more downward momentum on this test, and a newly revised tariff schedule at 15%. If these levels don't hold, next major support are the...
Looks to me like this whipsaw here was a big bear flag. China tariffs, retaliation, PMI under 50, Euro PMI also contracting, and no definitive rate cut (might happen anyways, but they failed to signal one). All spells trouble for the market.
The computerz got hosed today, doubt they'll pump futures over the weekend. Rate cuts were already priced in, now...
Enough time and strength has passed for me to return to full buy the dip mode. I'm long from August 5 and adding now. A dip here is possible, but I expect surprises to be to the upside and limited (and short-lived) downside.
Not many are doing it better. I missed a few, but caught the big ones. I think I'll catch another big move up here.
I posted all of my...
Horror Stories From the G7 and/or Jackson Hole Over the Weekend?
Investors seem to be fretting over the potential for market horrors to unfold over the weekend involving unexpected headlines from the G7 summit or the Jackson Hole. Add to this the Friday options expiration plays and we have got a recipe for chaotic and inexplicable moves today, especially during...
During overnight session market has rallied to 1.618 Fibonacci level of day before yesterday's RTH level.
Until tariff news came out of China, market sold off aggressively.
Most of the time, market will retrace and test 50% or 61.8% level of sell off.
Today might be a good day to keep an eye on all Fibonacci levels for this weeks RTH session.
Level to watch...
So big question do we gap and run, or stay in the distribution and re visit the price we where at before teh China news. Will watch the Red zone for clues and then the markets reaction on a break of this area. Targets are posted so not a predictive post but one of reaction to what happens is my plan.
No idea which direction comes after the Fed today but based on the options market it appears that any negative news will be met with strong selling by options dealers and could make a large move down possible. Good news could see a decent rally, but there is resistance forming at 2950 and larger resistance at 3000. In other words it appears that a chance of a move...
Relationship of the VIX and S&P 500. Key areas to watch on are 44-37 range on the VIX and on the RSI 51. We will not see a sustained rally on the S&P500 until the Vix RSI fails through 51 while the Vix capped under 37 level. The market will need some time to work off the volatility surge if this Asian contagion is actually over. However the market should not...
Me applying the wyckoff distribution phases to spy.
Below is a description of everything on the chart. I know it is a lot but it is well worth reading. the mind is a terrible thing to waste.
Please check related ideas link for more information into wyckoff and this distribution phase.
THIS IS BASED OF THE WYCKOFF DISTRIBUTION PHASES.
Phase A: Phase A in a...