S&P500 broke out of the rising wedge
With the gap, most likely on the fears
Of the Evergrande default crisis in China
Which might spark a chain default reaction
In China and across the globe
If Beijing does not intervene
Taking of the SPY, I don't think that this is the end
Of the bullish rally, but a...
The market has been long due a -5% correction this year. September, historically statistically the worst month for stocks, was the months to have it.
This down move began on the 9/3/21 jobs report. If you look on the S&P 500 futures for that date at 8:30am you'll see that spike trade to an all time high but then slammed back down. So for those blaming "China...
Overall Trend - ⟰
Oscillator making lower highs where price made higher highs - representing bearish divergence.
Oscillator making lower lows and prices are still borderline lower low - representing multiple bullish hidden divergences.
Divergences are easy to spot. But, they are often overridden by hidden divergence which comes soon after. This happens because...
I believe this long bull run market has to finally end and it seems it may be sooner than we thought showing we have dropped 2.3% since this morning as I'm speaking Monday, September 20th at 1:21 P.M. It wouldn't be a surprise if we have a crash in the foreseeable future
Still riding the wave. Will tomorrow be the day we change direction? We wait patiently. A few people asked if I was buying the dip. Answer: No because my rules are simple I stop buying after I'm up 20%. I sell half at 100% and I don't sell the rest until the daily candle closes with a signal to change direction. Good luck traders.
Its official, SPY has crossed the 55 daily EMA, and crossed a strong support trend line.
BlueWave gave a red dot sell signal on September 7 as a warning.
NOT FINANCIAL ADVICE
For people who don't know how to trade a bearish market, I would recommend setting on cash or just buy your favorite stocks slowly.
I and my team on the other hand will be focusing on...
WE MADE A BANK HERE! I AM DONE FOR THE YEAR! LET'S HAVE SOME FUN, SHALL WE.
I think the drop is not over yet, we will roll some puts and let it ride till Wednesday. 430 -428 minimum. However, book some profit.
Let the good times roll, went into cash Thursday last week and continuing to take shorts against the SPY. Will start to pyramid back into long positions because a lot of things on the shopping list are coming up fairly priced now.
Food for thought as we see some serious correlation between now and prior bubbles. Fed QE is the only thing keeping the market afloat. The United States are not immune to the backlash of China's Evergrande. All eyes on Fed meeting this week.
On Friday Croissant assessed the state of the market on TD Ameritrade Network
In the assessment, CEM enlightens us to the short term options market outlook.
We are still within the window of weakness (no vanna or charm flows) before the fed announcement, but time is not a bears friend.
It's speculated that taper will begin in Nov and will be announced in...
SPY/S&P 500 looks vulnerable with decent upside resistance.
There are four sets of support and resistance levels that are displayed by Aspen Trading’s S/R Analysis Tool. Each one is unique to a specified period of time that we then display directly on the chart. The levels are classified as follows
GREEN: displays 2 solid lines (upper/lower)
ORANGE: displays 2...
We're all worried about what's happening with SPY. A few questions keep popping up:
1.) It gapped down, is it going to fill the gap?
2.) Is this just a temporary correction or the start of a downtrend?
3.) Is this the start of a crash?
For the third question, I don't know. I'm still pretty green. But for the first two, I went through the spy dailies and...