my guess would be a touch on the 200 weekly MA, to make the B wave minor rally back to current levels, which by then will be a touch on the 50w MA, then a drop to oversold for an 2008-style crash before the next proper uptrend on the S&P
While I no longer scalp much due to the time commitment scalping generally takes (particularly in instruments most effectively traded during the NY session), I used to scalp a great deal when I was in spot forex.
The simplest scalping technique I have come across and used exclusively was the "fingertrap method." Although I am not sure who is the originator of ...
I think the US stock market has reached a bottom here, likely to revisit recent highs, if still ranging -which is likely-, but very high odds it doesn't break today's low for the time being. I'd rate it at 90% odds. I'm risking a safe amount going long, entered at 2618.3, stop at 2583.5.
Let's see how this pans out over the next few days and weeks.
Cheers,
Ivan ...
Count in alignment with Nasdaq, either W.b/x is complete or still continuing with one up leg remaining, in either case it seems we have one down leg remaining in this market for W.iv Cir. completion.
I've been covering the S&P pretty heavily since Oct' was getting short in Sept after the first bearish weekly close we had seen leading in to this (https://twitter.com/Fab00se/status/1037716495697170432)
I think we're getting to the point that things are so bearish, that the establishments are going to do whatever it takes to save this thing, which is only going ...
The cracks are starting to form in the Stock Market. Tech has plunged in one of the worst crashes since 2008. Energy companies are hanging off a cliff as the price of USOIL craters further, due to the ongoing trade wars and countries like Iran and Venezuela increasing production and avoiding sanctions. Home Builder stocks are hanging off a cliff and new home ...
SPX came to within 6 points of the upper weekly target and needs some time to digest the gains. A drop below 2767 is likely to lead to a retrace of the Monday rally.
SPX500 is now trading at the upper range ! Looks like a Wave B correction on upside of ABC !
Short @ 2818 with SL @ 2834 on Daily Closing basis !!
Long above 2835 on daily closing with SL @ 2775 !!
Bias : Short SPX500, Nifty50 !! Risk Reward Favourable on Downside !!
My outlook for the US economy over the next few months.. I believe we are in the midst of the first correction of a trend reversal for a long term downtrend.. if you couldn't catch the sell at the peak (around $2940) no worries, the time for the big short might be coming soon.. I am currently holding buy positions as we complete what I believe is the C wave up to ...
The short setup suggested in the last post failed. The market moved straight up for what looks to be W.C of the suggested Triangle pattern .
As of now it looks like we are in corrective W.4 of W.(C) of this pattern.
Strategy : We wait for the completion of W.(C) to the upside in the white resistance zone . Once the same is complete we will look for reversal ...
Here is your bearish case, 2630 the neckline from February needs to hold, if it breaks down, the first tp will be 2250.
Short when the 2630 breakdown confirmed.
Standard & Poor’s 500 is an American stock market index consisting of 500 large companies having common stock listed on the NYSE or NASDAQ and their market capitalizations. It captures approximately 80% coverage of available market capitalization. Because it includes both growth stocks and value stocks it is one of the most followed equity indices and is considered to be one of the best representations of the U.S. stock market and a trend indicator for the U.S. economy. S&P introduced its first index in 1923 and its present day form on March 4,1957. It was developed and continues to maintained by S&P Dow Jones Indices, a joint venture majority owned by McGraw Hill Financial.
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