So halfway through the week the Bears had the ball and tried unsuccessfully in breaking the support at around $280 and historical trend line from 08-09. Bears defended Thursdays close after gapping down yet again in the A.M, ultimately failing. Sellers seem to have started evaporating Thursday into Friday's close. It's not that there was aggressive buyers in the...
Interesting trading day today. Gapped below the historical trend line from 08-09 and generic support at $280 this morning, only to have the Bears fumble the ball and cough it up to the bulls who took it and ran with it ending the day well above trend. They took a stab at the gap fill at around $273.50 but half way through we saw sellers exhaustion with no more...
Today we hit one of the targets and filled the gap at $283.75. As predicted we hit decent support around the $280 level. This is a critical zone for the bulls, because if it breaks we're in my opinion headed down into the $240 range (next target is the gap at $248) and a very possible retest of at least the gap at $222 and the March lows. This price zone also...
So looks like we got a pretty decent reversal day today across all indices after a triple top/attempt to break through the $294/2940 area on the 5 min and a double top on the daily. For SPY we're resting directly on trend line support for price and RSI, again. But the daily is an bearish engulfing pivot candle, but on low volume . So i'm not that convinced. It...
And that old habit is buying the dip. As we get into what i see as the death thoes of a record bull market the conditioning of market participants to buy up every dip is so far ingrained into the psyche of traders that people are still buying into this bounce. But I still think big money has been selling into strength for the past week with no follow through on...
We shall see. Going to post a more in depth TA after the bell. Happy trading!
This is the third test of this trend line on the hourly. I'm still watching/waiting for that wedge break to play out. But with so much free money and money looking for places to hide. The retest is looking more like a levitation trick. We got rejected from resistance right on the dot at $291.40. That was majority of the way to a gap fill at about $292. CICO...
Rising wedge paired with the RSI divergence may be playing out after all. Successful restest which is normal market behavior. We'll see how it plays out. If this does continue to play out watch for the key levels. 273.50 --> 264 --> 246 --> 218. Measured target is $246. Good luck and good trading.
I'm going to keep this one short. So far we bounced to the .382 fib and got rejected, bounced off the .236 and just got rejected off the .5 with a reversal candle now printing on the daily. I believe we just completed an ABC corrective wave within a larger ABC corrective wave for the entire bull market. Meaning we are still to complete the C wave down to take out...
Well. Hope everyone made it through these past couple months. Both figuratively and literally, and hope everyone is holding up alright. I've been a spectator for the past month or so after getting rekt pretty early on in this onslaught trying to catch the bounce (there was no bounce), and honestly was kind of content after witnessing the scale of what just...
At least i got rekt trading history. Fastest stock market correction in US history. Biggest single point drop in S&P and DOW history. Trillions of dollars of value and 18 weeks worth of gains wiped out innnn.. about 7 days? WE STILL HAVE ONE MORE DAY OF THIS. It's tragically ironic too because i've been so bearish since the summer essentially. I would get wiped...
What the ****. Has anyone ever traded anything like this? We literally have just lopped off 13 weeks worth of gains in seven trading days, majority of it in just two trading sessions. I thought one -100 point S&P day was extreme but to lose over 6% in two days i didn't think was in the cards. Needless to say i was early in trying to catch the bounce just like i...
Holy sh*t. That was aggressive. I mean i thought we might take the elevator down but that was more like skydiving. Needless to say everything got whacked today. My target was hit and everything besides the daily is oversold. We may see a momentum overshoot to the downside tomorrow just by nature of how big of a move we saw today. But i am expecting a last ditch...
And some(market)body's lying. So last week we did end up having a trendline break down out of the ascending triangle or wedge i had noted beforehand. (I had meant to do a post Thursday but was indisposed.) We then had a restest of the top trendline and subsequent (albeit unconvincing) failure, only to be whipsawed by the plunge protection team, or "they", in the...
But the writing on the walls says otherwise. With the rescue operation and blind optimism in full swing sellers have been sucked out of the market. Just for the simple fact that everyone has been conditioned to buy the dip and you're usually rewarded. But i honestly feel like there's been a lot of wind taken out of the sails of this short term bull run (Oct till...
Maybe corrections and pullbacks really are illegal. There is literally no rational reason for us to be back at highs, but with the massive liquidity injections from the PBOC the money has to go somewhere. And it doesn't look like it's going into the Chinese markets. It's the same playbook that got us here in the first place. The overnight futures traders gap the...
So today we got a bounce from the deluge of selling on Friday which honestly is to be expected barring any catastrophic news. Part of these big moves back and forth is to suck in buyers and sellers, trap them, and then shake them out. Today was another one of those days. They gap the market higher, get a bunch of shorts to cover, suck in a bunch of longs, and...