Cannot see Futures right now, looks like a flat open so any gap either up or down shall be filled.
Retailers are a little too bullish. A survey from my Chinese forum shows 51.61% people bought the dip while only 12.90% people think it's a bad idea to buy. The Survey is in Chinese but I translated the most important part should be clear enough.
Also Rydex traders (another group of retailers) apparently think the same way.
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Good morning!
Built on the assumption that the market will go up: a 5 min SPY trading chart, with a “MAW Ribbon” and the “Fibonacci Harmonic Extensions“ of that Friday afternoon bullish Gartley Butterfly. If true, a potential target for an UP-move could be as high as the 133 zone.
Just some points I read this weekend.... The SPY & QQQ last week was a bearish engulfing.This is the 6th time in 17 years with only one exception and has lead to a dn mkt for the next 2 week.
Also all of the Dorsey Wright Point & figure charts posted more "O" which indicates more dn to go.
Here is to a good week of trading either up or dn.
Probably because many bulls are scared and worried for the long positions that they still have. They don't want to sell and pay taxes...They would rather buy "protection"...IMHO
A cycle high is due at 12 EST this morning. But, we've had 5 cycles of consolidation so we're ready for a trend move, and it looks to be a trend move up. I will monitor the 12 EST cycle.
I saw from the chart for the last 5 week SPX was supported by the lower descending channel line and bounced upward for 2-4 consecutive up day after 3-4 consecutive drop day. If we believe that past could be repeated in future, we could expect a bounce up by today or tomorrow.
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stockcycle wrote:I saw from the chart for the last 5 week SPX was supported by the lower descending channel line and bounced upward for 2-4 consecutive up day after 3-4 consecutive drop day. If we believe that past could be repeated in future, we could expect a bounce up by today or tomorrow.
beware of captain obvious.
My comments are for entertainment/educational purpose only. NOT a trade advice.
i am looking for a entry to short natural gas as the fundamentals haven't changed. we are very oversupplied and that is not going to change anytime soon.