Hmm.... double top still in play... long tails at 1200 each time it touched it... seems to be like touching a hot pan and running away from it, only to come back to see if it's still hot... and so far, it's still hot.
Quite overbought on many levels, time for some sort of a pull back. Let's see if the pull back then gets bought, markets regroup for another test of 1200 and break through the double top.
I am inclined to agree with some of Cobra TA conclusions with a interim price target on the S&P of 1200 or so, and then drop. (at least that is what I think cobra has outlined). I have 1206.28 using the Fibonacci rule - which I learned about here in this forum.
I am not sure what the multiple "humps" reflect in the chart between August and now. It seems like a Head & Shoulders, but with a couple extra humps. Maybe they are Egor humps -- I dont know.
All I know is when the market dropped to 1140 I bought, and then sold at 1200. (trading the 5 out 7 day rule really helped with that). I am not taking any long positions above 1200 (yet).
In my opinion, there is just too much risk as reflected in the bond/CDS markets - which the equity markets are ignoring, like they did in 2007/2008.
What I also see today, is a big black bar forming today on the candlesticks for the Euro - which nearly everytime one of those show up, it changes direction.
So I am bearish.
Added to my short this morning as McClellan Oscillator is approaching overbought.
Uncomfortable as the action is turning a lot of technicals toward an intermediate term buy. It seems to mostly be driven by price as the other technicals I look at seem to be improving but weakly.
Will have a stop somewhere above SPY 123, but anticipate a turn or at least a good pull back before that level comes into play.
more likely the pullback isn't over yet, just a guess. the gap might be filled today.
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Good Morning! I'm still a newb so bare with me for a seceond... Do any of you know the historical performances of Quadruple Witching days? Thanks in advance!
Not a good sign for the bulls... the bounce after rejection at 1200 for the double top was weak... bull need to gather momentum to make another run to break the double top at 1200, not make weak bounces followed by further selling...
this could be a bull trap in the making... all those who recently went long based on the action yesterday and at the open may get their faces ripped off here. be very careful!!!!
hi ladies, me backs. how is going? do i miss anything when i was in that miserable conference?
it seems a break out then pull back to me. not sure the direction but i am a little bit bearish at this moment. will go short if 1187-1185 level cannot hold
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Be4chst wrote:Good Morning! I'm still a newb so bare with me for a seceond... Do any of you know the historical performances of Quadruple Witching days? Thanks in advance!
tomorrow suppose to be bullish.
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HappyFriday wrote:Good Morning everybody !
In order to have a happy Friday, we need to make Thursday supper strong upward. Then, our Friday will be beautiful. Let's do it and make it happy.
HappyFriday
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this is what happened in the past 2 days when morning dip was bought aggressively. The question is: will the 3rd time be different?
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