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10/17/2020 Weekend Update

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Cobra
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10/17/2020 Weekend Update

Post by Cobra »

Up 3 weeks in a row, 82% chances higher high ahead the next week, so bulls still have something to hope.
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Cobra
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Re: 10/17/2020 Weekend Update

Post by Cobra »

AAII Bull - AAII Bear, still at the place where it's been the top recently, so not favor bulls.
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Al_Dente
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Re: 10/17/2020 Weekend Update

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Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.
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Re: 10/17/2020 Weekend Update

Post by Al_Dente »

“Market timers had been more bullish than at almost any other time since such data began being collected in 2000 … In the past, the stock market has reliably struggled in the wake of bullishness this extreme. [MARK HULBERT]
https://www.marketwatch.com/story/stock ... 2020-10-15
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.
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Cobra
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Re: 10/17/2020 Weekend Update

Post by Cobra »

$ZM, could be a 3 Push Up in the making so a 2 legged pullback might be due. It's in a clear uptrend so the pullback eventually should be bought.
viewtopic.php?f=2&t=4263&p=288401#p288401

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Re: 10/17/2020 Weekend Update

Post by Cobra »

Every time a revisit of the previous high there're some chances of double top, the market is at a key point, beware the 1-2-3 Formation Short setup. The method 1 was already triggered. The setup has perhaps only 30% winning rate but the risk reward ratio is very high.
123FormationShortSetup.png
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1.png
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Al_Dente
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Re: 10/17/2020 Weekend Update

Post by Al_Dente »

So far, bears have not been serious enough
They need the kind of volume seen in the red circle.
Bears could get it if the stimulus talks break down again or a tweet … or...
Bulls need to break above the downtrending red-dashed line to circa 3520+ SPX to prove they are worthy...
1017ad.png.jpg
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.
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Al_Dente
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Re: 10/17/2020 Weekend Update

Post by Al_Dente »

WEEKLY relative strength/rotation table (gold miners v spy is cut off at the very bottom):
1016rotatioon.png.jpg
According to Bespoke, 6 of the 11 sectors are overbought
1016bespoke.png.jpg
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.
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JFR
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Re: 10/17/2020 Weekend Update

Post by JFR »

SPY daily. Point and Figure. No man's land. No breakout pattern. But the market has been moving up (Xs), and the trend is up (blue line). There is buying pressure, but as the market neared the top, resistance was too strong. Anybody's game, until the market shows its hand.

Screenshot_20201017_231127.jpg
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Al_Dente
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Re: 10/17/2020 Weekend Update

Post by Al_Dente »

Must read
[from Jason, 10/15/20]:
Buying puts on indices, while buying calls on single stocks; conclusion bullish
https://sentimentrader.com/blog/traders ... n-indexes/
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.
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