Still possible there's one more push up the next Monday (just a wild guess) but since the rebound is overlapping in nature, I'll maintain that we'll see a new low eventually.
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By the way, if another 15 points gap up open the next Monday, it'd be the 3rd time in 3 trading days, since the 3rd time is the charm, I would not expect any fade action like today and yesterday to happen again, instead, bears could be over.
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Let them pushing up one more time. I'll be there with my shorts.
Have a great weekend my friend!
Cobra wrote:By the way, if another 15 points gap up open the next Monday, it'd be the 3rd time in 3 trading days, since the 3rd time is the charm, I would not expect any fade action like today and yesterday to happen again, instead, bears could be over.
I am going to enter some positions near the close and play a possible big drop on Monday. Breadth has been very strong last two days and returned the McClellan Oscillator to a more neutral position. Apple is down today and might even make a new closing low. 60 minute SPX has returned to 50period average and SPX is still relatively close to it(not overextended) Highly unlikely that there is another strong open and strong breadth day. More likely down but I'll explain that later.
Thank you everyone for your great charts and analysis, especially the captain Super Ben. have a good weekend. time for beers. sorry none of that grapes stuff.
My comments are for entertainment/educational purpose only. NOT a trade advice.
Well, I guess that's it for today. I have no idea the next Monday other than the seasonality is not good for bulls starting from the next week and I'll maintain the forecast that we'll see a new low eventually. That said, if yet another huge gap up the next Monday then chances are high I'd be on the bull side for at least short-term. Thank you guys, especially for a boring day like today, I'm happy you guys are with the forum no matter what. I'll see you the next Monday. You all have a nice weekend!
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simpletrade wrote:After OEX week, bearish next week? Feel like they wanted to keep it as high as possible. Agreed that we'll revisit the low soon.
I'll probably show you what happened after a red OEX week in the weekend report if I found some edges.
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