Cobra,
Please update your view about your call for rally at the latest by tomorrow....still on track....or has today's market changed your mind? Thank you kindly.
difficult to hold the 3rd touch. cannot believe the market cannot hold green for just one day.
Attachments
Like to read more of my commentaries? Please subscribe my Daily Market Report. Subscribers can find all the members only posts HERE. StockCharts members, please vote for me HERE, thanks.
JustTrading wrote:Cobra,
Please update your view about your call for rally at the latest by tomorrow....still on track....or has today's market changed your mind? Thank you kindly.
I need more evidences on bull side. So far two rebound attempts were failed, so I need more evidences to call rally.
Like to read more of my commentaries? Please subscribe my Daily Market Report. Subscribers can find all the members only posts HERE. StockCharts members, please vote for me HERE, thanks.
SPY has intraday volume while SPX doesn't. After watching me commenting intraday, you should now know volume is important.
Due to tech reason, SPX daily open price is always wrong (almost equal to yesterday's close). So if you like to use Candlestick pattern, you must use SPY instead of SPX.
Like to read more of my commentaries? Please subscribe my Daily Market Report. Subscribers can find all the members only posts HERE. StockCharts members, please vote for me HERE, thanks.
I think that's it for today. The chart pattern as I've been saying almost the half day is Descending Triangle therefore chances are high the market may continue down from here. Thank you guys, I'll see you tomorrow.
Attachments
Like to read more of my commentaries? Please subscribe my Daily Market Report. Subscribers can find all the members only posts HERE. StockCharts members, please vote for me HERE, thanks.
Do you think just using SPY patterns is prudent? The reason I ask is that I see a slightly different pattern in SPX, more a Falling Wedge now turning with a Triangle than see the Descending Triangle. If SPY tracks SPX, wouldn't SPX patterns have more validity?
Thanks.
I see Descending Triangle or Symmetrical Triangle on SPX too. I think you refer to a little bit bigger pattern which could be a Falling Wedge but it has to wait until the smaller triangle to finish first. Plus Wedge normally is difficult to trade because the trading is always against the trend.
Makes sense. Thanks. Looks like we'll get no resolution just yet.
Anaconda wrote:So, we know Friday's phantom target bars were hit today. I'm betting this one, to around 112.64 on the SPY will too (esp. since most everyone expects the pop)
The phantom bar theory continues to hold.
Expecting more downside tomorrow. SPX 1100 or <, to complete w5 down. Then looking for a strong bounce.
GL.
A
Cobra wrote:some may wonder why I use SPY instead of SPX.
SPY has intraday volume while SPX doesn't. After watching me commenting intraday, you should now know volume is important.
Due to tech reason, SPX daily open price is always wrong (almost equal to yesterday's close). So if you like to use Candlestick pattern, you must use SPY instead of SPX.
Cobra wrote:some may wonder why I use SPY instead of SPX.
SPY has intraday volume while SPX doesn't. After watching me commenting intraday, you should now know volume is important.
Due to tech reason, SPX daily open price is always wrong (almost equal to yesterday's close). So if you like to use Candlestick pattern, you must use SPY instead of SPX.
thanks Cobra.
ps: why not ES?
Not convenient for me to watch ES.
Like to read more of my commentaries? Please subscribe my Daily Market Report. Subscribers can find all the members only posts HERE. StockCharts members, please vote for me HERE, thanks.