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Sometimes something happens after the commodities market RTH end, guess not today. Next up Power Hour and the then the 3:30 ramp. Be interested to see what the action is around the close. No idea how "bad" the number has to be tomorrow to trash the November December rate hike. If it is bad enough to tank the dollar I would guess gold rater than oil just because of recent price action. I will be setting my alarm so I don't miss the "show".
DellGriffith wrote:Last 3 months are starting to look more like a broad head and shoulders pattern on Daily SPY
if resolving as such it would only result in a ~ 10% drop as per ta rules, nothing really earth-shattering.
A Trump election could extend the down move with more vehemence which would be a generational buying opp imo.
If Hillary is the chosen one markets will explode up leaving no chance for the regular folks to BTFD.
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That's the conventional wisdom but you never know. The day after the election, investors may go "Oh crap the republicans have the House still - gridlock!" and everything sells off.
bearish as of SPY 406 on 2/17/23
currently: end bearish as of SPY 406 on 3/6/23
DellGriffith wrote:Last 3 months are starting to look more like a broad head and shoulders pattern on Daily SPY
if resolving as such it would only result in a ~ 10% drop as per ta rules, nothing really earth-shattering.
A Trump election could extend the down move with more vehemence which would be a generational buying opp imo.
If Hillary is the chosen one markets will explode up leaving no chance for the regular folks to BTFD.
-
That's the conventional wisdom but you never know. The day after the election, investors may go "Oh crap the republicans have the House still - gridlock!" and everything sells off.
Hillary wins initial pop followed by crash.. as Wall St has her in the back pocket.. and will expect a bail out. Trump wins initial sell off.. followed by massive multi year rally.. imho. I know crazy talk.
long term GBP/USD and GBP/EURO.. "expecting" the GBP to weaken against the USdollar.. but the Euro and GBP may soon start to head in opposite directions.. fwiw.. GBP/EUR trying to hammer the weekly off possible support. Brexit deal done.. looking for huge up in GBP.
GLD update from earlier in the week.. possible support here.. next level .. May 2015 highs 117.96ish horizontal support near 50w SMA 117.30.. should this not hold, and not bounce. <200d SMA 119.84
oh.. target tagged
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well, guess that's it for today. Friday tomorrow has been bear friendly recently although NFP day has been up 4 of the last 5. thank you guys, I'll see you tomorrow.
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There is your answer for tomarrow. New high for the day after regular hours, just 1 point short of yesterday. Clearly getting up there was important to somebody, they just didn't want to carry the whole market with them.