Ascending Triangle breakout, tinted area as text book target.
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.
BullBear52x wrote:Today, only two spelling out BUY/SELL number unlike yesterday. come on guys it's OK to be wrong or you can have full bragging right if you are right. people don't buy after the fact talk. lets roll out the number.
Some people are anticipatory traders, others are reactionary, nothing wrong with that.
I am in TMV and that's it. I haven't seen any movement today that is tradeable from my perspective. But I'm waiting . . .
As hard as it was to buy this morning it was the right thing. Closing up now I see Full Stoch in overbought with RSI > 70...typically not a great outcome for bulls. Back to net short position.
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 am getting McClellan Oscillator readings intraday in the same neighborhood as July 1 and August 30. These are nosebleed levels. When those levels were hit at those times, there was another 1.3% - 1.5% to the peak high and then things rolled over. Doesn't have to happen this time, but it makes it hard to get bullish.
NASDAQ is within 5% of YTD high and S&P is within 5% of 200 day moving average. Not a lot of vigorish here unless corporate earnings and outlooks are really good.
Given the strength of this rally, the 200 day average is a good target for the S&P, but it is reasonable to anticipate that it will need more than one push up to get there.
VIX collapsed, that's the 1st sign of top, but too early to call top now, just the 1st sign.
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.
Cobra wrote:VIX collapsed, that's the 1st sign of top, but too early to call top now, just the 1st sign.
top of spx ? wont it be much harder for vix to break thru all that resistance now ?
Not long ago, I also said it's very difficult for SPX to break through the overhead resistance. And look where we're now? Now the stock market, you have to think crazily.
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.
BullBear52x wrote:Today, only two spelling out BUY/SELL number unlike yesterday. come on guys it's OK to be wrong or you can have full bragging right if you are right. people don't buy after the fact talk. lets roll out the number.
Some people are anticipatory traders, others are reactionary, nothing wrong with that.
I am in TMV and that's it. I haven't seen any movement today that is tradeable from my perspective. But I'm waiting . . .
BullBear52x wrote:transportation is especially weak today.
YA.and I am to.HA
I got spank from TZA another 5% today too, the other day I spanked them with TNA hedge thought I was genius after running it up from 27ish. patience what goes up must come down, the funny hair dude once said.
Because of you, I didn't short IWM. I'm still patiently waiting for another entry for either long or short.
are you using me as contrarian indicator?
Not really, but it has worked for a while. I guess most of us here are too bearish.
cobra you mentioned the EMA 34 for the chart on the solar a few weeks ago . where you like to close your short when it hits the EMA.
does it work when you want to be long to buy above EMA 34 ( by the way on the 60 minute chart or the daily chart ) please please thanks !!!!