11/02/2024 Weekend Update

[Cobra]

Down 2 weeks in a row, the next week has 62% chances to close up.

[te_fern]

Over the weekend, please take a moment to vote for Cobra, thanks: https://stockcharts.com/public/1684859/ ... /533449377

[JFR]

SPY daily.

Price has slipped beneath the EMA 20, which has turned down.

It has broken out of the trading range it was in since October 14.

Price is sitting on the EMA 50, where it finds a day of support. The candle is a doji, indecisive

The EMA 50 is flat, and the 100 is getting there.

The Sto and MACD are bearish.

Flesh wounds thus far. But dangerous.

[BullBear52x]

"It is what it is department" The worst a trader can do is to stick to the wrong side of a trend, best way to become a trader who lose money when you are right . TA is best for short term and to trade the short term right is to be on the right side of the trend. ie: what do you do here if you are using 5 DMA.Buy or Sell (or any time frame)? so simple, but I know, there will a hero who will buy it here and hoping for confirmation.

How oversold are we? there is still more room to go per STO.

Fearful market is very volatile, if you are a good day trader, this is a heaven, 10 points a day is easy to do, but greed kills, I am happy with 10 points gain and go take a walk any days. When $VIX >16 a 10 points move is common intraday, lesss than $VIX <16 a 5 points move, less than 10 $VIX, I don't hope for more than 3-5 points move. this is my rule of thumb on intraday expection on each moves.

Swing setup: we are in the sell setup, until a new HH out of this box then there will be a trend change into a picture, for now lets see if bears can make or break?

Intraday: Inside day, indecision, Harami lady. closing the day with a bearish leaning, no new swing low from here anything is still and can turn on a dime. keep it simple and stay on the right side of lthe trend, follow the chart and stay on the right side of it. Peace!

[jademann]

BB when you say follow the trend do you mean bearish or bullish trend. Or perhaps it depends on timescale.

FWIW I expect VIX to remain here and maybe touch test blue line at some point in the next day of two.
I think we will see bearish SPY and higher extended volatility until the election is decided.

https://stockcharts.com/h-sc/ui?s=%24VI ... 0599455137

[BullBear52x]

BB when you say follow the trend do you mean bearish or bullish trend. Or perhaps it depends on timescale.

FWIW I expect VIX to remain here and maybe touch test blue line at some point in the next day of two.
I think we will see bearish SPY and higher extended volatility until the election is decided.

https://stockcharts.com/h-sc/ui?s=%24VI ... 0599455137

Traders will do both, Buy and Sell as they saw fits.
Permabulls will wait out on bearish trend and buy only on up trend.
Permabears will wait out on the bullish trend and sell only on the down trend.

in any cases, Patience, React, and don't predict will be safest bet with resonable stops and money management in all times.

[BullBear52x]

Price action on trending. using Houly with EIS bars assist, we have LL and Red EIS bar on Friday's closed, not a healthy sign for bulls. gap up hard or bulls will be in trouble on Monday intraday trade. Monday open will be the line in the sand for intraday trade.

[jademann]

I still think it is time for a reset. Perhaps here at the 200 weekly:
https://schrts.co/EtZPpeeV