2nd test of day low, wait to see if bulls can make a double bottom here.
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Today's SPY BolingerBand is a hotspot.If today's close is still less than BB upper band,there was only one same setup example in the history since 1993-2014,Sep21st,2007.The setup is "2days cumulative open>BB upper band and close < BB upper band.”
Yes. Poor Zuck's net worth dropped today by an amount in excess of the Aggregate Lifetime Earnings of every person on this board (as long as we exclude Cobra) . note to self: Please send Mark a "Feel Better" Card. I can drop it in his mailbox over in Noe Valley.
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I have sold half SDS long positions at SPY 189.02 because Mr Miyagi's 187 p-bar has been taken out.If QQQ return to the newest 88.73 p-bar,I will add SDS long positions again for the 185.52 and 184.66 p-bar which is downside.Thanks Mr Miyagi.
I thought it's going to be the other way around - intraday strength and then a collapse. But this important time signal suggests a strong move soon - acceleration to the downside (I don't think so) or a reversal
Need another SCALP indicator?
Top panel: Bolinger %B 20/2 on 10 min SSO has a good track record at nailing overbought status… when it's ready for at least a quickie pullback
(used for tops only, not bottoms)
Second panel = 10 min SSO not SPY
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.
uempel wrote:I thought it's going to be the other way around - intraday strength and then a collapse. But this important time signal suggests a strong move soon - acceleration to the downside (I don't think so) or a reversal
Idle speculation. If the NDQ/R2K break their recent lows confirming downtrends, we may find this mornings SPX high evolve into the head of a head and shoulders pattern.
Just something to watch for.