Saw a CNBC quote "the worst earnings season in 6 years is a buying opportunity". Game theory would say that Da Boyz will make the most money by bringing the market down. That is there are no shorts left to squeeze. They had to get into oil big time to find some shorts. Fed has let market drop 20 % twice in recent years. Last time Bullard saved it. I think the Fed needs that drop before they raise rates. The only real question is how much higher do they have to tease to get the last of the dumb money into the market.
Page 92 of The Stock Traders Almanac 2015 points out that trading days 9,10 and 11 of the month are unusually bullish because of retirement money coming into the market. So I am thinking next Thursday the 16th for the real selling to start. Then in May the buybacks kick in and we stabilize, So we will see.
I do admit I sleep better at night day trading going into earnings season!
Al_Dente wrote:Resistance: the 3/18 FOMC high of $210.33
Then top resistance from 25 Feb at $211.30
Support for miniature pullbacks: the breakout zone around $208.60 - $208.70
High to beat today is 210.01
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.
4th attempt to breakout horizontal blue line, this time should be for real
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still could be broadening top, so bulls need push up more.
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Cobra wrote:still could be broadening top, so bulls need push up more.
Your post doesn't bias to any side, great work.
Are you a machine with no emotion?
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moment of truth: if this simply an up channel? if so should be a rebound here.
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Here’s what I mean when I say “Momentum weakens on the 5 minute charts”
But momo can always recover.
Price trumps momentum, and the low (green line) is still holding at the moment...
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.
the lower blue line has been tested many times, so might not hold if tested again, beware.
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2nd test of day high, key time. looking good though.
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