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I'd bet spx just completed a 5 today. It acted like a 5 that got to the resistance line where I thought it might end this morning. Looks like it ended with an exhaustion gap up this morning , that got filled this afternoon. Now it just needs to break the 0-4(1737-1839) tl and keep on dropping like a stone.down to where i think it should go. Below 1800 to March's S1 at 1775
Not so sure Rob. It hit the green resistance I posted yesterday and reversed but that green channel may take it to another all time high if it bounces hard there. I hope you are right because I'm short RUT.
I'm 80% sure I'm right, Bouraq. Neg Divs in the weekly macd of the naz,rut and ndx which have the cleanest weekly macd's. Spx now has a neg div in it's weekly macd too. At the tops in 2007,2010 and 2011 the spx weekly macd had neg divs too.
In all those TA books you read, didn't you learn about the andrews pitchfork and how to use it?
80% is good Rob. :) The decline today is promising. Hope it follows through. I don't prefer pitchforks. I'd rather plot my own forks looking at the channel internal structures. I'm short RUT, long VIX and short biotech stocks.
Hi Bouraq,
ReplyDeleteGreat charts like always.
I was wondering if you could take a look at soybeans? I think it's a pretty good short opportunity. What do you think?
Thanks Andrei.
ReplyDeleteSoybeans look bullish to me in fact.
FYI inverse head and shoulders on you S&P chart targeting 1910.
ReplyDeleteThat would be another hit to the red upper band which is entirely possible.
ReplyDeleteHi Bouraq
ReplyDeleteI'd bet spx just completed a 5 today. It acted like a 5 that got to the resistance line where I thought it might end this morning. Looks like it ended with an exhaustion gap up this morning , that got filled this afternoon. Now it just needs to break the 0-4(1737-1839) tl and keep on dropping like a stone.down to where i think it should go. Below 1800 to March's S1 at 1775
Not so sure Rob. It hit the green resistance I posted yesterday and reversed but that green channel may take it to another all time high if it bounces hard there. I hope you are right because I'm short RUT.
ReplyDeleteI'm 80% sure I'm right, Bouraq. Neg Divs in the weekly macd of the naz,rut and ndx which have the cleanest weekly macd's. Spx now has a neg div in it's weekly macd too. At the tops in 2007,2010 and 2011 the spx weekly macd had neg divs too.
ReplyDeleteIn all those TA books you read, didn't you learn about the andrews pitchfork and how to use it?
80% is good Rob. :) The decline today is promising. Hope it follows through.
ReplyDeleteI don't prefer pitchforks. I'd rather plot my own forks looking at the channel internal structures.
I'm short RUT, long VIX and short biotech stocks.