Wednesday, September 16, 2020

Danger is near

There is nothing but air supporting the market if we drop out of the rally channel around the 3300 level.  JP Morgan is warning you ...




The Federal Reserve will announce an equity stabilization facility -- authorizing purchases of index ETFs such as $SPY and $QQQ -- at the December meeting.




lyrics by Killing Joke

Overcast the branches bare The autumn leaves have fallen I can hear the magpies laugh I can't shake this melancholy And then the cloud breaks A ray of sunlight gloria As if a promise Some strange kind of euphoria Dark phantoms of the past Some things are best forgotten Like Orpheus don't look back The best years are waiting for you And then the cloud breaks A ray of sunlight gloria As if a promise Some strange kind of euphoria And then the cloud breaks A ray of sunlight gloria As if a promise Some strange kind of euphoria Euphoria euphoria euphoria



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16 comments:

  1. christiangustafsonSeptember 16, 2020 at 5:29 PM

    Yah, if the channel is breached (the rally finished @ its dead-center), and then retested from below, we're headed across the giant megaphone to a low of 2125 or so EOM September. /ES futures starting to sell off tonight.

    I feel like reading the Studs Lonigan trilogy. I'm feeling very wistful lately about the insane extent of the destruction of once-lively neighborhoods in old Chicago. Most of where Studs ran back in the 1930s is simply gone now, vacant lots.

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  2. christiangustafsonSeptember 16, 2020 at 8:27 PM

    /es getting rekt now overnight; may test 3300 soon!

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  3. cbastenSeptember 17, 2020 at 9:09 AM

    I think we test 3300 soon as in today

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  4. christiangustafsonSeptember 17, 2020 at 9:24 AM

    Yeah, so then where is support? The 200 DMA is at 3100.

    You can see both the megaphone and the channel I'm talking about in that chart.

    Love it if we could cross the megaphone into EOQ.

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  5. christiangustafsonSeptember 17, 2020 at 9:32 AM

    I want to buy the dip into the Election. I also want to sell the heck out of the profound collapse that follows.

    All green candles are lies!

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  6. cbastenSeptember 17, 2020 at 11:44 AM

    Are you buying this dip then?

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  7. christiangustafsonSeptember 17, 2020 at 11:49 AM

    Heck, no. I will buy the EOQ if we cross the megaphone structure.

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  8. cbastenSeptember 17, 2020 at 12:06 PM

    This comment has been removed by the author.

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  9. cbastenSeptember 17, 2020 at 12:13 PM

    Is that 3100 on ES?

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  10. KevinSeptember 17, 2020 at 12:17 PM

    This comment has been removed by the author.

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  11. KevinSeptember 17, 2020 at 12:18 PM

    "Is that 3100 on ES?"

    More like 2100

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  12. christiangustafsonSeptember 17, 2020 at 12:20 PM

    3100 SPX is the 200DMA -- we should at least pause there, right? 2125 is the bottom of the megaphone EOM/EOQ.

    After that I would guess we'll get positive polls for the POTUS that will lift us nicely into the Election, when we get the legal challenge limbo and a true crisis of régime.

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  13. cbastenSeptember 17, 2020 at 1:14 PM

    I think I should have closed my puts at EOD. Holding overnight is always a risky move

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  14. christiangustafsonSeptember 18, 2020 at 10:47 AM

    We're out of the rally channel now - re-test as OR? Quad-witch...

    Then, Monday.

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  15. el marSeptember 20, 2020 at 10:53 PM

    https://www.tradingview.com/chart/SPX500/9Q5jeru4-The-S-P-500-will-tell-us-what-it-s-up-to/

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  16. christiangustafsonSeptember 21, 2020 at 3:38 PM

    On the /ES, W2 retraced half, W4 has already found the .382, and W5 may be expected to "extend". But where to?

    If we slip at the 200DMA, where will we get up again? The complacency in the volatilities is nuts. I seriously think something breaks and we waterfall these thin, fake markets.

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Always enjoy good conversation and exchange of ideas.