The parabolic run up to the 3K level has ended with a bang, so the next step will be for us to test the 50 DMA (this week), and the 200 DMA (after Feb opex), while chopping our way down to a significant low like the spike lows from Brexit.
Resistance on the big bounces will be from the 2/4 trendlines of previous wave sets. The epic W3 crash begins at the July/August FOMC, when the Fed reaffirms its policy of shrinking its balance sheet as planned in 2H 2018.
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| SPX supports and resistance |
GLTA...
9 comments:
We closed right on the "throwover" trendline from previous highs on Friday, then violated it nastily in the AH. Support Monday at 2750, a minor W4, and we finish up by visiting the 50 DMA.
We then have a gap overhead to fill into February opex, immediately followed by a scary sell-off.
A sell-off into March, rebound into June, sell-off to new lows into September/October, is exactly what I'm looking for, and I'm looking to trade that pattern at those expected extreme turning points. Where we will be on the lows is anyone's guess, and I'm not sweating those details, as plan is to be positioned ahead of the turns, and ride 'em into the next turning point, and what will be will be.
I knew it.
http://yournewswire.com/wikileaks-soros-vatican-coup/amp/?__twitter_impression=true
TRIN hinting the worst might be over for now.
Probably one of the biggest/fastest drops in the BPSPX I've seen.
Wowzers!
https://www.barchart.com/stocks/quotes/$TRIN
Insane volatility in SPY AH -- ticks of $1 are common. Jesus ...
Today was a lot fun. It always feels good when long term puts you bought go from small time losers to big time winners. I hope everyone else was properly positioned take advantage of the last couple of days. Perversely, I actually want a rally, so I can buy more puts for cheap. GLTA.
what's up bicycle? i said good chances of a 5-7% correctio this year. don't let another buying opp slip on bye :) nothings changed, economy still firing and the dow jones still heading to 40,000.
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