BREAKING NEWS: First the triangle broke, now the support broke

J

joezapp

Exciting times if you were waiting for a correction. The sharp move that was to come after the 5 week triangle has confirmed to the downside, and now it appears that the chance for a short-term double-bottom broke, as we are below that level fairly solidly.

The markets can move VERY quickly this time of year. You snooze, you lose. Do we make it to a full correction, which would be S&P 1975? That would be a good area, as that would double-bottom the Brexit market drop.

Any technical experts out here today? What do the charts and technicals show?
 
Baron said:
It would be nice if you uploaded a chart of what you're looking at with the appropriate triangle and support lines so everybody can see exactly what you're referring to.
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Hi Baron. Thanks for founding this site. The triangle that started September 7 in the S&P has been a subject of frequent conversation in the financial media. Didn't know I needed to prove it on ET, of all places? Simply pull up the S&P 3-month chart and you'll see it clearly. Thanks...
 
Maverick74 said:
He can't, he is getting a margin call. :)
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Why on earth would I be getting a margin call? I raised plenty of cash to put to work the past 3 months. Raised more this morning when I sold all my triple-leveraged bear ETFs at nice profits. I would hope that you could add more to the ET conversation than this...
 
joezapp said:
Why on earth would I be getting a margin call? I raised plenty of cash to put to work the past 3 months. Raised more this morning when I sold all my triple-leveraged bear ETFs at nice profits. I would hope that you could add more to the ET conversation than this...
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Wait. So you started a thread saying the selloff is now just beginning because support broke and you "covered" your shorts? LOL. Seriously? Only on ET.
 
Gary Lynn said:
Looking at Emini 9th week from Ath, strong morning gap broke important ascending trend line,

but, found support at key angle, looking retest short term,

Thanks, Gary. I see it. The 3 lower highs highlighted were duly noted as they were happening. However, there were also higher lows, which meant the sharp breakout, which we got right on time, was supposed to go either up or down. The predictions were mostly for down, as was mine, but mine was based on seasonality and the election more than anything. Did anything about that chart signal "down" at the beginning of this week? And does anything about it signal that we are headed for a near-term correction? Thanks...
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