Correction ahead if we go under 1503 on the SPX

M

michaelscott

1503 is the 50 day moving average as of today. The next step down as I have re-iterated many times before is the mid-1400s. Look at how it went from 1534 to 1512 very quickly.

The CMF has shown a negative divergence with the price since the start of May indicating distribution.

Mid-1400s is the next price target. The volatility is going to shoot through the roof soon as the price approaches the ultimate resistance which I believe to rest somewhere between 1400 and 1440. My price target on the VIX is 23.
 
Quote from michaelscott:

1503 is the 50 day moving average as of today. The next step down as I have re-iterated many times before is the mid-1400s. Look at how it went from 1534 to 1512 very quickly.

The CMF has shown a negative divergence with the price since the start of May indicating distribution.

Mid-1400s is the next price target. The volatility is going to shoot through the roof soon as the price approaches the ultimate resistance which I believe to rest somewhere between 1400 and 1440. My price target on the VIX is 23.
More...

And look where we found strong support?
1504.75
:D
 
I saw that. Im waiting to see if that support will hold today. It looks like its making another run for the support.

It did make a perfect 50% retracement from yesterday's fall...
 
Quote from S2007S:

This market is going crazy today, from -40 to -15 in about 3 minutes. Jumps and skips all around.
More...

It's called volatility, my friend.
 
Quote from michaelscott:

I saw that. Im waiting to see if that support will hold today. It looks like its making another run for the support.

It did make a perfect 50% retracement from yesterday's fall...
More...

Since we are now 17 handles off that low ( and the futures retraced 50% during the lunch time "dip" before rallying further ), I would say that your 1503 area held.
:D
 
Quote from michaelscott:

1503 is the 50 day moving average as of today. The next step down as I have re-iterated many times before is the mid-1400s. Look at how it went from 1534 to 1512 very quickly.

The CMF has shown a negative divergence with the price since the start of May indicating distribution.

Mid-1400s is the next price target. The volatility is going to shoot through the roof soon as the price approaches the ultimate resistance which I believe to rest somewhere between 1400 and 1440. My price target on the VIX is 23.
More...


Hmmmmmmm...didi windbag call something important? Stay tuned. :eek:
 
You must log in or register to reply here.
Back
Top