A retest or break of that 2600 Swing Lo will completely negate the IHS / Inverse Head & Shoulders set up... We should stay just above the 2700 floor on the right shoulder to keep this set up intact.
ES Journal - 2017/2018
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A retest or break of that 2600 Swing Lo will completely negate the IHS / Inverse Head & Shoulders set up... We should stay just above the 2700 floor on the right shoulder to keep this set up intact.
Throwing volume into the mix on a daily, the entire up move off the 2603 bottom has been on decreasing volume pace. This is a non-dominant move. Nothing more than a retrace, confirmed with the non-dominant volume.
Pay attention. If you know, think, or believe that volume has peaks(high volume) and troughs (low volume), then it won't be hard to realize troughs lead to increased volume, or peaks, and peaks lead to declining volume, or troughs. Wednesday's increasing volume and increasing price was met with no follow through. Friday and today have increasing volume, higher than Wednesday's, which is showing the pace of trading (in this case selling) is increasing along with the decreasing price, although still seemingly throttled. Friday intraday also violated in context, the low(s) of the retrace high bar(s), on increasing volume.
I do not trade off of daily. Footprints exist however. More downside. 2795.5 negates as of today.
Nice to see ya back @Spooz Top 2 !!
Pay attention. If you know, think, or believe that volume has peaks(high volume) and troughs (low volume), then it won't be hard to realize troughs lead to increased volume, or peaks, and peaks lead to declining volume, or troughs. Wednesday's increasing volume and increasing price was met with no follow through. Friday and today have increasing volume, higher than Wednesday's, which is showing the pace of trading (in this case selling) is increasing along with the decreasing price, although still seemingly throttled. Friday intraday also violated in context, the low(s) of the retrace high bar(s), on increasing volume.
I do not trade off of daily. Footprints exist however. More downside. 2795.5 negates as of today.
Nice to see ya back @Spooz Top 2 !!
My SPX range from now into Jan is 2683-3028
What screws the bulls is a gap fill under 2700 to open gap 2685 to set a bear trap and then we blast off
Or we hold and the. take out 3000 and eventually fill the open 2685 gap
And that is right at the 61.8% retracement from the 2818 to 2603 move. This will be interesting.
There is absolutely no reason economically or stock valuation wise for this market to make new all time highs. Back in 2007 the same scenario with the exception of lower national debt. 2019 and into election year will be horrible for stocks.
I think it will be the tech sector that takes us into the toilet followed by the banking sector...AGAIN...that are backing all the turd loans for high risk corporations, mortgages, car loans, and student loans.
Sad that the same mistakes are made over and over.
I think it will be the tech sector that takes us into the toilet followed by the banking sector...AGAIN...that are backing all the turd loans for high risk corporations, mortgages, car loans, and student loans.
Sad that the same mistakes are made over and over.
As an aside, look at what is going on with the USD, energy, and precious metals.
Connect dots. Energy is needed (in particular) by EMs, on one level paid for in USD.
Precious is being sold for USD. Going forward, there will be no hope for those EMs that are pegged to or have issued debt in USD. Greece was/still is a playground.
Still time... Fed Funds near 3, then, the real fun begins.
Connect dots. Energy is needed (in particular) by EMs, on one level paid for in USD.
Precious is being sold for USD. Going forward, there will be no hope for those EMs that are pegged to or have issued debt in USD. Greece was/still is a playground.
Still time... Fed Funds near 3, then, the real fun begins.
I think the Wednesday rally was a response to Election day, because the Blue Wave didn't happen.
On the daily a pullback to the SMA was a given (Friday and bounce), but not sure if it would go below it. Yesterday it did, so 2650 is the next target, with a possible bounce up to SMA 2750 first...
https://www.elitetrader.com/et/threads/sma-bounce.220059/
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While the bull is old I think you underestimate the strength. I'm pretty confident that we will tag 3000 from 2685-2720 to create the last leg up.
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