Forever Bull Market

I'm not sure its just a correction. The general feel is that the wheels came off and came off suddenly, unexpectedly. We may see bearish selling until the election (kinda of a flip from the usual warm and fuzzy election years)..
Nothing huge to the downside of S&P ..but some serious selling on QQQ and RUT. I see the AI getting hammered badly from here. Infact...we might go fully away from the tech and toward big oil, DOD, Healthcare...these could be what holds up the S&P 500...but I dont see anything fully supporting QQQ or the RUT. I say this because interest rates needed to come down for a soft landing. Inflation needed to come down for robust tech growth. And uncertainty is now a real factor in the market. Quite a bit of uncertainty in fact. High oil doesn't bode well for robust tech growth either. The only thing I see certain is Iran taking a Saudi oil tanker in the near future. And also, serious anti chinese actions/motions from wash dc.

The charts are what offers conviction ..the charts will be watched very very closely going forward form here.
 
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S2007S said:
Spy is literally Down 4 % and you can feel the nervousness of all the talking heads on cnbc and others who follow markets. It's absolutely hilarious and amazing that a simple 4% pullback has so many people on edge.
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Oh, c'mon, give those pussies a break. They're gonna need it.
 
Tomorrow I feel like buying will come swooping in, lifting the spy to a close of around 508 ish, but don't let that fool you, there will be a drop under 5000 soon unless all those analysts who under predict every earnings season create a mini market comeback....a comeback? Ha wait markets are down 4%, who am I kidding. A comeback....ha. too funny. Enjoy the any rallies you get as these rallies will be rallies to sell into.
 
schizo said:
Dude, there's a reason why number 3 is considered a holy number. We had 2 drops so far, so one more drop tomorrow.

Speaking of three, even Peter denied Jesus 3 times, right? So don't go pretending that you're a permabear now. We all know your true nature. :)
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Yeah, but be careful to assume this will go down more perse, tons of instances where it will go a little bit further up. But I don’t need to explain switching bull/bear to someone who can flip his view every 3 seconds;):thumbsup:

(And I would not be in the position to “explain “ btw)
 
S2007S said:
Tomorrow I feel like buying will come swooping in, lifting the spy to a close of around 508 ish, but don't let that fool you, there will be a drop under 5000 soon unless all those analysts who under predict every earnings season create a mini market comeback....a comeback? Ha wait markets are down 4%, who am I kidding. A comeback....ha. too funny. Enjoy the any rallies you get as these rallies will be rallies to sell into.
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My guess is we'll have another day of swoon tomorrow followed by a V-reversal on Wednesday. Anyway, I see 5,000 as the price target for ES (which is currently trading at 5092 as I type). That would be approximately 4,960 for SPX.
 
schizo said:
Yup, gotta give credit where it's due.
@v-shape-0DTE Good job for the last 6 months, bro. :thumbsup:
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QQQ was 377 when this was started. Still a long way to go.

Even if it's going down, it still will be met with a ton of saves, mini V's and dip buying. You have to watch for it to always retrace and tag certain levels. It's never a straight ride down. Just to go from QQQ 430-426 is already an intense fight and after it pumps to 433-434 today with a green day, will watch to see if it can complete the move Thursday/Friday.
 
v-shape-0DTE said:
QQQ was 377 when this was started. Still a long way to go.

Even if it's going down, it still will be met with a ton of saves, mini V's and dip buying. You have to watch for it to always retrace and tag certain levels. It's never a straight ride down. Just to go from QQQ 430-426 is already an intense fight and after it pumps to 433-434 today with a green day, will watch to see if it can complete the move Thursday/Friday.
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Well, the V hasn't yet materialized and I don't think it'll happen today. Maybe tomorrow or on Friday. BTW ES pierced below the 5% line, which you thought it would never happen in our lifetime.

upload_2024-4-17_9-55-1.png
 
However, it looks like she wants to go back up. If she can claw her way back above yesterday's low at 5080, there's a fighting chance.
 
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