Futures tumble. S&P below 3600. Don't panic! :-)

[murray t turtle]

We're far from seeing any panic yet.

Hungry dip buyers showed up below 3600, though. Can't rule out an attempt to put in a double bottom here.

%%
LIKE Earthi noted\
don't panic I see plenty of panic on my SPY charts\ mostly long sellers\
but some of that was planned selling.........................See how OCT closes\
NOV was up a bit on candle charts in 2018 bear.
NOT a prediction + not insured by any federal agency.

 

[NoahA]

ES is right at the 200 week moving average support.
View attachment 297257

Seems like just based on your chart, the last time price hit the 200 day at around 2600, it fell another 400 points!

 

[mervyn]

Seems like just based on your chart, the last time price hit the 200 day at around 2600, it fell another 400 points!

That was Covid time I believe.

 

[NoahA]

That was Covid time I believe.

Right, but point being, just based on the small sample size, the 200 day didn't provide a profitable trade if the idea was that it should be support.

 

[SoyUnGanador]

Flick flick flick flick FLICK!!!!!!!!

 

[mervyn]

Right, but point being, just based on the small sample size, the 200 day didn't provide a profitable trade if the idea was that it should be support.

The nature of financial assets, particularly index, is going up over time. People do buy at 200 MA. But I fail to see it as daily 200 MA. Charting I got is weekly ES at 2600.

 

[Radiohead]

Right, but point being, just based on the small sample size, the 200 day didn't provide a profitable trade if the idea was that it should be support.

They posted a 200 WEEK moving average, not 200 day. (We've been below the 200 day moving average a lot lately.) That being said, I'm not sure how helpful the 200 week moving average is. I have a feeling that it usually provides support as the market is usually moving up in the long long term. I'm still sitting on the sidelines since a couple weeks back. I have only been doing short trades this year but I stopped shorting and waiting for more clarity.

 

[mervyn]

They posted a 200 WEEK moving average, not 200 day. (We've been below the 200 day moving average a lot lately.) That being said, I'm not sure how helpful the 200 week moving average is. I have a feeling that it usually provides support as the market is usually moving up in the long long term. I'm still sitting on the sidelines since a couple weeks back. I have only been doing short trades this year but I stopped shorting and waiting for more clarity.

Day trade ES is fun.

 

[murray t turtle]

They posted a 200 WEEK moving average, not 200 day. (We've been below the 200 day moving average a lot lately.) That being said, I'm not sure how helpful the 200 week moving average is. I'm still sitting on the sidelines ...... I have only been doing short trades this year but I stopped shorting and waiting for more clarity.

%%
Actually 200 week moving average is helpful\ downslopeing director\direction\
+some chart services require it. THAT is\ to dial down from weekly to daily requires a 200 week moving average....................................................
I'm sitting down now\ mostly cash + clarity but a few longs\ exits off short related derivatives ...........................................................................................
Not many longs= largest losses on those trades 2022\
good thing for me i'm not just long term investor, even though its a good way to become a mllionaire, with enough decades....