48 pts isn't much nowadays. IMHO the scary part is if/when we get to 1867, above that, as long as there is a dip it's Ok to be a buyer.
Gotta love ZERO RISK in the SP500 = $$$
- Thread starter makloda
- Start date
48 pts isn't much nowadays. IMHO the scary part is if/when we get to 1867, above that, as long as there is a dip it's Ok to be a buyer.
I think a break down to August 24th lows is possible, 48 points isnt many points so anything really goes....should be interesting to see how Asia markets open tonight...
1867 is a long way down from current levels. The trend is currently down so that serves as a price magnet, and not a support now.
If we were in a macro downtrend then we would have broken that 1867 by now. Markets do like to trap folks that bank on continuation.
Regardless of what the longer term trend is (which isn't exactly up now anyway), its safer to assume that there will be continuation in the short run, especially when momentum is so strong.
I disagree to an extent, I view macro trend technically and reasons behind it as still being up, I look at current downside as a correction until the time monthly chart fails to break/rejects 20MA from below.
Would have broken that by now? Who says....the chances of it breaking 1867 are still there...they didn't disappear in the last week since the markets jumped out of correction mode..
I was in SVXY this morning, but scratched it around 45 and am just going to wait for now