Gotta love ZERO RISK in the SP500 = $$$

SPX 1D.png


SPX 1D Chart
Resistance 2043-2050. Supports 1992-1970.
Breaking this resistance (the bearish red line) "North" confirms the measuring implications of the "W" pattern at 2150-2175 points. Failure to do so increases the probabilities of a deeper correction.
 
2043...got it
nice chart

so a bit of a wedging effect...if the spx drifts sideways along 2026 for a while it will run into the downward trend line as time moves forward (maybe by Monday) and would be forced at that time to either break above the down trend toward 2043 and continue the present uptrend or follow the downward slope and present no confirmation and tightening the wedge formation. This resulting wedge formation would still be a rising wedge.
 
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S2007S said:
Tired a different Biotech etf, long UBIO at $8.75...just wanted to trade it and see what its like...missed out on LABD under $50 this morning, so instead went long some biotech, figure I own LABU, why not buy some more biotech in a different ETF....UBIO is the BULL ETF
If you want to trade against biotech the other is ZBIO, I haven't traded that one yet since these are newer and have less volume, stick with LABD and LABU if you want more liquidity.
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OUT at $9.80 this morning....will buy it back below $8.50 on the next drop!

Still own LABU, nearing $20 now from a low of around $15 a few days ago!! Pretty impressive move so will see how much is left in LABU going into next week....any sell off and its right back down to 52 week lows!
 
S2007S said:
OUT at $9.80 this morning....will buy it back below $8.50 on the next drop!

Still own LABU, nearing $20 now from a low of around $15 a few days ago!! Pretty impressive move so will see how much is left in LABU going into next week....any sell off and its right back down to 52 week lows!
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Only way I could play the biotechs right now is to wait for them to pull back somewhat...they and the rest of the market seem to be over bought but I could be wrong. At the very least I would expect a bit of a pull back before higher.

Alot of things I watch have run well and are pulling back right now a bit before more big moves, Coffee, oil shorts, dollar shorts... so why not biotechs
 
classiccharts17 said:
View attachment 158270

SPX 1D Chart
Resistance 2043-2050. Supports 1992-1970.
Breaking this resistance (the bearish red line) "North" confirms the measuring implications of the "W" pattern at 2150-2175 points. Failure to do so increases the probabilities of a deeper correction.
More...

classic, meant to ask you the other day....are you located in Asia. You mentioned it being near 12 at night and I think it was around 12 noon NY time. I used to live in Singapore...out in the woodlands area where my girlfriend lived. Worked for HSBC as an analyst downtown.
 
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