Market Outlook

Quote from GrandSupercycle:

Market consensus appears to have returned and SP500/DOW/NASDAQ
bearish megaphone pattern on daily and weekly charts confirms today.
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Is there a trade recommendation in there somewhere?
 
Quote from Lucrum:

Is there a trade recommendation in there somewhere?
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What he really means is that Stevie Wonder could have seen this one coming.

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SP500 intra day is now oversold after sell off yesterday so we should get a
bounce.


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17 Nov 2011
Bone, i'm still waiting for a response.
BTW I do not have 'disciples' as you put it.
Is that how you view your paying customers ?

Bone,
Why are you talking about Ellliott Wave ? As mentioned previously, I do not trade with EW and never have.
Hope that clears up your confusion.

Bone erroneously states:
"Well, relying upon cyclical studies and wave count analysis in particular like Ellliott Wave will certainly amplify this anxiety. Too vague to be useful, and the constant and ongoing revisions can make it an untenable and psychosis-inducing exercise. How can two completely opposed biases regarding the S&P 500, published in the same day, inspire confidence ?"
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maybe a bounce or a bigger move down . who knows?
markets can stay overbought or oversold for long periods of time there are no givens in what is due
you have to trade price action if your a daytrader
 
Seems like there might be good support at Dow 11500 (50 dma 11541)This was the top resistance in the august september period. Does it now form a new support or does it break down below and become resistance again? If the latter is the case then dj can go back down to 10750. I can see more of a catalyst giving an excuse to rally off of 11500 here. (eu rate cut, fed hintings of QE3, random eu rumors of bailouts etc.) Maybe the fact that the S&P already broke its 50 dma is telling along with the action in the bond market.
 
Quote from GrandSupercycle:

Looks like SP500 bearish daily chart is too dominant for retracement yet.
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And how would one trade this "analysis" exactly?
 
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