My trades
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But thats what ive been doing. I also need some entertainment during the day in between trades.
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OI, any thoughts on a bounce or no bounce off the 20 day moving average on the SP500?
SP500, 1 month, daily candles, 20ma, 40ma]
SP500, 1 month, daily candles, 20ma, 40ma]
OI, I bought a few Sep (expire 9/21) 290 calls, bypassed Buy 1 at 1.35 and went straight to the programs Buy 2 level at 1.15. Lets see if they rebound. Sell half at 1.60, other half at 1.90, Stop at 0.95.
[SEP290C (expires 9/21)
[SEP290C (expires 9/21)
The Nasdaq has consistently pulled back and rebounded off its rising 50 day moving average the past 3 months. I guess we will see if it can do it again.
[Nasdaq, 3 months, daily candles, 50ma]
[Nasdaq, 3 months, daily candles, 50ma]
Hey Jeff,
This is the time of the year where volatility kicks in and volume picks up. Unfortunately, I've seen the increased in volume push the markets lower during this period than higher. There are a lot of issues that needs to be solved before we get a real bounce into record levels, and that's why I've stayed out of new positions. I haven't sold out of many positions I'm holding, but those are taking a bit of a beating too.
Looking ahead, we're getting interest rate hike expectations in 2 weeks, and I'm sure everyone will be looking at how hawkish the FOMC will be in its conference call. Banks have been waiting to make a run. I jumped into JPM too early. The second part now are the trade talks between US/China and US/Canada. If you remember, back in the May-July period, any tariff talks set up a quick selloff (mostly intraday and no more than 2-3 days) before the market rallied higher. I watched for that last week when Trump announced $267B more in Chinese goods tariffs, and the selloff occurred again, but this time there was a struggle on the bounce back. I thought we would have some leaks on the background talks between China/US by now, but hearing nothing indicates that the Chinese are willing to wait until after the midterm elections. That means it's going to be rocky from here until November. I can't see any events until late October when earnings kick up again.
This time around, it could be a different story though with techs under pressure. The bar is set very high now, and I have a feeling we might see a correction quarter before the Santa rally kicks in if that even happens because the midterms can change things a lot in either direction. So, I'm looking for a range bound market. Like your charts, if we break the 20-day support and run down to 200-day ma, then I'll buy back up to resistance and exit. I've heard a lot of a 10% pop on a US/China trade deal, so look for that too if it happens and that'll be the catalyst I see breaking record highs on the indexes.
On this chart, I see more of that dip or even longer as compared to the 3-day dip in late July.
SP500 gapped open this morning but the rally failed at the declining 400ma (grey line) micro down trend.
Its still above its neutral Pivot Point (brown line) and its possible that it may try another run at the 400ma.
[SP500, 2 days, 5 minute candles, 400ma, Pivot Points]
Its still above its neutral Pivot Point (brown line) and its possible that it may try another run at the 400ma.
[SP500, 2 days, 5 minute candles, 400ma, Pivot Points]
There were lots of events today. UNH with that -8pts really kept the DOW lower, but that move was on a downgrade. Now, BA was also struggling, and I couldn't really find news on that move. Then, you have AAPL also down -3pts and this one took the hit from Trumps weekend tweets. The struggle in AAPL also kept the Nasdaq in check, and adding that with BA and UNH, we were going to see the SP500 struggle to make any comeback. Still, we're right in the sweet spot here for the SP500 between 2860-2900. This area should create a nice support zone, and any positive catalyst can push it through 2900 and into that 3000 level. I'm waiting to see if there are any rumors of positive trade talks either between US/China or US/Canada.