S&P 500 looking very toppy

Status
Not open for further replies.
Ebay, Amzn, askJ, Nflx etc all tell me we are going higher. How much higher, who knows at this point? It will be interesting to see what these names do on earnings release. If they fail to continue to rally on good earnings then that might be signal (Yhoo reports tomorrow don't they, didn't seem to have as much strength as the other tulips today).

50 dayMA crossed the 200 day MA and ES bounced nicely off 50 day. Market not exactly going parabolic yet(is that due to shorts throwing in the towel? after which market heads down due to lack of buyers) and no blow off volume days but rather climbing steadily on decent volume.

What signs of weakness are those of you who suspect an imminent correction seeing? Is it just sentiment indicators? Or market internals that a dolt like me is just not seeing?
 
Quote from Mvic:

Ebay, Amzn, askJ, Nflx etc all tell me we are going higher. How much higher, who knows at this point? It will be interesting to see what these names do on earnings release. If they fail to continue to rally on good earnings then that might be signal (Yhoo reports tomorrow don't they, didn't seem to have as much strength as the other tulips today).

50 dayMA crossed the 200 day MA and ES bounced nicely off 50 day. Market not exactly going parabolic yet(is that due to shorts throwing in the towel? after which market heads down due to lack of buyers) and no blow off volume days but rather climbing steadily on decent volume.

What signs of weakness are those of you who suspect an imminent correction seeing? Is it just sentiment indicators? Or market internals that a dolt like me is just not seeing?
More...

Irrational bullishness, and the impending earnings season.
 
I guess what I really mean is if you only went by what the tape is spitting out, price and volume, rather than injecting subjective notions of valuation and other fundamentals are there signs of weakness that veteran tape watchers are starting to see?
 
This quote is from Keynes, it sums up my frustration with a market top that seems to have more legs than the Rockettes:
"The market can remain irrational longer than you can remain solvent."
 
Quote from myself in another thread:


"COMPX is charging up but:

* SP has not broken 6/17 high
* Neither has DOW
* Neither has Semi's (different date, like 6/7)
* Momentum and MACD are diverging from the upward charge

......... something has/is slowing down. "
 
Quote from tradersaavy:

Quote from myself in another thread:


"COMPX is charging up but:

* SP has not broken 6/17 high
* Neither has DOW
* Neither has Semi's (different date, like 6/7)
* Momentum and MACD are diverging from the upward charge

......... something has/is slowing down. "
More...

Good points.
 
Quote from Mvic:

I guess what I really mean is if you only went by what the tape is spitting out, price and volume, rather than injecting subjective notions of valuation and other fundamentals are there signs of weakness that veteran tape watchers are starting to see?
More...

What I'm looking at right how is the volume of advancers. It's far less than it was a month ago. This doesn't suggest an imminent collapse, but if demand is strong enough only to keep price at or near this level, it will not withstand any appreciable amount of supply.
 
this just in dow theory forcast proclaim that 'it seem clear that the bear market end Oct. 9... subscriber should be taking advantage of pull back in quality stocks' - dowtheory.com
 
I put trades on when I can get proven wrong the fastest. Here I know when the short is wrong and can take small losses. This is not top picking, just proper risk management. Remember to filter for noise and never use round numbers. 1010 looks like a brink wall. If you were a composite operator and wanted to get a short line out. Would you do it here or 40 points ago ay 970? The retail chump is shorting the support break and pros short the hook down from the top while covering when they can..not have to. Think like the composite operator.
 
Status
Not open for further replies.
Back
Top