S&P Futures Opens Down 20 Points!

schizo said:
If you search this forum, you will find that a lot of the permabulls asked the same question at the height of 2007. We all know what happened afterward. I've already gone through 3 recessions in my trading career, and every time I hear the same response. Of course, nobody knows for sure what will happen until it happens.
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I'm not a permabull. I'm going to guess at the following:

1. The market is designed to frustrate the most amount of people
2. It is too clean for "overbought+virus" to be the top
3. Although the rate of change of accounts going long is positive for the last week, 67% are still short the market.

themickey said:
Every chartist on ET knows what's going to happen.
Like a herd of cats.
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What does the chart say to you?
 
nooby_mcnoob said:
I'm not a permabull. I'm going to guess at the following:

1. The market is designed to frustrate the most amount of people
2. It is too clean for "overbought+virus" to be the top
3. Although the rate of change of accounts going long is positive for the last week, 67% are still short the market.
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1. That might be true, but I believe traders are too caught up in their own stubborn opinion that they remain blind (both bulls and bears alike).
2. I think that's better left unsaid. However, every important macro events seem to COINCIDE with important pivot points on the chart. Don't ask me why, they just do.
3. I don't follow Put/Call ratio. We'll find out sooner or later.
 
schizo said:
1. That might be true, but I believe traders are too caught up in their own stubborn opinion that they remain blind (both bulls and bears alike).
2. I think that's better left unsaid. However, every important macro events seem to COINCIDE with important pivot points on the chart. Don't ask me why, they just do.
3. I don't follow Put/Call ratio. We'll find out sooner or later.
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I agree with your analysis of macro events and important points on the chart.
 
nooby_mcnoob said:
.....What does the chart say to you?
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Welp in the main I don't consult charts to gain an impression on market direction, I use scores of rows and columns of data in a spreadsheet.
Thursday's close indicated a bounce but Friday did the opposite which indicates that atm bears are in control as they ran over the bulls not allowing them their way.
However that is only a very short term impression as most stocks and indices are still longterm bullish.
 
themickey said:
However that is only a very short term impression as most stocks and indices are still longterm bullish.
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Good point. Even if we reverse here, there's no point in catching the exact top or the bottom. Most of the opportunities are actually concentrated in the middle.
 
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