S&P has had it ! Intermediate term top right here !

[CowboyBlue]

I really thought we were gonna bounce today, today may be the first sign that buying the dip no longer works, and the real bear is upon us, especially when Maria B. insisted on filling the entire days programming on buying the dip.

I admit i was wrong 100% and am too goddamn awful to make money

 

[Landis82]

Quote from dwl603:

I really thought we were gonna bounce today, today may be the first sign that buying the dip no longer works, and the real bear is upon us, especially when Maria B. insisted on filling the entire days programming on buying the dip.

I admit i was wrong 100% and am too goddamn awful to make money

Why would you think that the market should bounce after it closed yesterday (Thursday) below the June 27th support low of 1484.18 SPX?

Ever take a look at a WEEKLY chart of the SPX? Try putting a 40 week MA on it and you'll get an idea of where the first bounce can come from.

 

[ghostzapper]

Quote from Landis82:

Why would you think that the market should bounce after it closed yesterday (Thursday) below the June 27th support low of 1484.18 SPX?

Ever take a look at a WEEKLY chart of the SPX? Try putting a 40 week MA on it and you'll get an idea of where the first bounce can come from.

Don't pay any attention to this piker.
He and his eliot waves were bullish at the highs, looking for even higher prices.

 

[Bitstream]

Quote from Landis82:

Why would you think that the market should bounce after it closed yesterday (Thursday) below the June 27th support low of 1484.18 SPX?

Ever take a look at a WEEKLY chart of the SPX? Try putting a 40 week MA on it and you'll get an idea of where the first bounce can come from.

i would start buying here and hope we keep go lower to average down properly.

 

[Bitstream]

Quote from ghostzapper:

Don't pay any attention to this piker.
He and his eliot waves were bullish at the highs, looking for even higher prices.

yep, almost time to play the first short term bounce or fish for bargains but it's not worth a look, yet a hundred points higher all much more attractive.

 

[MKTrader]

1987 was the anomaly in over 60 years of trading (15 pre-election years). Notice I said "probability." It has happened once and could happen again, but it's not likely.

In 1999, for example, there was a temporary high in July and the S&P suffered two 10-12% corrections in the early fall. The S&P still managed to make it higher by mid-November, though.

For the record, the Aug. 87 high was broken in less than 2 years, not 4.

Quote from Pa(b)st Prime:

The last I heard 1987 was ALSO a pre-election year. The August high from '87 held for the next 4 years.

Quote from MKTrader:

Do you have a clue about seasonality?? The July high will hold into the late fall during a pre-election year?

If you define intermediate as 4 months, you have a very low-probability bet going there...nothing I'd take to the bank.
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[MKTrader]

40-week MA (or, of course, 200-day daily MA) sitting right at the nice round number of 1450. That's close and is definitely the next test.

Quote from Landis82:

Why would you think that the market should bounce after it closed yesterday (Thursday) below the June 27th support low of 1484.18 SPX?

Ever take a look at a WEEKLY chart of the SPX? Try putting a 40 week MA on it and you'll get an idea of where the first bounce can come from.

 

[Bitstream]

Quote from MKTrader:

40-week MA (or, of course, 200-day daily MA) sitting right at the nice round number of 1450. That's close and is definitely the next test.

back in March all picky and avaricious dip-bidders waiting for spoo to touch its ema missed it all. for it they had to stay on the sidelines craving a never coming pullback as price kept slowly appreciating. not saying this time it's the same but another 1% loss and even here already is not a terrible spot to initiate regardless what happens.

 

[MKTrader]

True...that's the hard part of buying dips...sometimes markets bounce up before the closely-watched S/R levels are hit.

In the current S&P weekly chart, though, there's an almost perfect trendline connecting last summer's drop, the Feb/March pullback and 1450.

(The attached graph shows the 50-week MA, but the 40-week is more important right now since its basically the same as the 200-day MA. It's sitting right at 1450, too)

Quote from Bitstream:

back in March all picky and avaricious dip-bidders waiting for spoo to touch its ema missed it all. for it they had to stay on the sidelines craving a never coming pullback as price kept slowly appreciating. not saying this time it's the same but another 1% loss and even here already is not a terrible spot to initiate regardless what happens.

 

[ghostzapper]

Quote from Bitstream:

i would start buying here and hope we keep go lower to average down properly.

that could be a mistake..