S&P looks good to a new high
- Thread starter Romeo
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I don't see the SPX heading into "new" highs soon. I do what the market tells me, and right now it's telling me it won't happen anytime soon. I must tell you, the market has BS'd me many times, and that's what stops are for 
. We broke below a key MA (the 50SMA) on August 1, and despite higher volume days we failed to close well above the MA with any strong conviction ever since.
res 1010-999
sup1 949
sup2 918
Even with strong rallies into and through resistance, I believe the price action will be challenged by major selling pressure with lower highs formed since mid June. Take a look at the weekly...this SPX will have to fight some major selling pressure (overhead resistance).
At best I believe we will test resistance and then consolidate (correct through time) along the 949 support. Will we break to new highs? Maybe, but not I don't see it in the immediate future, there's alot of pissed off people (thanking God for breakeven and they're going to whack bids) holding long overhead, and the SPX will have to blast through them.
I'll spend the night with some shorts, and if I spend them with longs, I'll be holding my wallet TIGHTER.
See attached. I may be wrong...that's what stops are for.
. We broke below a key MA (the 50SMA) on August 1, and despite higher volume days we failed to close well above the MA with any strong conviction ever since.res 1010-999
sup1 949
sup2 918
Even with strong rallies into and through resistance, I believe the price action will be challenged by major selling pressure with lower highs formed since mid June. Take a look at the weekly...this SPX will have to fight some major selling pressure (overhead resistance).
At best I believe we will test resistance and then consolidate (correct through time) along the 949 support. Will we break to new highs? Maybe, but not I don't see it in the immediate future, there's alot of pissed off people (thanking God for breakeven and they're going to whack bids) holding long overhead, and the SPX will have to blast through them.
I'll spend the night with some shorts, and if I spend them with longs, I'll be holding my wallet TIGHTER.
See attached. I may be wrong...that's what stops are for.
Look at the MA as a trail from a plane:
1) Take off
2) Cruise at altitude
3) Descent
4) Landing
Looks like we're at cruising altitude. Seems like we'll stay there (for "X" period of time), or land. You can always ascend to higher altitudes , but hitting higher altitudes will be tough with overhead "turbulence" (resistance) Trust your instruments, and trust your stops, only after you trust your analysis of the instruments
1) Take off
2) Cruise at altitude
3) Descent
4) Landing
Looks like we're at cruising altitude. Seems like we'll stay there (for "X" period of time), or land. You can always ascend to higher altitudes , but hitting higher altitudes will be tough with overhead "turbulence" (resistance) Trust your instruments, and trust your stops, only after you trust your analysis of the instruments
Quote from RAMOUTAR:
Look at the MA as a trail from a plane:
1) Take off
2) Cruise at altitude
3) Descent
4) Landing
Looks like we're at cruising altitude. Seems like we'll stay there (for "X" period of time), or land. You can always ascend to higher altitudes , but hitting higher altitudes will be tough with overhead "turbulence" (resistance) Trust your instruments, and trust your stops, only after you trust your analysis of the instruments
Looks like a bull flag to me.
so, I ain't gonna fight it...
EVERYONE (almost), including me 'expects' (is looking for) Aug-Sept (& early October) to be biased to the downside... as this is the historical trend/pattern... but this year reminds me of a scene (line) from one of my favorite movies... "Patton"! GCS is commenting on the Germans mounting a winter attack; how they have never done any such thing for centuries... and then, with his typical mega-confidence proclaims:
"so, I think THAT IS EXACTLY what they are going to do"!!
The market always tend to surprise the many. SO, is a late summer/early "Fall" attack possible this year... ? Personally I'm gonna watch and wait for any great opportunities...... since I can't add any longs at this juncture given my "bias" despite my aforesaid comments.
Will stay in mostly cash until the "germans" show their hand!
ICe
p.s. no offense to any "German" ET brothers...
EVERYONE (almost), including me 'expects' (is looking for) Aug-Sept (& early October) to be biased to the downside... as this is the historical trend/pattern... but this year reminds me of a scene (line) from one of my favorite movies... "Patton"! GCS is commenting on the Germans mounting a winter attack; how they have never done any such thing for centuries... and then, with his typical mega-confidence proclaims:
"so, I think THAT IS EXACTLY what they are going to do"!!
The market always tend to surprise the many. SO, is a late summer/early "Fall" attack possible this year... ? Personally I'm gonna watch and wait for any great opportunities...... since I can't add any longs at this juncture given my "bias" despite my aforesaid comments.
Will stay in mostly cash until the "germans" show their hand!
ICe
p.s. no offense to any "German" ET brothers...
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