So, you long the S&P?

[jonbig04]

Be careful.

 

[wiesman02]

I agree

 

[NKNY]

I've been positioning myself for move to the downside... We may go up and take out the stops briefly but I think we are out of steam... Of course I could be wrong but thats how I'm playing this ...

Nick

 

[jonbig04]

Quote from NKNY:

I've been positioning myself for move to the downside... We may go up and take out the stops briefly but I think we are out of steam... Of course I could be wrong but thats how I'm playing this ...

Nick

Interesting. I'm looking for shorts around 1098. If we do break through 1111 it may be a wild break out to the upside. My bet would be on the downside if I had to pick without watching price action. The double top technically has already confirmed and we made a lower low. Seems like we will make a lower high now, but who knows.

IMO there is no point in being long with the PA thats developed and the major resistance at 1111.

 

[abattia]

Perhaps the downside tendency suggested by the double top has already been dissipated?

Long side traders who had their stops below the lows near 1084 and 1087 have already had these taken out by the recent abrupt retracement to 1067. I’m not saying the market won’t go down; rather I doubt the double top is much of a factor anymore, since the stops around the lows (which would have drive price downwards) are now gone.

IMHO, that’s taken care of the significance of the double top structure for now ...

 

[Ivanovich]

Amazing the amount of folks willing to place themselves in front of a moving train.

 

[Petsamo]

Quote from Ivanovich:

Amazing the amount of folks willing to place themselves in front of a moving train.

This train is moving erratically / unpredictably in the past six weeks.

 

[Ivanovich]

Quote from Petsamo:

This train is moving erratically / unpredictably in the past six weeks.

Perhaps. But it doesn't change the fact that it's still resisting down moves despite 100 reasons it should be tanking. That, in itself, would indicate that shorting it is premature and inherently dangerous. Yet there seems to be no shortage of folks willing to do so.

 

[Mercor]

Quote from abattia:

Perhaps the downside tendency suggested by the double top has already been dissipated?

Long side traders who had their stops below the lows near 1084 and 1087 have already had these taken out by the recent abrupt retracement to 1067. I’m not saying the market won’t go down; rather I doubt the double top is much of a factor anymore, since the stops around the lows (which would have drive price downwards) are now gone.

IMHO, that’s taken care of the significance of the double top structure for now ...

This is an astute observation...That shot down to 1067 found a whole bunch of buyers. Ruined what was becoming a "top heavy" pattern, at least in the short term.

 

[The Big D]

I see no reason to be short or long the S&P at the moment. I agree we no longer have a classic upward trend. However, that's happened before this year, and we subsequently made much higher highs.