SP500 no more gaps to fill

H

Hunter2020

Maybe my eyes playing tricks on me, but it seems we filled the last big gap made last month. It's only because China hosted the Olympics this year we can expect a hard landing this coming Winter. So nope Mr. Market hasn't bottomed yet. More importantly Mr. Market hasn't even given the market bull the big middle finger yet like he did back towards the end of 2008/early 2009! So, plenty more downside to look forward to this coming Winter...
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You could make the same argument that once the small gap around 3800 is filled, there's nothing but upside. I don't know about the S&P, but the QQQ has a big gap around 355-360, and it's currently trading around 300.
 
MKTrader said:
You could make the same argument that once the small gap around 3800 is filled, there's nothing but upside. I don't know about the S&P, but the QQQ has a big gap around 355-360, and it's currently trading around 300.
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QQQ don't matter Jack when it comes to chart reading. It because QQQ not tied to the stock market interrupter (circuit breaker) but the SP500. So QQQ has no weight in anything where trading is concerned...
 
Hunter2020 said:
No it does not. SPX is only an indicator derived from some mathematical formula(s) not the sum of exact prices of 500 companies. So approximations count (ie. visual eye-balling).
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20+ years experience of nothing but trading and chart watching minute by minute, I beg to differ. You'll understand years from now, maybe.
 
SunTrader said:
20+ years experience of nothing but trading and chart watching minute by minute, I beg to differ. You'll understand years from now, maybe.
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Let's make a bet. If today's high is the intermittent top, I win and you shall refrain from posting here for 1 month. But if I lose I shall do the same, deal?
 
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