SPX prior high is 5669.67... has just been exceeded and is a technical pivot

Scataphagos

Scataphagos

If SP breaks above, holds, and follows through, it's a buy/long indication. If this level fails, it's a sell/short indication. (Not a specific "price to the tic", but rather a small zone... you'll likely need to use some judgement on this play.... but up to this second, this high has backed off and the prior high is holdinig for a possible "double top" sell. "Topping moves" usually don't bounce away/down like a scalded cat as do bottoming moves.. tops take more "convincing" because players are reluctant to give up their longs.)

So... if you're looking to buy, I'd wait until this level appears to have been cleared. If you're long and holding, suggest you tighten up your stops.


FWIW
 
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What if it clears it, moves up 2% and then drops 8%.....I mean the amount of free money this market is printing is off the charts. These stocks are going to have to show resilient earnings to factor in such high equity prices....

Also with everything going gangbusters why cut rates. The way they are begging for a 50 basis point cut you would think stocks would be down 18% from their highs!!!!
 
S2007S said:
What if it clears it, moves up 2% and then drops 8%.....I mean the amount of free money this market is printing is off the charts. These stocks are going to have to show resilient earnings to factor in such high equity prices....

Also with everything going gangbusters why cut rates. The way they are begging for a 50 basis point cut you would think stocks would be down 18% from their highs!!!!
More...

As to the notion of a "false upside breakout", we all just have to cope with it. Suggest playing the breakout level to be a pivot... so that however it plays out, you can't get hurt much.

As for rate cuts... IMV, rates were never high enough. Neither was excess money in the system from covid stimmy drained away as it should have been. Not righteous for a rate cut here in any sense.

Rate cuts here likely lead to "inflation, higher for longer"... but nobody's asking me.
 
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Can't say the market didn't give y'all a shot at it.
 
S2007S said:
Also with everything going gangbusters why cut rates.
More...

You can't taper a ponzi, and the fed.gov interest expense is reaching the event horizon. No way out, aside from the elimination of all counterparties (force majeure)
 
Scataphagos said:
If SP breaks above, holds, and follows through, it's a buy/long indication. If this level fails, it's a sell/short indication. (Not a specific "price to the tic", but rather a small zone... you'll likely need to use some judgement on this play.... but up to this second, this high has backed off and the prior high is holdinig for a possible "double top" sell. "Topping moves" usually don't bounce away/down like a scalded cat as do bottoming moves.. tops take more "convincing" because players are reluctant to give up their longs.)

So... if you're looking to buy, I'd wait until this level appears to have been cleared. If you're long and holding, suggest you tighten up your stops.


FWIW
More...
Hey, let me be the first to congratulate you for posting this as close to real time as possible. Even though your prediction didn't work out as planned, you did the right thing. And who cares if you're wrong? It just reinforces the notion that we're all human beings capable of being wrong. So, unlike your previous posts, I hope you continue posting your thoughts in real time. :thumbsup:
 
Scataphagos said:
If SP breaks above, holds, and follows through, it's a buy/long indication. If this level fails, it's a sell/short indication. (Not a specific "price to the tic", but rather a small zone... you'll likely need to use some judgement on this play.... but up to this second, this high has backed off and the prior high is holdinig for a possible "double top" sell. "Topping moves" usually don't bounce away/down like a scalded cat as do bottoming moves.. tops take more "convincing" because players are reluctant to give up their longs.)

So... if you're looking to buy, I'd wait until this level appears to have been cleared. If you're long and holding, suggest you tighten up your stops.


FWIW
More...
On my screen, the chart on this has disappeared (??). Suggest looking lower in the thread for the graphic.
 
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