$SPX

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SunTrader

.......... is in a position to possibly reverse in the next few days. Will it, TWT.

Not a prediction of any sort. Just a head-up is all.

Hit resistance, ROC rolling over. If it takes out Friday's low, a correction to the move up from the Oct 27th swing low is likely for a week or so maybe filling the Nov 14th gap up.

! SPX possible reversal.png
 
It only rallied from 408 to 460...one of the quickest V shapes in decades

How much more do you want to squeeze out of this rally? I mean even after the fact the markets rallied from late October lows they still are filthy greedy and want a Santa clause rally too.
 
Who knows, it might go even higher.

Look at the Indian stock market;
India Nifty Futures is now at a historic record high.


Germany Dax is just 1mm from breaking a historic record high.

But then, China A50 Futures is on a downtrend.
 
SunTrader said:
.......... is in a position to possibly reverse in the next few days. Will it, TWT.

Not a prediction of any sort. Just a head-up is all.

Hit resistance, ROC rolling over. If it takes out Friday's low, a correction to the move up from the Oct 27th swing low is likely for a week or so maybe filling the Nov 14th gap up.

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At a glance I'd be short but is there a chance that the 'double top' was at 4500 ish?

Immediate strong green candle,consolidation then another strong green candle suggesting up from here?

I personally would have an eye on market moving news and wouldnt be all in in either direction.

Great spot for a downturn if negative news hits,good spot to surprise everyone,get in early and head north if there are calm seas or positive news.

Also,never underestimate employees eyeing their xmas bonus and looking for a green finish.
 
semperfrosty said:
At a glance I'd be short but is there a chance that the 'double top' was at 4500 ish?

Immediate strong green candle,consolidation then another strong green candle suggesting up from here?

I personally would have an eye on market moving news and wouldnt be all in in either direction.

Great spot for a downturn if negative news hits,good spot to surprise everyone,get in early and head north if there are calm seas or positive news.

Also,never underestimate employees eyeing their xmas bonus and looking for a green finish.
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As I said in initial post if close below, a correction lower is likely. Obviously if it doesn't, uptrend would continue. I'm waiting for price to say which way - not news, bonuses or whatnot.
 
SunTrader said:
As I said in initial post if close below, a correction lower is likely. Obviously if it doesn't, uptrend would continue. I'm waiting for price to say which way - not news, bonuses or whatnot.
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Not disagreeing.

Just offering a perspective.

Not sure why I'm rubbing everyone the wrong way today! hahaha
 
The markets are at least 20% undervalued mid term. Bull run to be expected next 12 months. Peak of interest rates in US already seen the rates coming down a lot now. That helps the US stock market.
 
TrAndy2022 said:
The markets are at least 20% undervalued mid term. Bull run to be expected next 12 months. Peak of interest rates in US already seen the rates coming down a lot now. That helps the US stock market.
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So you're sayin' don't expect any correction whatsoever, in the meantime?
 
This recent rally took many by surprise as even those that were bullish were expecting a correction, but the market just kept going. There's some strong seasonality in play for this time of the year and the market tends to go further than most people think.

That said, the markets usually appear the strongest near a top and weakest near a bottom. I do have a hunch we won't see any substantial corrections in 2023, but admittedly, it's just a hunch.
 
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