The S&P 500 topped at 3017.8

[noddyboy]

Out of my longs on upper touch






Now playing hort RTM back to lower gap from yesterday close

Pretty much perfect

 

[volente_00]

I have SPX 90% chance of closing below 2945 today


Prove me wrong you weak a$$ bulls

 

[S2007S]

Russel 2000 barely moving on this huge up day in the markets...hmmmmm

 

[S2007S]

Yep fed is always ready to bailout the economy. No such thing as recessions in this new world economy. Remember that always.



Powell says it’s the Fed’s job to keep the economy in a ‘good place’ for ‘as long as possible’
PUBLISHED AN HOUR AGOUPDATED 28 MIN AGO

Fred Imbert@FOIMBERT





KEY POINTS

• “While not everyone fully shares economic opportunities and the economy faces some risks, overall it is— as I like to say— in a good place,” Powell said in prepared remarks.
• Powell’s comments came after a raft of disappointing data releases this week.
• This batch of weaker-than-forecast economic numbers led traders to ratchet up their bets on easier monetary policy from the Fed.
• “While we believe our strategy and tools have been and remain effective, the U.S. economy, like other advanced economies around the world, is facing some longer-term challenges,” Powell says.

https://www.cnbc.com/2019/10/04/pow...-in-a-good-place-for-as-long-as-possible.html

 

[volente_00]

I gave this a "Like" until I realized that there was an "s" missing from the short-RTM expectation -- I don't carry that conviction. I respect the move, but not enough to lend a hand. Too much contradiction in market noise to ferret out the signal. ("For my tastes" at any rate...)

Nice exit, though. Can we do a half-"Like"?


["No." Dayyyyyumn. ]

Give me your bull argument


The lower trendline from August ?


My bearish stance is all of previous September support is above at 2945-2960 which I think hampers any upmove especially with an open gap below


Also the reaction from 2855 is setting up an SPX neckline with right shoulder being formed here


Puts SPX in a 2960 ish to 2640 trading range for me unless see the chart change from here to void my analysis


Downside objectives are

2911
2856
2725

And 2650

 

[S2007S]

Give me your bull argument


The lower trendline from August ?


My bearish stance is all of previous September support is above at 2945-2960 which I think hampers any upmove especially with an open gap below


Also the reaction from 2855 is setting up an SPX neckline with right shoulder being formed here


Puts SPX in a 2960 ish to 2640 trading range for me unless see the chart change from here to void my analysis


Downside objectives are

2911
2856
2725

And 2650

Would these objectives be thrown out with or without a trade war agreement or not?

 

[tommcginnis]

Give me your bull argument

I think you have to re-read the post to which you are replying.

Not favoring a short trade does not make me a bull. Nor does it even make me anti-bear.

It makes me unwilling to put capital in, either way, unless/until I discern a viable trade.

 

[noddyboy]

Well VXX is falling again. At some point it will be a buy again.

 

[S2007S]

Only reason for today's rally was based on job numbers coming in within where they were expecting them to be and not any crazier than the huge miss the manufacturing numbers had from just a couple of days ago. I think main focus next week though will be back trade talks.

 

[noddyboy]

Only reason for today's rally was based on job numbers coming in within where they were expecting them to be and not any crazier than the huge miss the manufacturing numbers had from just a couple of days ago. I think main focus next week though will be back trade talks.

When will we get the headline DEAL or NO DEAL?