The S&P 500 will top at 3250

[Overnight]

Sure but it was setup in advance of the tweet.

OMG! And if the tweet never happened? *slaps Eug's face with a sloppy fish*.

 

[themickey]

Which makes one wonder...How many little people called up their brokers and told them to sell sell sell? Dump my 401K! Oh no the sky is falling! Turn those machines back on!!!

Day traders maybe, no one else.
There are always panic merchants about, brokers love it!
More panic the more commission.
Best way is to react, depending on the timeframe within which each trader trades.
Too early to call this a top or bearmarket from my perspective, so I'm not reacting atm.

 

[FriskyCat]

In recent times, it's not the "daytraders" per se, it's positioning in the overnight markets to capture any inflection points.

 

[Laissez Faire]

If news does not move the markets, then what does? A head and shoulder pattern that forms after the fact of the move?

Players move the markets. They may respond to the news and they may not.

How many really bad news items have there been the last 10 years which the stock markets have just shrugged off like it's nothing? A lot. Equally, there can be very bullish news that does not seem to matter either.

News is just a convencience to explain price movements when one have no other means to explain them. You see it in the media all the time. On Friday, I bet the papers were writing: "The markets fell on fears of the corona virus spreading..."

If the markets rose on Friday, they would be writing: "The markets rose in spite of reports of the corona virus spreading, suggesting that investors believe that..."

Bottom line is that these financial commentators knows jack sh*t about why price does what it does. The commentary may be interesting to know what's going on in the world, but it sure as hell ain't useful for trading.

As a trader, you should not be worrying about WHY, but about HOW. How to trade price movement.

FWIW, I was bearish for last week already on Sunday and it had nothing to do with Corona.

 

[easymon1]

Where will ES be Friday Jan 31 close compared to now?
What's next?
https://magic-8ball.com/

 

[Laissez Faire]

Where will ES be Friday Jan 31 close compared to now?
What's next?
https://magic-8ball.com/

3/4 chance we'll make new ATHs and close in the green well above 3294,50. If it turns out to be a down week (1/4 chance) - the downside should be capped at < 1,0 % down.

Do expect volatility though.

 

[easymon1]

cued to prognostication, here it goes

 

[volente_00]

You girls gonna bicker or post some trades?

 

[Laissez Faire]

You girls gonna bicker or post some trades?

I'd rather not. The market is moving too fast for that today.

But the general outlook for today is that the LOD is in and that we'll see 3265,50 or more by the Close.

 

[volente_00]

Downside magnets

3205
3120
2950