The S&P 500 will top at 3250

Will the S&P top at 3250 and pull back 9.23% ?

  • Yes but it won't reach your 9.23% pullback

    Votes: 2 6.5%

  • Yes and it will reach your 9.23% level of 2948 SPX

    Votes: 4 12.9%

  • No way, Trump is taking this sucker to 3400

    Votes: 17 54.8%

  • Who cares you are still early to the top

    Votes: 8 25.8%
  • Total voters
    31
Both May and August had very obvious topping patterns before the sell off began. The May was a bit more tricky but if you used context and realized we were at a fresh ATH which is a logical place to take profits if you were long from the massive rally we had. August sell off was the easiest swing trade man. If you did not get that I dont know what to say. From end of June until End of July the market was in distribution mode, exhausting supports so that the flush can happen.
 
_eug_ said:
Both May and August had very obvious topping patterns before the sell off began. The May was a bit more tricky but if you used context and realized we were at a fresh ATH which is a logical place to take profits if you were long from the massive rally we had. August sell off was the easiest swing trade man. If you did not get that I dont know what to say.
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They were news-driven events. They were not "obvious topping patterns" from a TA standpoint. And where has the obvious topping point been from Oct 2nd last year until now? Did you see it in November? Middle of December? First week of January, or TONIGHT, where we are down 2 percent from the ATH?

Maddog 20/20!
 
Overnight said:
They were news-driven events. They were not "obvious topping patterns" from a TA standpoint. And where has the obvious topping point been from Oct 2nd last year until now? Did you see it in November? Middle of December? First week of January, or TONIGHT, where we are down 2 percent from the ATH?

Maddog 20/20!
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Chill out. What does it matter, whether it's news-driven or TA-driven, as long as it's moving in your favor? No need to go nuts over nothing.
 
My belief is, markets were running too hot and a correction is due.
The Coronavirus is just an excuse the media will use to justify a market move.
You will notice, there is always a news reason why markets move.
The reason for this? Media would like to take the credit that news moves markets in order to sell their business.
Ok, to a small part news has an effect, but company announcements have the bigger effect over and above media news, it's not the media talking heads driving the market imo.
 
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Here is the fill from shorting August, right before the trump tweet that sent the market down. This is IB trade confirmation report
 
themickey said:
My belief is, markets were running too hot and a correction is due...
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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!!!
 
_eug_ said:
View attachment 217738

Here is the fill from shorting August, right before the trump tweet that sent the market down. This is IB trade confirmation report
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So you admit that the move was headline-based? It was fundamental, and not "TA-driven"?

"The Trump tweet that sent the market down". Sounds fundamental to me.
 
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