The S&P has topped !!
- Thread starter rubberbird
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absolutely nothing special.... just your basic ho-hum old indicators and price action.... that is the key, price action.
lilduckling, can you be more specific about which technicals please? I'm a technical guy, and from the way I see it, the technicals are looking negative.
QUOTE]Quote from rubberbird:
lilduckling, can you be more specific about which technicals please? I'm a technical guy, and from the way I see it, the technicals are looking negative. [/QUOTE]
Well... i wont go too deep into it, cause there are "know it alls" here that like to jump on others ideas. but just to talk about one or two indicators (I'm looking at much more) and price action.....i see it this way:
On the weekly chart of the $INDU, we had a breakdown on last week of the month in December..from a 5 week consolidation. The very next week... no followthrough whatsoever. In fact we had a green candle negated that entire red breakdown candle. Last week, we had a doji that remained on the top 20% of the green candle. Now for some this may indicate some bearishness.... a doji after a nice run up and at major resistance... but, you have to take into account that last weeks doji on the top range of the prior week's green candle, came AFTER the green candle engulfed the red breakdown candle. That is really not bearish. And don't forget how tempting... how juicy it is for big money to race the mkts up to new highs to kill all those bears in the waiting. Also, we have a MACD that is rising above the zero line on the weekly...with a MACD beginning to hook up on the Monthly chart. These type of corresponding moves ....in different time frames ... at an area of a multi year high....i mean the writings in the wall that this favors a breakout to the upside. Pullback on the weekly chart from that nasty red candle... stopped at the 38% Fib level.
On the Daily charts.. we see a pullback happening....Stoch hooking down from overbought level.. but this pullback wont go past below 10900. Indicators that are agreeing with this pullback are not in sync with the higher time frame ones. There is another indicator.... very accurate...one that i don't want (can't) talk about at this time.... its going against this pullback also... all this tells me that this pull back on the daily chart, will be over soon, and when it does... a new high by the end of the month.
This is all i can say... i mean to go into all the details i would be here typing for a long time. And like i said.... we been hit with bad news after bad news... and mkts don't care. So the way its set up now....a breather in bad news or any good news... = mkts going higher.
Now im just a simple country duck... and i keep my explanations simple... don't try to sound like im smarter than i really am by throwing big words around.... but don't really wanna go in too deeply into my technicals because everyone's is different... and it ends up being a pissin match. Mkt will tell. Anyways... i know you said the S&P..... I only watch YM.... but If YM goes...........
But hey..... Rubberbird... you are usually the one right about these things so.... you probably will be right again
lilduckling, can you be more specific about which technicals please? I'm a technical guy, and from the way I see it, the technicals are looking negative. [/QUOTE]
Well... i wont go too deep into it, cause there are "know it alls" here that like to jump on others ideas. but just to talk about one or two indicators (I'm looking at much more) and price action.....i see it this way:
On the weekly chart of the $INDU, we had a breakdown on last week of the month in December..from a 5 week consolidation. The very next week... no followthrough whatsoever. In fact we had a green candle negated that entire red breakdown candle. Last week, we had a doji that remained on the top 20% of the green candle. Now for some this may indicate some bearishness.... a doji after a nice run up and at major resistance... but, you have to take into account that last weeks doji on the top range of the prior week's green candle, came AFTER the green candle engulfed the red breakdown candle. That is really not bearish. And don't forget how tempting... how juicy it is for big money to race the mkts up to new highs to kill all those bears in the waiting. Also, we have a MACD that is rising above the zero line on the weekly...with a MACD beginning to hook up on the Monthly chart. These type of corresponding moves ....in different time frames ... at an area of a multi year high....i mean the writings in the wall that this favors a breakout to the upside. Pullback on the weekly chart from that nasty red candle... stopped at the 38% Fib level.
On the Daily charts.. we see a pullback happening....Stoch hooking down from overbought level.. but this pullback wont go past below 10900. Indicators that are agreeing with this pullback are not in sync with the higher time frame ones. There is another indicator.... very accurate...one that i don't want (can't) talk about at this time.... its going against this pullback also... all this tells me that this pull back on the daily chart, will be over soon, and when it does... a new high by the end of the month.
This is all i can say... i mean to go into all the details i would be here typing for a long time. And like i said.... we been hit with bad news after bad news... and mkts don't care. So the way its set up now....a breather in bad news or any good news... = mkts going higher.
Now im just a simple country duck... and i keep my explanations simple... don't try to sound like im smarter than i really am by throwing big words around.... but don't really wanna go in too deeply into my technicals because everyone's is different... and it ends up being a pissin match. Mkt will tell. Anyways... i know you said the S&P..... I only watch YM.... but If YM goes...........
But hey..... Rubberbird... you are usually the one right about these things so.... you probably will be right again
thanks lilduckling for the explanation. you need not worry about the vermin jumping on you, not on this thread, you know I got your back.
this is what makes horse races. I see it differently. technicals look toppy to me, but more importantly, here comes earnings. You know, the earnings that will filter in all the rate hikes. I cannot see them being smashing.
And at the end of month we have the Fed hike, with new minutes. I see a negative surprise there. I look at gold and commodities running wild, and the Fed must do something to tame them.
this is what makes horse races. I see it differently. technicals look toppy to me, but more importantly, here comes earnings. You know, the earnings that will filter in all the rate hikes. I cannot see them being smashing.
And at the end of month we have the Fed hike, with new minutes. I see a negative surprise there. I look at gold and commodities running wild, and the Fed must do something to tame them.
This would be funny if it wasn't so pathetic and sad. Your a sick S.O.B and shame on Baron for allowing you once again to start yet another bullshit thread of yours with your multiple personality disorder..
I forwarded this nonsense thread to Barron's and asked them how did they miss this garbage before recommending Elite..
I see the bears having a hard time getting the dow under 10900 and i think the dow will hit 110200 before the next pullback but perhaps just perhaps the bird is actually right this time. I guess if you call tops every few months for a year straight eventually you will be right.
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