today's a key day!

G

gharghur2

According to what I see in this market, today could be a very key day. If we can slam down and get a lower close, we should have a major bottom. Another day like yesterday and the correction could extend.

How do you guys see it...
We at or nearing a bottom?
The bottoms in?
More downside to go?
Or, I don't care, I day trade :)?
 
Day-traders should care!
Otherwise they might never take advantage of overnight position initiation.

As I said countless times before I think we bottomed. We could retrace back 10-15 points on ES but that's the worst case scenario.
 
If the hurricane doesn't destroy a major city then possibility of a higher low. Apart from natural gas, energy markets are forming lower highs. I think another attack on resistance is possible next week.
 
Quote from gharghur2:

According to what I see in this market, today could be a very key day. If we can slam down and get a lower close, we should have a major bottom. Another day like yesterday and the correction could extend.

How do you guys see it...
We at or nearing a bottom?
The bottoms in?
More downside to go?
Or, I don't care, I day trade :)?
More...

Put/Call pattern things suggest to me swing low 2-3 weeks out.
 
Yea, no way we are gonna go down, we have to have another go at resistance, so far it has been visited once and tested once.

Not enough before giving up.
 
I'd liked to see a wash out low today of 2079 on the COMPX. Then, I would feel 100% confident that the bottom is in. A lower close of 15 or so points could do it too. We're oversold everywhere, this would make a great bottom.

But if we rally from here, using yesterdays double bottom as a base, I can also see a run up to resistance in the 2160 area, but then lower lows.
 
Quote from gharghur2:

I'd liked to see a wash out low today of 2079 on the COMPX. Then, I would feel 100% confident that the bottom is in. A lower close of 15 or so points could do it too. We're oversold everywhere, this would make a great bottom.

But if we rally from here, using yesterdays double bottom as a base, I can also see a run up to resistance in the 2160 area, but then lower lows.
More...

I know I'm going to regret this (for no good deed goes unpunished)... but I challenge your concept of "...market oversold everywhere..."

The normal noise range of the SPX is about 6%, and it's currently about -2.5% down from it's high.

Normal noise range of NDX is about 16%, and it's currently down about -4%.

So, how can the market be "oversold"?

(If you think about what you said and don't answer, I'll understand. However, for you to make a credible argument you better come with something stronger than "hourly CCI" or "30 minute Stochastic")
 
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