Quote from bone:
All of these posters who start a thread with a proclamation and try to time the S&P in terms of a major market reversal are consistently wrong because they are using incorrect timeframe sampling horizons in their analysis. Some of them are also, IMO, over-reliant upon wave count techniques.
The market has clearly accepted these price levels as correct value, and the more time that we spend at these levels the further this gets reinforced. When a market is in a rally trend, I am looking only at the lows. I want to see if the lows can get taken out in successive sessions, and if indeed we are witnessing a series of higher lows.
ES future Monthly:
ES future Weekly:
80% of the posts on this site seem to be trash these days. Some of these guys are so clueless you can't even reason with them they think they can call market tops within days and think that the market corrects every few weeks.
I'm seeing a very solid market with potential for upside surprises on earnings. You would never know this possibility reading this site. Mostly cynical people hoping for economic collapse shorting the market nonstop hoping for a home run. And they have a short memory, the cycle repeats every week or two.
I'm with you the lack of downward movement through support suggests we may have built a base for the next few months. I'm looking at stock price laggards with strong balance sheets and earnings and to me that represents opportunity. I can see some of these stocks rising 10-15% even if the index drops 10% this year.
