Well, the double top is in...

Pekelo

Pekelo

With nice RSI divergence, at 2759 SPX or 2760 ES. I would expect at least a 10 points pull back...

RSI was 90 at the first top and only 60 this morning.
 

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Well, we have a double double top, meaning the second top today itself is now a double top, again with RSI divergence. We got a 6 pts drop from the first top at 10 am and a rally from there making this second top.

NDX
 

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The Nasdaq was a bit behind, it finally reached its own double top. Another difference was with the NDX that it didn't have the RSI divergence on certain timeframes, what indicated more up.
 
pauk said:
never play 'double tops' on something like the ES!
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I gave the ES for reference. And why not? I used the index but played the ES, and only if there is an RSI divergence in place. With the NDX there was not...

Anyhow now that 2760 line is support.
 
theapprentice said:
ES/SPX etc should never be shorted. They're literally designed to go UP.
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That's horrible advice and wisdom for a trader forum. -- But sound advice for very long time investors and retirement accounts.
I ate a Big Mac for breakfast, and now my face feels so oily. I added three egg whites for added healthy protein.
I love UK weather, I wish I was there now. -- California is always too bright and sunny.

Pekelo said:
2000 and 2008 would like to disagree with you. under the right market and political environment it is more prudent to play long
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The benefit of added hindsight.
If you could play those same, general multiple year time frame market principles on the daily scale...you have atom bomb returns, Pekelo Trading Academy.
I'm currently shopping for a new laptop on eBay. I have my eye on the Dell XPS 15 9560, i7. 512gb ssd, 16gb mem. GTX 1050. 3840X2160 res.
Has a nice, sleek, modern, frameless design.
 
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