Where the heck are the support lines in this market?

[Smart Money]

You're essentially asking the Billion dollar Question.....What is the Future?

Trading off support lines...a roller coaster or mountain range.....when it goes up, bet down.....when it goes down within a range, bet up.
BOOM. Become a Millionaire automatically for Everyone. YAY

That is of course false logic. It only works and sounds great, awesome, in hindsight in a book or video trading course for only $995, or special VIP couching for a weekend of $6,995.
Everything works in trading, until the market decides it hates your great, magical, trading system and dumb self.

I can only speak from a day trader's perspective, but it helps to establish a reasonable, general, loose, market hypothesis for the day. and wait for tells and signs of when to strike, when to place that trade....then from that point...just patiently sit back and watch the market, ....deviations can occur, so F what you generally know about Support/Resistance lines, and trading can be part art, part science,

Are you saying they have no value?

 

[Scataphagos]

Are you saying they have no value?

He's obviously mocking TA. Only a noob or a fool would do so.

 

[M.W.]

Maybe? And the many other previous "support" levels all of which got broken... But this time you mean it for real...

$SPX 3634.xx on weekly which lines up with June lows approx.

Maybe.

 

[wrbtrader]

Where are the next support lines on the market indexes (Dow, SP500 or Naz)? Anything in site? Or is it just a giant freaking look out below situation? Bleh.

Depending upon your timeframe...most of the Support lines are now Resistant Lines because the price action is below them.

wrbtraderr

 

[nitrene]

Doesn't matter what they are. This market is doomed without some sort of intervention. And these stupid Nasdaq rallies are just a waste of time. I guess its just scalpers trading back & forth.

Sooner or later there is going to have to be a Plaza Accord type solution like in 1985 when we last saw these crazy currency moves. Or the global Central Bankers decide to stop the rate hikes. Without these solutions there will be another financial dislocation aka indiscriminate liquidations.

 

[easymon1]

Where are the next support lines on the market indexes (Dow, SP500 or Naz)? Anything in site? Or is it just a giant freaking look out below situation? Bleh.

https://www.elitetrader.com/et/thre...t-right-here-baby.343012/page-33#post-5683904

 

[easymon1]

Point is on a smaller scale there becomes imbalances in the market, even if only temporarily which in those situations you can find actual support and resistance levels that mean something

Damn Skippy! +1
Even on this luge ride to establish its realistic value the ES had a rally this morning on intraday fast charts.
https://www.elitetrader.com/et/thre...t-right-here-baby.343012/page-33#post-5683904

 

[M.W.]

Markets are down 24% from all time highs...what's with the panic? The selloff has been very orderly so far...

Doesn't matter what they are. This market is doomed without some sort of intervention. And these stupid Nasdaq rallies are just a waste of time. I guess its just scalpers trading back & forth.

Sooner or later there is going to have to be a Plaza Accord type solution like in 1985 when we last saw these crazy currency moves. Or the global Central Bankers decide to stop the rate hikes. Without these solutions there will be another financial dislocation aka indiscriminate liquidations.

 

[stochastix]

Idiots. Learn mathematics. All your concepts are bogus

 

[margin_gamble]

Where are the next support lines on the market indexes (Dow, SP500 or Naz)? Anything in site? Or is it just a giant freaking look out below situation? Bleh.

El Paso