Why I faded Fridays close.. again
- Thread starter KCalhoun
- Start date
WAR KEN!!!
I think it is only a matter of time before new lows are made but in the meantime I'd like a $SPX weekly HH than the high week of 10/07/22, which would make a 5 week high and basically lock in (other qualifiers besides but don't need to muddy the waters) a minor wave 4 of a major wave 5 down.
I don't trust it, especially considering the next two weeks, with focus on next week. We need forward guidance to be over-the-top.
If it's a longer term trade, not over sized and willing to add to it. It could be fine. Any short term shorts though particularly if heavily sized, it's probably not going to be too pleasant for them.
The weekly chart regained and candle closed above previous lows and the Daily setup looked weird to a lot of people and/or bearish to them, so probably caught a lot of people off guard.
As always nothing is 100% and in this market anything can happen. But unless there's some major additional negative news or the markets are just completely dead, the odds that we hit ES 3874 ish and NQ 11827 ish sometime in the relative near future are pretty high. This would be the area I'd expect us to get a sizable pull back, otherwise if we trade above those levels decently it's likely will see a very sizable rally.
The weekly chart regained and candle closed above previous lows and the Daily setup looked weird to a lot of people and/or bearish to them, so probably caught a lot of people off guard.
As always nothing is 100% and in this market anything can happen. But unless there's some major additional negative news or the markets are just completely dead, the odds that we hit ES 3874 ish and NQ 11827 ish sometime in the relative near future are pretty high. This would be the area I'd expect us to get a sizable pull back, otherwise if we trade above those levels decently it's likely will see a very sizable rally.
There was a $1.8T op-ex on Friday the same day a fed speaker said something implying lower rate hikes in future. Reflex.
I'm thinking S&P 4000 before end of year. Short-term we're too oversold and sentiment is very bad. I don't think the lows of this bear market have been made.
Imagine what will happen if on the same day the Fed announces they are pausing hikes and the news comes out that Putin is dead and the Ukraine war is over?
Holy shit! Bulls on parade! Bear slaughter! We bulls have been pocketing those shells, amassing them, laying in wait!
If the market wanted to cause the most pain possible at this point, who would it try and inflict pain on? Honestly, like 97.3% of this forum is bears. Thus, bears. Expect the upside to continue. Not even joking LOL...