So yeah if you look at SPX, the selling has been BRUTAL so far, but with each day, the dumps have been getting smaller. SPX is also approaching the 200Day moving average on the daily chart, and we are also very close to the retest of the long-time top(that 3000$ area). https://i.imgur.com/X2FEXx3.png When i am expecting bounces, i like to be buying into the daily/weekly/monthly close because, that's when the market often peaks. So i think from 3020-3050 could be a nice knife-catch attempt of the SPX, going into the monthly close. If we spiked just below the 200D MA, this would be even nicer. Maybe we bottomed already too. A preferrable way of buying is to wait for the lower time frames to resemble anything looking like a bottom so you have an invalidation level and a proper risk to reward ratio. What are some of the strong stocks that you are watching? That GILD is for sure interesting.
I had been using that trend line for taking swing trades - the Euro session fizzled out, so much for a bounce off it but nice try. Lets see if the lower trend line holds - only time will tell.
I think that it could. That's the thesis. Bottom around when new month starts, and then a retest of 3250. It's just one of the scenarios. For a good trade, i would want a spike below 200D MA into 3030 or thereby and then something resembling a bottom on lower timeframes(actual setup), and if i saw an INFLUX of bearish news(eg., that coronavirus is breaking out in the US and worldwide, or something like that...) it would be very confluential for the trade since robinhood investors would be selling out at support. If 3000 doesn't hold, it's going to retrace much deeper though IMO and idea is off. I think the market is fried though, has topped and will go much lower. But we flushed pretty hard already so a bounce is possible. Least bias as possible is best and just go with the flow.
That's exactly the play I was discussing with a friend last night. We could see it as soon as today. (But if I were you, I wouldn't be posting that kind of hocum. Most/lots of ETers are convinced "TA doesn't work".)
No it's not... I am still scouting for bottoms but i will be patient and i will wait for the one to paint and confirm before i press the trigger. I am not going to be catching a falling knife because shit always goes lower than one expects.