Well there is futures ATH and futures RTH, the market is biased to bounce RTH unless maybe a nuke goes off over the weekend.
RTH ? Guess 3030 is a safe short, At worst trend turned bullish In this case I expect a pull back. At best a double bottom around 2850.
Any one follow Sang Lucci? The dude plays day options in 100 lots . He dropped $140k today and one day a few weeks ago dropped $400k trying to short nflx with daily options .The news pretty bleak on the cornavirus virus since the mkt closed . South Korea's #'s going wild to the upside and Iran's death rate exploding . Also a crazy crash in China's Pmi . We'll see what Sunday night brings . Only the nimble survive in this game.
Follow where, @hafez50 ? Is this on Twitter? I don't even have Twitter. ET is my only source for gossip and trading stuff.
So, this week closed down - 11,47 % on SPX. I find that since 1979 - this happened only 4 other times. In other words - quite rare. 3 of those 4 weeks closed higher the next week. And traded higher and sideways for a few weeks before finding new lows. The exception was in October 1987 where the next week was another down week (- 2,87 %) which marked a long-term bottom. The last time it happened prior to this week was in October 2008, but by then, we were already down over 40 % from the top. The most interesting parallell is April 2000. This is the only week that dropped this much in one week off an ATH.
[QUOTE="Laissez Faire, The most interesting parallell is April 2000. This is the only week that dropped this much in one week off an ATH.[/QUOTE] suppose 3397 is the PB High if PB% =20%, then the PB low is about 2718 if PB% =30%, then the PB low is about 2378. very interesting to compare with April 2000 for monthly, weekly and daily chart. the only day i got is : 2/28/2020 after searching for days when GAP Open and GAP(EMA20, EMA100) >= 5% for 5000 60m bars. (same direction: for example, when ema20 < ema50, gap open down; RTH chart)
Big difference. In 2000 the mkt tanked big in Jan then rebounded before it re dropped in April. This mkt was skying to high after high and was on a 14 month run before crashing off a top.
Nice observation. Weekly chart: after that big drop week, in april 2000, tried to reach the top 1574 three times, but all failed by having lower high; 2 week closed below EMA(52) including the big drop week, then a higher low. When the third time closed below EMA(52), the bear market started. Until 4/28/2003, only one week in 10/2000 closed above EMA(52). What will be happening now? need more information.