The good news is that a 5 year old can see the support you refer too. Huge support? Not according to volume (which is currently elevated/rising)... Your reference point was very near the start of the selloff. If your expectation fails, you are looking at 3130 (or so), and if the current parallel channel is used, you are looking at 3000 or so for (just) touching the lower channel trend line. 2750-2800 is significant support below there, imo. Good trading to all.
Not everyone understands or appreciates your brilliance @Buy1Sell2 Pay them no mind. Be a slave to the grind.
Today’s what happens when the vast majority of traders are leaning heavy short .Had way to much negativity for such a small move off the top .
Correct. There is no edge in being able to define patterns, support or resistance etc. The edge is in being able to manage the trades.----Most cannot.
I'd disagree with you there re: edge in support/resistance and certain non-random yet repeating price patterns, but I agree wholeheartedly most have not the foggiest about how to manage a trade and manage their risk. But as to support, resistance, and certain patterns, my friend, I have made far too much off of them over the years for them to be without merit. Good trading and have a great weekend!
I'll taking the opposite tack, atm the mkt indicates weakness, Friday's bounce was not strong enough to portend a continuing bull mkt, it is just a reaction in a downtrend. Friday was a strong day and green nearly everywhere but it was not the bottom of the current down push.
20,25 points shy. That makes this 4 weeks down in a a row. If I add in another supporting parameter - it's quite a rare pattern which pretty much always sets up the week ahead as a bullish one. Potentially very bullish. Haven't had time to do an in depth analysis yet, but the initial prediction above was merely considered as a consolidation within a larger leg down which I still think is in play. However, I will not be stubborn and for sure pay attention to the numbers above. There's plenty of economic numbers coming out this week, end of month on Wednesday, GDP, FOMC talks, etc., so it will probably be another volatile week for sure.