Anyone going long since last Friday is fighting the tape We almost had a reversal today but we've reversed just below resistance. Either we see further downside or a little consolidation. RN the trend is down. Don't even try to long it.
A bear trap since August 17th ? Yeah maybe but the dynamic is down. If we break above today's high we're bullish.
I see what you mean ! Actually I look at the SPX + QQQ Current range is 700 - 680 We reversed just below 700 It's ES journal, my bad. Wish you the very best ! IMO Bull Trap more likely. Same as Aug 25th.
Did it because I am lazy Easier to monitor one chart. But actually Livermore did the same thing. If he wanted to trade X then he waited for X+Y to confirm its move. Tandem, Sister stocks.
Musings from an amateur and gambler on a Sunday morning as we continue into the historically worst month of the year for the stock market. Remember, these are statistical figures, so it's not like every September is a down month. Where we're at and where we might be going... SPX Monthly Price is contained between supply at approx. 4150 and demand at approx 3785. There was a failure to breakout of this zone starting at the 10th of August. It looked promising for a while, but turned out to be a massive failure. SPX Weekly Nothing exciting here. Price have been channeling downwards ever since we broke the long term trend line at the end of January. Some viscious rallies in between here, but they've all been sold. SPX Daily Ever since the FBO on the 16th of August price have been consistently moving lower and not finding much of a bid... This week filled an open gap at 3921.05. The next two open gaps below are at 3790.38 and 3674.38 (near the June lows). TL;DR: My main view is that we're headed lower and will as a minimum take care of that gap just below 3800. I think it's important to stay flexible and don't marry any particular view as the market is constantly changing and feeding us new information, but this is what I would expect moving forward knowing what I know now. Could the market bottom out here, too? Sure. Have to be prepared for that scenario as well. There may be rallies and they may be brutal, but ultimately we're headed lower. At least that's how I interpret all of this.