I dont know about 1100 but we should definately test the 200ma. I still think we see 1500+ this year but I realized later not touching the 200ma and stay a certain time below it before rallying is unhealthy.
From time to time i look at the broad market structure to see where we are and this helps almost 90 % of the time. 25%/50%/75%/90% on 50SMA and 200SMA are good data points for being aware of corrections starts and ends under normal circumstances.
Every year going back to 1995, the market has ALWAYS touched the previous year's close, and someone on another forum said that has been true for the past 40 years. But this year that hasn't happened yet. SPX closed 2011 at 1257.
Ok - it is a few days later than the original post and the majors have corrected quite a bit - so maybe that buying was the public coming in and the smart money selling into them that accounted for the high level 2 activity ? Just discussing, not flaming the original post.
Hi everyone! Why always some traders look for the reasons behind the price movement? My 2 cents are: Follow the Mark Douglas thinking. - Objectively identify your edges. - Predefine the risk of every trade. - Completely accept risk or be willing to let go of the trade. - Act on your edges without reservation or hesitation. - Pay yourself as the market makes money available to you. - Continually monitor your susceptibility for making errors. - Understand the absolute necessity of these principles of consistent success and, therefore, you never violate them. Good business for everyone!
tenthousandmen, Looks like a nice short cover and most of the charts have purged I would suspect if Greece stays in (likely) on elections this month the call should be verified.
The Dow came off about 2000 from the ~14000, to the levels we are currently at. I was buying today in my wife's 401K and mine. Nothing much but I was at zero exposure for stocks and my other assets were also weak... You are crazy not to buy some for a little pop, it is election year! Next year is a different story....