Bear candles are bullish on the SPX. Price will go below the low, all of the candlestick traders will be like ''Oh, a 'topping candle' and get short on the break'' and then we take their delicious stops above the high, and then carry on for another 30 points for good measure. When you've seen all the tricks, the game gets easier and easier
In this environment, it's either a middle of the night low or a first 15 minutes low...Blink in that first 20 minutes and you probably missed it...You're right, it's a bag of tricks market. Pump the VIX up a bit, then unwind it to add another 50-80 SPX points.
takes a lot of balls to step into a long position YM/ES/NQ at this level.. if anyone is blindly buying "here" (beyond a day trade) might as well turn off the charts and never pay attention to TA ever again which according to "everything in the book" says the market is at least stretched.. institutional portfolio managers average-up.. and there's nothing wrong with that but gotta think you'll get a better price in the coming weeks.. the hot money is always tipsy when it gets like this..
It takes balls if one traded 15-20-25 years ago and remembers when markets punished excessive sentiment, complacency, etc, etc...It takes no balls if one started trading these markets in the past few years and has never seen a quick 5-10% decline in a week or so. Ignorance is bliss.
Exactly right....this is the mentality behind the market behavior today.... without risk in these markets the last 9 years not one single person is prepared for the drop.....like I mentioned a simple clean 3% drop from here would feel like a crisis and psychological twist for most who have become so situated with the fact that markets only move one way!
These are more unbelievable market records that mankind has ever witnessed..... Today was the 12th record high for the s&p in the month of January and that's within 15 market sessions.... S&P 500 breaks 54-year-old record for all-time highs notched in January By Ryan Vlastelica Published: Jan 23, 2018 5:05 p.m. ET Record runs in January historically portend dozens more records over the course of a year Courtesy Everett Collection The U.S. stock market’s list of records seems to grow longer by the day. On Tuesday, the S&P 500 SPX, +0.22% ended at its latest in a string of closing record highs, with its 12th record close of the year so far. This marks the first time the benchmark index has notched so many record closes in the month of January, topping a previous record of 11 that has stood since 1964, according to the WSJ Market Data Group. The index’s move higher has effectively been nonstop, having risen in 12 of 2018’s 15 sessions so far. Such gains are merely the latest indication of a bull market that has shown an ability to shrug off all manner of headwinds. The S&P has gone a historic length of time without a pullback of 5% or even 3%, mild declines that are historically common. Separately, market volatility has essentially been nonexistent, with daily moves historically low. Equities have been supported by a number of concurrent tailwinds, including economic growth that’s accelerating both domestically and abroad, alongside improving economic data and the recently passed tax-reform legislation in Washington. The corporate earnings seasonhas so far come in ahead of expectations, further assuring investors that, despite some concerns over high valuations, demand remains strong. While the data set is exceedingly small, having so many records in January has historically meant dozens more records to come over the rest of the year. The S&P closed at a record high a whopping 62 times over all of 1964, and in 1987—which now stands as the third-place year for January records, with 10—the year ended with 47 records. The S&P closed at a record 62 times over all of 2017, the second-highest number in its history. The top year for record highs, 1995, featured 77 record closes. The Nasdaq Composite Index COMP, +0.71% also ended at a record level Tuesday, its 12th record high of the month. That’s the most January closing records for that index since 1980, when it posted 13 over the month, kicking off a year that ended with 62 records. The tech-heavy index has six more sessions to break its record-highs record this month. The Dow Jones Industrial Average DJIA, -0.01% didn’t close at a record high Tuesday, but it has ended at one eight times thus far this month, the most times it’s done so in any January since 1997. Related Topics
consolodating at the highs, expecting a good push up. Let's see what she gives us today If it doesn't pay me today, I am moving the target up to 2880-2900 and making it more of a swing trade