a FIB drawn tues high 8/18 thru the low 8/24 reveals 2000 = 61.8% it's not impossible, but if i see it someone else has seen it too
I don't know much about FIB. Is that the expected resistance? Seems like 2000-2040 is where the market decides to go back into bear mode. It would also bring the VIX into an area it likes to cluster for "wait and see".
I think 2000 will act as some resistance but I think they will get over it sooner than later 2040 is the next level, that one I think will be a bit more difficult to overcome....I still don't believe the bottom is in after only a week, I have noticed that rallies last years and drops last days in this new market....
I agree with this notion, I see 2000, then retrace and push for 2050 previous support, rejection due to correction phase and then who knows
I hear ya...but this thing is just like a razor's edge...Not a good day here, but manageable...gave back quite a bit from the past few days...
you would think since 2000 is only 25+ points away its possible, yes it is possible but everyone knows when fear enters the market even if you did take on some short ETFs like I did at s&p 1925-1975 area that even if the s$p rallied back to 2040 or 2080 or even 2100 that the next drop would be just as severe as the last, for anyone to think the market had 5-6 day drop and is back and ready for more historical highs has to think about the technical damage that was done to the markets the last few weeks, also where is the leadership going to come from? Its been known for months there is no leadership left in this market, so what ever highs we get back to will be limited.....
I'm just having a hard time doing much with my options spreads...during the "crash" like action they were trading sometimes 2-3 pts wide and now that we've gone vertical again it's basically on the same angle we had on the downside...as Jimmie said, "it's great when you're on the right side of the vol.". The problem with approaching this technically is that the little voice about this market being "for show" keeps creeping in...Hard to trust whatever levels we know to be support/resistance when the desperation by cb's to keep things under wraps is overwhelming... (Might just be the stress talking, lol).
It was actually @S2007S who brought it up. http://www.elitetrader.com/et/index...risk-in-the-sp500.85694/page-934#post-4169414