You are so arogant! You are never right! You post only losing trades! You can't trade! You should be banned! Your making more money than me! (whine!) BLAH.BLAH.BLAH.BLAH.BLAH. WAY TO CALL THE TOP DUDE! The Swing Vix also warned about a possible topping out scenario but I don't know if people took head. Many people tried to fade this decline and got their faces ripped off today. Oh well ......comes with the territory!!! Today LIKE I ......YOU DA MAN!!! p.s. Its too bad that not too many want to give a DUDE some props. I bet if you lost 18 points today though MANY would dog the hell outcha though? BIG UPS!
More than likely......probably not!!!! Prepare to switch your trading strategy to a SHORT one. Here is a rare look into PANDORA'S BOX. ADX is starting to trade above 30. If that happens and the market continues to tank? ...........well I think you know WHAT????
Whats a positive number? A lower than expected jobless claims? That will send the bonds tanking, and the market as well. My only hope is that there are enough suckers to open the market higher tomorrow. The best down days usually start with an up opening.
Meaningful numbers for the SPX will be the 50sma and the 200sma, respectively 1001 and 930. And you have considerable demonstrated support around the 985 area from Jun thru Aug. Yet there has been no meaningful test of the 200sma.
Pabst, have you ever traded in the S&P pits? Inandlong, I sent you a pm with a question, which I'm too embarrased to ask publicly. I don't want to show ignorance on this site! When you have a chance, could you provide a brief answer? Thanks.
Very little. I traded Bonds for 9 years at the CBOT, and in the most miserable trading year of my life ED's at the Merc. While at the CME I wandered into the Spoo's a few times and actually did pretty well but back in those days fixed income was my supposed bailiwick.
I make my living by it. But the institutional money runs the 50, and usually at turning points the 40 and 50 are very close. LOL, why do I have the feeling I'm preaching to the choir T'? PM on the way Romeo.
Does the support between 970-980 fit into a support level of any moving average? Maybe the 100 day sma (if there's such a thing)?
The 100 is common, but less quoted than the 50 and 200. And yes that support area is right in line with the confluence of the 20, 40, and 50 sma's. The question needs to be asked, "why did price stop advancing in June?" I think the answer is found in the story told by the weekly and monthly charts. We are trading at September 2001 levels right now. The high for this month is 1040.29. The monthly close for Sep 01 was 1040.94. That is significant. For all the people who jumped in bargain-hunting then and have held their positions, two full years later they are finally breaking even, if they are lucky enough to be in something that tracks the SP500 fairly closely. So two years later, having held a loser, and being fortunate to be at breakeven finally, and given the "bubble" debacle still fresh in their minds, what do you think a lot of these people are doing? I think they are selling. That period is going to be a natural resistance level. Now if all this money is selling, and price has held its level, who is buying? And, if the chart nkhoi posted awhile back is foretelling, and we get a measured move higher from this summer's channel, then 1150-1160 is in the picture. And guess what sits at 1157 right now? The weekly 200sma, with the monthly 50sma at 1167! MA's are like magnets. They represent the mean. Lord knows we all just want to be normal.