Very Bearish on the Stockmarket for the following 3 reasons: 1.) Too much Bullish Sentiment. 2.) Feb. 19th highs came 342 trading days from last turning point and fits in with his 346 TDS cycle. 3.) S&P retraced 50% of the 2000 decline, and stopped right at the 50% retracement, which also was where a 1/3rd speed/resistance line came through ( Edson Gould ). He also said that the best thing that the market could do right here is go "sideways". He also noted that we had 3 consecutive days last week in which the closing TRIN was > 2.35 This has not happened since the 1950's, in which a bottom was put in.
He has probably got a lot of puts. What about you waggie, are you predicting a short or long trend in the next two weeks? Or sideways until the jobs report in April?
The SPX broke the 89 day moving average in yesterday's sell off. I do not have any significant support unil 1096 in the SPX and will trade with a bearish bias until that point is tested. The percentage of equities in the SPX that are trading above their 55 day moving average is 35%, above their 21 day moving average is 16%, reflective of the terribly damaging technical action of the past week. Today, the trading appears to be "wait and see" until the FOMC announcement. Meanwhile, the ES has come back to the Daily Pivot at 1108.40 Again, I need to see a test of 1096 first before I put on a long position . . . Until then, I will simply scalp ES and ZB.
yeah, I was sort of surprised by this mornings rally because we are mid way to the next support 1085- 1096. I hope we hit it today so that we can hopefully get some definition in the near future.
I saw the interview. Interesting, he had good stuff to say. I agree although I'm not sure about the bullish sentiment. Even CNBC has a lot of bear speakers, almost as many as the bullish ones. Meanwhile, the Bullish speakers are not bullish on the overall market, they keep preaching careful selection and rotation. Sounds like stagnation to me until after the election.
Wedge pattern for LU. Look at the past year. The retracements have this wedge similarity. And it may just be perfectly timed with this market pullback. After all, it does take a lot of money to move 70,000,000 shares a day. SPX 1090~ LU MAs touch LU as an indicator?