Once again, the PIVOTS on the March S&P have worked like a charm: 1136.10 = R1 1127.70 = Pivot 1122.80 = S1
Everytime the market goes up this guy will cheer lead it. One day the market will start to tank hard.. and he will never post again for a few months. For now.. he is here to stay. --MIKE
Ever hear the old saying . . . "The Trend is Your Friend" Guess it didn't pay to SELL THE EARNINGS that came out, eh? That should tell you something about this market, my friend. For what it's worth, this is the biggest weekly move since 1998. Should the S&P close above 1122 tomorrow, it will be the EIGHT CONSECUTIVE POSITIVE WEEK. That is a sign of strength my friend, not weakness! As long as 1115 holds, I will remain Bullish short-term.
Dude what moron blindly just buys the market because we have been up 8 weeks in a row? Just because the markets have been up that long doesnt mean it wont correct anyday. And the correction can be a blip or very deep. I am not calling the final top in the market.. just saying that i am not buying here and building a short. Lets say i build a short position here because we are at an upper channel and then we break 1115... by the time u will be not bullish i will already be locking in my profits. --MIKE --MIKE
Actually, yes, it did. Twice. If you were trading the NQ. Once this morning when it hit resistance, and once this afternoon when it hit another level of resistance, though there was of course the support to buy after the initial sell-off.
Yes, it did. The NQ hit R right after the open, R being a pivot level which, in and of itself, isn't huge. But it coincided with the YM's failure to make a new high (from the 8th), at which point, it tanked. NQ went along for the ride. Actually, the YM failure was about twenty minutes earlier, so there was plenty of notice if playing the NQ.