Updated chart I didnt draw this one, but from a site that I frequently visit. My charts are similiar though. A little more pushup before down... The $NYA bullish percent and percent of stocks over 50 day moving average indicate way overbought. April still has a little strength before May begins. Index is struggling into May.
I have drawings on different levels of where I believe it will go. Im just going to post the $SPX as its too time consuming to get to all of the indexes and industries I track. The top left represents the global chart. Those lines date back to 1932 and, as you can see, are very powerful. The blue fan lines are the most important on that chart and seemed to have been an inflection point for the SPX at 666.
those are indeed very powerful lines! one thing i don't get is why we should go down. the lines seem to point upwards.
Here is an idea from the real magical ball site. For all those that traded Broadcomm and the other tech stocks about 8-10 years ago then you know what is going to happen next. You would have to be a nut not to be long the 3x bear emerging markets. Simply a nut...
Pay attention. That diagonal is key to market direction. 855 is a key level. Despite all of the great earnings calls, the ES seems to have trouble getting past that 855 level...If it goes above that diagonal intraday then bears need fear. If it stays below 855, bulls need fear...
Since the SPX is well above the last small peak identified as "B" on the last chart posted, the predicted formation (and decline) is null and void. Makes total sense.
Famous last words... I know my charts and my market. I know we are at a top. I was waiting for one last sign and that was Tim Knight and Evilspeculator going bullish and buying calls on the ES. When I saw that, I knew that we were at a top. In a matter of minutes after they bought calls, the index started to turn. Thanks guys! Landis, there is **no way** this can continue. You do not work on Wall Street, however, I am there everyday. Citibank is an insolvent company, GM is an insolvent company...all these companies are insolvent. Now its time for the chart to figure that out which it did today... Whoever wants to join me tonight, feel free. K2 Lounge at the museum, happy hour right after 6pm. See you there...
That's right. I am no longer working on Wall Street. I am back in the sunny confines of California. That having been said, I was working on Wall Street back in 1984, well before you started posting these absurd charts on ET with 17 different trend lines, most of which were drawn incorrectly.
And you've been wrong for the last 10 days, which in the world of a prop trading "scalper" is a freaking eternity. Your thread is useless. No value. Bye bye.