Thanks Jayford. It's just that nearly everyone is so damn bullish - - same as bears getting more bearish at the bottom - - I just was hoping to get traders opinions and I was not disappointed! I mean, if you plan to open any longer term long positions, IMHO, ya just do not do it at these levels! IMHO, unless we break out you sell your longs here. If you plan to trade at all at these levels, short is the safest regardless of talking head idiots. Sometimes I just succumb to the noise and my brain gets more scrambled than it already is.
I think if we don't break 14 then we make a new low. But that's just what my previous experience tells me. If it breaks 14 , I'm going long.
Sound's like your good to go then, but I still think you have a bias based on your comment that I put in bold above. You may be right (for your system), but it still is a biased comment based on your interpretation of the market.
You may be right but I don't think it is really a bias - - one of my rules that I try to adhere to is to sell at resistance and buy at support. Well, seems we are really close to - and maybe even at resistance. Perhaps the quicker longs and shorts both make money next week lol.
Yes, but support and resistance is very subjective. You say that we are really close to - and maybe even at resistance. Well, I can argue that you are wrong and we have just broken through resistance and are headed higher. Just pull up a 3 month chart of the S&P 500 and look at the top at the end of Feb and beginning of April, it couldn't stay above the 1380 mark and now just shot right through it. So now , those tops are a support level.
Ahh, I see what you mean and totally agree.......... I guess it all depends on where ya put the lines at. To my way of thinking, the green uptrend support turned resistance is primary, down trend resistance is a close second and 1400 is more just "an area" with significance. After all, the chart I posted is only my opinion on, well, my opinion of what is important lol.
You forget one thing: This is a Fed sponsored rally, they will do anything to punt SPX above any resistance there is. I am sure Feds know how to read charts and do have Market Technicians at hand , after all they can't be sitting in the ivory tower with you plotting to undermine their efforts. The market is rigged to the upside and will have a hard time being sold off as you have seen lately. Once we are coasting nicely, they may put this on some kind of auto pilot. Meanwhile start reading Investors Business Dailys Top 100 and start paying attention to cup and handle breakouts, and there are plenty of them after this nasty 3 month spill. New leaders, new bases and stocks breaking out from double bottoms! We will get over this 200 EMA as we did with 50 day and 28 day and 10 day step by step. Recession may not even happen and this negative sentiment will change.
SPX broke all the trendlines on Friday in a powerfull bullish rally. Shorts must cover and sell those SPY puts for losses that will soon magnify. This big white candle is coming up your ass, if you dont.
YES! This is the main thing that makes me question the current level as a resistance. I guess I would like to think that at some point, fundamentals matter - -- perhaps that point comes months from now. We'll soon find out I think.
I don't understand if your a trader, why care about fundamentals mattering for the market? How do you know when the fundamentals are suddenly working in the market?