Jim Cramer was saying yesterday that the dow transports were near a breakout and if they go up another 100 points to confirm a breakout, then things are going up. He also said the spy chart was on its second cup and handle pattern since last fall. (Not a megaphone as the guy seeing a megaphone can't read charts.) He drew the first cup and handle and showed where we were in the second one. He had the spy going to 160 if we break on out.
SPX uptrend degradation should now be obvious to all traders - including certain individuals who have previously revealed a serious lack of TA knowledge and charting ability.
Lots of bulls looking for a confirmation move to the upside here. I'm looking for a retest of spx 1386 which will closely coincide with dow 13000. If it breaks there should be some more consolidation.
Since you have now gone ahead and gotten yourself banned from ET due to your bipolar idiocy, I will post this for the record:
The battle is shaping up between the triple top and triple bottom on the daily chart. If spx breaks 1386 to the downside there could be the first significant move down in a while. I would think aapl would have to comply, which hit another new high today on the way to $1001, and that won't be an easy accomplishment. Today markets are largely mixed and signaling an early mental exit for the 3 day weekend. The unemployment report still comes out tomorrow and that my set the pace for next week. Good trading.
After the jobs report today, the /ES is now down 15.25 points to 1375.00. The futures market closes early today since it is a trading holiday and I think that is the closing price. Look for a big gap down of the spx/spy on Monday. 15 points off of the 1398 Thursday close would put it around 1383 on Monday. Guess we'll see if the bulls take it back over on Monday.
Thanks BC. It was pretty clear once AAPL rolled over from another all time high this was going to get ugly. This is down day #5 and in all likelihood the final shake out of the drop. Although at this point, a retest of the spx 1340 level is only 1 outlier day away. A decent amount of technical damage has taken place, and, for all those calling for down move the prior month, this is their day in the sun. The COMP is right at support at 3000 and AAPL may find its footing here. The Dow has come within 10 points of its retest of 12,750. The Trans are about a day away from a retest of 5000 and the 50dma. The Rut has successfully retested 785. The Vix has retested the March high. There are many signs of support coming into play. If it breaks there will be a significant shake out. Good trading.
SPX remains in a trading range of 1340-1420. In my view, the critical level for support is 1357. If this breaks, SPX will go to 1340 and likely 1300. The good news is markets are largely holding their own with AAPL declining. This may change if the earnings are not viewed favorably. However, with AAPL at solid support levels from a 50dma perspective, if the stock resumes the move up, markets could easily follow suite. Best guess at this point, howeer, is this range will remain in place for another month.
I'm glad you have the spx figured out, elite. I've been kinda lost the last couple weeks trying to figure out what it is doing.