If the sp500 closes above 2505, then we will have a move to the upside; we will very likely have two waves to the upside on the daily chart, before we tank really hard. If that happens, we will likely (depending on he weekly action) break 2685 shortly (a hunt for stops) then go down very hard. If however, tomorrows action is weak, then this upside will not have legs and we will have to revisit the lows before any serious upside can happen.
Enjoy your smarminess. Everyone is a market wizard in hindsight. How were you feeling at 2PM ET, and what would you have said if the last 90 minutes of RTH was just a bit of up and down noise? Have you looked into your rear-view mirror on that? Would you have profusely apologized for making a bad call, or just stayed suspiciously quiet and slithered away? Like Rickshaw Man? Seriously, patting one's self on the back is a social faux pas, especially in two areas of employment...Market analysis, and POTUS.
I don't see where the hindsight is, you are mixing two different calls there to make it sound what you wanted it to sound??!! I have nothing to prove, but to gain confidence in my market reading. I donlt expect to be right all the time, if I am right 2/3 of the time I am the best market reader in Wall Street. At 2pm you put a serious doubt in my call, I thought at first I was wrong and then I looked at hourly and 15 minute chart ant they were telling me that it was a pull back and the market will resume. I posted my thoughts right there when the market was at its lowest point. If I was wrong, I would have said I was wrong, there is nothing wrong about admitting being wrong. No one can forcast the market at hours close the day before. It is my sentiment, I would not trade blindly on it, but I would wait until the market is signaling that my sentiment is right to get in (but many times I screw my self and succumb to second thoughts). I am not a market wizard, I have noting to sell man! Thank you for commenting.
Looks like the repeat of yesterday is in the works. I would be very surprised if the low at 2474 is broken (close below on 5minutes chart); It would be a good long trade (I am not a day trader, but...) when it gets close to that support and risk very little, for 15-25 points to the upside. Hopefully, for the longs, we will close above 2505.
Actually, there were more than 30 points to the upside, but we closed well below 2505 which is expected, after all we are in a bear market! Monday is the last trading day of the month and year, and will be a short trading day. Usually, these days tend to be up days, but I doubt it to close higher than 2530; so the monthly close will be bellow key resistance. There are conflicting signals: the daily says the momentum is weak,the monthly says we usually get a good bounce; my take on this: The first two days of January will tell more about this bounce; but I expect it to be a hectic one; one day it will look like the end of the world and the next you would think it is heaven (for both longs shorts). But, it will continue to go up, I think we will go as high as 2687 exactly to hunt for stops (will depend on the next tree days and nothing is written on stone); the big sharks need to unload at a good price; so short covering at this level plus hopefuls of a bull market will provide enough buying and the big guys will feed them. This scenario will take 8 to 10 weeks and will happen in two big waves up on daily chart. Happy new year.
My bad! I did not check the calendar, I thought markets close at 1pm the day before big holidays including January 1st I am wrong. Well then, I am lost!! It is very likely that tomorrow will be a down day (window dressing I think) not a big down day though (it will form a support on a 4 hours chart), if that's the case, expect the first day of January to go up. Happy New Year.
Tomorrow is now today, markets are closed. 1st day of January they are also closed. Have a hot totty, you sound weary!