Hi, I dont really see any reason for the market to stop selling till S&P 1490. If so, tommorow should be a big red maybe -200 DOW pts possible. Anyone thinking anything different? Its possible I suppose we consolidate tommorow and then dump the day after, but just curious as to why anyone thinks this is "a short term bottom". At least at 1490 the S&P has held in the past.
Don't try to predict, just react. Heck, a couple of good earnings reports could give a short-term lift to the markets.
Just stating the obvious. The S&P is in a range 1530 x 1490, until one side gives, it just rejected 1530 again, so now we gotta go test 1490. Anyone see anything different?
There is no such thing as "obvious" in the markets. As syswizard pointed out, the S&P is as likely to go up to 1530 from here as it is to go down to 1490. Now, that may be obvious, but it's useless, too.
We gotta...? The market does not gotta do a damn thing but whatever IT wants to do . You really should not be trading with a mentality of saying what the market HAS to or GOTS to do...
Stop bashing the guy for trying to predict. All trading involves prediction. You can only "react" to something that has happened in the past. You only profit if you can use that information to make predictions. Some people trade on a purely intraday basis, but they're still trading on the basis of the last 5 minute candlestick (or whatever) and the price action that preceded it and using that information to make predictions about the next few 5 minute candlesticks. Other people trade on a longer term basis so they're trading on the basis of the last daily candlestick and the price action that preceded it and using that information to make predictions about the next few daily candlesticks. Both are perfectly legitimate forms of trading.