We are down 2 handles atm. A far cry from a pullback. You started this thread at 1,322. Is there a point when you say you are wrong or do you just repeat yourself about the ES being overextended over and over again? Oh wait, I already know the answer to that question. Long term technical analysis doesn't work very well if you decide to totally ignore every fundamental data there is out there.
But that is the point - he truly sucks arse with long term technical analysis as well. I called for 1370 in the ES months ago, and I'm a wacky spread trader. Stevie Wonder could look at a Weekly or Monthly chart and called the market better than that embarassing fool. Has he no respect for himself ?
We agree that was one of those obvious resistance lines, but I don't believe you were saying that 1370 would be THE top that one could ride for a very nice move. If I'm mistaken on that, you can correct me. I personally think the ES still has room to move on the upside. These moves remind me of fall 2010/early 2011 where the ES for the most part just marched higher and higher.
You are spot on. I mentioned it as a target. I cannot call tops or bottoms, and quite frankly most of us are fortunate that it is not a requirement to be a successful trader.
Let's look at a recap of Nimrod's daily calls this week on the day trading forum. 2-18 Grand called spx 1363 top. He missed this one. 2-19 Grand called spx 1363 top. He missed this one. 2-20 Grand called spx 1370 top. He missed this one. 2-21 Grand called for a waterfall selloff. He missed this one. 2-22 Grand called for a waterfall selloff and a spx top of 1361.23. He missed both of these. Grand has no credibility with any traders around here with his continous wrong calls and he owes everyone, including those who lost money following his market calls, an apology. We await the apology from the cycler.
The S&P is up to 1383 right now. Mr. Grandsupercycle continues to make the wrong predictions. Traders should beware and do not trade on his advice unless you want to lose money. He continues with his daily call of a black swan/wylie E. Coyote/waterfall selloff and each day he is wrong. I see the market grinding up with the usual occasional pullbacks for some profit taking along the way. Probably have some profit taking later this week or next week.
If we settle this week above last year's highs, it is a free call option. Puking shorts and stop-loss triggers will add momentum. Really big, deep pockets will try to run some stops for the free juice. GSC is the best fade ever, and his technical analysis sux. No competent technical basis for calling a top. None.