SPX 2777 is holding for now, bulls need to get it UP now or else =) Took a small long at about 2780, stop is 2777 and Im looking for a close above 2820 =) AND NOPE, stop triggered, 2772 needs to hold for bulls….. SO now short from 2772, stop 2777….. LOL still short, looking to fill the first gap and 50ma at 2755ish…. AND I covered at 2771, too oversold here to be short…. Bulls will need to close above the 200 ma on the 60 minute chart at 2778
Im sticking with the primary bear count though the expanded ED still looks viable to me, possibly a blow off top into year end wouldn’t surprise me….. I think at the very least the huge gaps below get filled before starting up in a potential year end rally into the middle of Jan 2019…..
Daily charts look good for a rally but FOMC day…. Thinking I may buy in small @2777 if we get there and I expect a marginal new ATH by the end of the month BUT 26K on the DOW, and the 50 MA on COMPQ @7527 gotta hold…..
DOW is looking locked and loaded UP, “25535” on the YM futures and I’ll say 25K on the cash is my bull bear line BUT Im not looking to buy or short until after the FOMC, and likely next week….. Of course my “primary” preferred bear count is still in play and Im not real enamored with this count but who knows, it looks pretty bullish if you just ignore everything else….. Still in show me mode =)
My preferred count, the green line above is my bull bear line, 2777, and the pivot is 2780, then DOWN HARD to at least SPX1800 =) The annoying little blue 5 is still there as of election night due to uncertainty Im expecting until next week but the potential is there either way at this point for big UP or ELSE =)
Still no trading for me, been busy with other things though it looks like a traders market…. Going into the election and next weeks FOMC meeting should be volatile, I could see that huge gap on the downside getting filled then a rally attempt into year end…. OR the bear is just getting started, either way one more UP and historic new highs or not I expect a train wreck regardless of the election outcome next year and potentially for a LONG time to come and of course “nobody” saw it coming…..
DOW, bounce or else….. NDX original super bear count =) Just watching in amusement and I don’t even try to trade a setup like this aside from my core holdings in GOLD, short term FED bonds, GDX and the GUN stocks…. Not interested in stocks until after the election GL and Im trying to figure this out, I have a LOT more charts and I’ll try to get a weekend post up SOON.