Thursday update

SHORT TERM: flat opening then another selloff, DOW -420

The Asian markets were mixed overnight and lost 0.4%. Europe opened lower and lost 1.3%. US index futures were relatively flat overnight. At 8:30 personal income/spending, the CPI and weekly jobless claims were reported improving. The market opened one point below yesterday’s SPX 2714 close, then slid down to 2699 by 10am. At 10am ISM was reported higher and FED chair Powell testified before the Senate. The market then rallied to SPX 2731 by 10:30. After that the market started to pullback. The pullback accelerated once the SPX broke 2700, hitting a low of 2660 by 2:30. A rally to SPX 2689 followed by 3:30, then the market closed at 2678.

For the day the SPX/DOW lost 1.50%, and the NDX/NAZ lost 1.40%. Bonds gained 17 ticks, Crude slid 25 cents, Gold slipped $3, and the USD was lower. Medium term support remains at the 2656 and 2632 pivots, with resistance at the 2731 and 2780 pivots. Tomorrow: consumer sentiment at 10am.

The market entered the day coming off another afternoon selloff. They seem to be quite common in recent weeks. After opening flat, taking out yesterday’s low, and then rallying 1% in 1/2 hour to the 2731 pivot, the market headed lower. February started with a selloff. March has started with a selloff too. We had been counting the advance from February’s SPX 2533 low as the early stages of an uptrend: 2754-2698-2789-xxxx. Today the pullback from Tuesday’s SPX 2789 high, yes another 100+ SPX drop in two days, broke through 2700 and hit 2660. Much lower than what was expected. This suggests two possible scenarios. 1. an irregular wave 2 is underway: 2698-2789-2660. 2. the entire advance from SPX 2533 is a big B wave: 2754-2698-2789. Since the market generated a WROC signal we’ll stay with scenario #1. Trade what you see. We have not been of too much help of late.

MEDIUM TERM: potential uptrend under pressure

LONG TERM: uptrend

CHARTS: https://stockcharts.com/public/1269446/tenpp

About tony caldaro

Investor
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301 Responses to Thursday update

  1. aahmichael says:

    Even ultra conservative Rupert Murdoch acknowledges how idiotic it would be if Trump imposes tariffs next week, but I think Trump can’t back out of it now like he did with immigration and gun control. That’s because tariffs were at the core of his campaign promises and he alone controls whether they are imposed or not. Immigration and gun control are in the hands of Congress, so that gave Trump someone else to blame. Our allies are already threatening retaliation by imposing immediate tariffs on Kentucky Bourbon (McConnell’s state,) Harley Davidson (Ryan’s state,) and Levi Strauss (Pelosi’s state.)
    https://www.wsj.com/articles/trumps-tariff-folly-1519950205?mod=e2tw

  2. cj32 says:

    Cr. to CBZ

  3. torehund says:

    https://www.armstrongeconomics.com/history/hyperinflation/hyperinflation-unfolds-only-when-public-confidence-collapses/

    ..next one out to beat the dust, wile the Venezuelans still starve sitting at the top of a cake (nobody to harvest but many are eager to eat). Thats socialism.

  4. micky says:

    The dilemma of EW, do we need another ST wave down for a 5?, if so it should not go past the 2703 ish area. I see 7 waves down from the 2780’s,therefore it could be a 3, ie an abc.So for me it may be a bigger A down with a B up now and then another C down to the even bigger C to finish the W4 . There is more options as this is quite an important W4. and could be more complex or even over.Next week should clear things up a bit more. Looking forward to Tony’s weekend update.
    Mean time I have vst 1st resistance in the 2699 area with 2nd R in the 2706 area as things are right now.

    • torehund says:

      ..couple if not 3 x 2s far left too 🙂 Thanks for the chart jobjas.

    • quickrick38 says:

      You nailed it again buddy! As always – great work. Next, if we go up in an impulsive 5 waves for a wave 3…especially if we exceed the prior all time high, then I think we are past the possibility of a big ‘C’ wave down. However, if we do not exceed the prior high and, in particular, if we get a lot of chop, then I’ll be looking for the possibility of a big ‘C’ wave down. That would make me very cautious. Note well, that a 5 wave move up from here would also mean that we have an ‘abc’ ‘B’ wave up (again IF we don’t exceed the prior high) making a big ‘C’ wave down a possibility at that point in time.

      Consequently, I will now be looking for a nice 5 waves up based on the current wave structure. If instead we get a lot of chop then a big ‘C’ down is a greater probability. Good luck all.

  5. Holly Silver says:

    IF trump goes thru with tariffs the market will fall 20 percent from here. not sure the exact sequence but the next 4 months will be decidedly down. This (ONE) policy will directly affect immediately the stock market. This i am sure of. Watch for the official announcement next week. If trump holds to his pledge and officially imposes the market is toast and a great short. I mean a gift directional bet. this is a rare “TELL”.

    Keep your eyes and ears glued to that announcement. Same hold true if he reverses his decision.

    • torehund says:

      These lower order 2s are tough regurgitated bads, big lift-off ahead. Dont miss the grunt of the P-III.

    • tommyboys says:

      Disagree emphatically Holly. Seen this over & over ad nausea the pat coupl years. “If Trump gets in market will tank”, “if tax cuts go through market will dive”, “if there’s a Russian investigation tge market will top” etc… Any tariffs on imported steel does not amount to SQUAT in the overall economy. Someone mentioned earlier the fear of the cost of Beer – REALLY?! It would amount to ONE CENT per can. So whether its passed on or eaten by Busch its immaterial. Ironic that this is EXACTLY what the Dems pushed for for YEARS but couldn’t get done when THEY were the “party of the people”, but now that it’s a Trump deal they put their fake media panic machine into full motion. Dems are now the “party of the illegals” in a desperate attempt to maintain some sort of SELF PRESERVATION while the GOP is finallly getting recognized for what its always been, the party of the people. Any steel tariffs will amount to ZIP on the economy and as a former Steel guy I will tell you they are MUCH needed. We were inundated with Turkish, Russian, Japanese, Me ican & Canadian steel. Ironically most still producers have mills in multiple countries including the US so they just shift production domestically. The REAL issue is where they import the COKE & ORE. If no tariffs on the raw materials then no issue fir costs ANYWAY. Much ADO about NOTHING!!

    • tommyboys says:

      Disagree emphatically Holly. Seen this over & over ad nausea the past couple years. “If Trump gets in market will tank”, “if tax cuts go through market will dive”, “if there’s a Russian investigation market will top” etc… Any tariffs on imported steel does not amount to SQUAT in the overall economy. Someone mentioned earlier the fear of the cost of Beer – REALLY?! It would amount to ONE CENT per can. So whether its passed on or eaten by Busch its immaterial. Maybe if we got rid of the 10 cent “deposit” on every can and bottle in Michigan they”d sell MORE ?? Ironic that this is EXACTLY what the Dems pushed for for YEARS but couldn’t get done when THEY were the “party of the people”. Now
      that it’s a Trump deal they put their fake media panic machine into full motion. Dems are now the “party of the illegals” in a desperate attempt to maintain some sort of SELF PRESERVATION while the GOP is finallly getting recognized for what its always been, the party of the people – LEGAL CITIZENS. Any steel tariffs will amount to ZIP on the economy and as a former Steel guy I will tell you they are MUCH needed. We were inundated with Turkish, Russian, Japanese, Mexican & Canadian steel. Ironically most still producers have mills in multiple countries including the US so they just shift production domestically. The REAL issue is where they import the COKE & ORE. If no tariffs on raw materials then no issue for costs ANYWAY. Much ADO about NOTHING!!

    • phil1247 says:

      ohhhhhhhhhhhhhhhhhhhhhhhh holly

      you were doing so well

      sorry,,,,,,,, no correlation

    • fotis2 says:

      You claim to be a pro trader and you watching the news for the next move????GL

  6. torehund says:

    A new bear marked spotted, shooting. Trump made it peak and its now retracing FAST. A trend only dies on its own exuberance as always, maybe Trump is smarter than anyone thinks. Or its just the timing.

  7. torehund says:

    Good weekend all. Market looking very strong, long white candle out of the X-wave on the Rut. Looking for a bright week ahead 🙂

  8. Bud Fox says:

    a bit more, to what I have written…the SP looks to be approaching
    and ending, or top. Need (1) more new high above, 2872…thus,
    once we reach above 2872 prior high. Then, the price pattern structure
    would be in place, for a big top…..and we should be heading higher
    in terms of price very soon….

  9. Markets will wait for Trump to actually sign the tariff order (he said,next week),before more selling.Will he change his mind?If not,then…
    (BBC NEWS)
    European Union officials have said they will respond “firmly” if US President Donald Trump presses ahead with his plan for steep global duties on metals.

    EU trade chiefs are considering slapping 25% tariffs on around $3.5bn (£2.5bn) of imports from the US, Reuters news agency reports.

    World Trade Organization Director General Roberto Azevedo said: “A trade war is in no one’s interests.”

    The rhetoric ramped up as Mr Trump tweeted that “trade wars are good”.

    International condemnation has greeted the US president’s Thursday announcement that he plans to impose a 25% tariff on steel imports and 10% on aluminium next week.

    What are EU officials saying?
    The European Union is reported to be considering retaliatory tariffs, targeting US steel, agriculture and other products.

    European Commission head Jean-Claude Juncker promised to react firmly.

  10. Kyle Munsey says:

    Don’t comment here very often, but here are 3 Fib-Draws I found interesting:
    2018-03-02_SPXj3-Fib-Walk (TFDr-type).png

    The Fib-Draw approach is a combination of what TheFibDoctor shows at
    https://stocktwits.com/TheFibDoctor (have followed him since 2012 or so)
    and the idea of focusing on Fib-Draws on Impulsive-moves and Take-Backs of those moves
    that FT71 uses (in addition to his main Volume-Profile approach) at
    https://twitter.com/FuturesTrader71/with_replies

  11. Bud Fox says:

    I continue to see an SP500 pattern that is carving out the look
    of a Bear market, beginning, by summer or sooner. But, no. Not short
    yet, but a negative pattern is forming in the SP, IMO….have a great spring.

  12. Thanks Tony – Have a great weekend all!
    Not EW – just the simple language of Highs and Lows.

  13. chrisk44342 says:

    lots of rumors about cohn resigning, which makes me think the opposite will happen and a gigantic short squeeze will happen

  14. Hourly in the buy zone. The daily still on a sell and back to ‘the line in the sand”.

    http://www.traderscrossover.com/store/index.php?p=intra

  15. Based on the numbers only, not EW the Dow is saying more of a W than a V “correction”. that the lows will be re-tested in the Dow. No offense to those much better informed than I

    • fionamargaret says:

      You know Robert we should be able to foresee this, but somehow it doesn’t work that way…have a nice weekend…

  16. micky says:

    hmm, dont call me a liar for a few points,considering . I can count 3 down to the low, so we will see. So far HD’s bigger count seems the most likely to me,except, it may be an A up instead of a 1, just to be safe,

  17. Sure looks like a Big Up on deck

    • phil1247 says:

      disagree while below 2703.5 es
      plus bitcoin analog still working
      big down next week

      • yep ……could get a big c down to either new lows or the touch of the bottom of a large triangle….

      • Kisshu2 says:

        phil the bitcoin analog looks like 1 day down with 2 up lower high than today then down?

      • With all due respect, you can’t “disagree” with a Big Up … it is defined by objective market activity. You may disagree as to whether it will trigger or not, whether it will confirm or not, whether it will reach its target or not (which at this point would be simply guessing based on your own bias(es) and not really anything someone can “agree” or disagree” with today), but saying you disagree with a Big Up signal is like saying “I disagree that the SPX 50 day moving average is approx. 2736.” It is a fact … the market did everything required to generate a BigUp set up today.

        • phil1247 says:

          fair enough
          i cannot act on it until my parameters are met
          so its of little use to me

          • I wouldn’t expect anyone to act on it on my say so, that’s for sure – I just wanted to be clear that a Big UP is a technical set up, and not an opinion about market direction.

            • phil1247 says:

              ok……… have a great weekend

              question ….
              are your two names both english
              or one english and one french ?

            • mcgcapital says:

              CN.. how do you manage risk trading it? From following your posts I can see there’s a set up day and a confirmation day.. so 9th Feb closed at 2620ish which set one up, had follow through on the 12th so buy.. can follow that fine. Then we rallied 170ish points from there and you were calling new highs.. then we started dropping and you still said looking for new highs everyday even though we dropped 140 points. At what point does it fail? Do you take profits whilst still thinking it might go higher? As for Monday.. think it’s at an inflection area so if we trade up on Monday then maybe we’re heading back up for a while (which I guess is where you’d get another big up trigger)

              • A BU or a BD is usually telegraphed the day before (though not always), so I usually know whether or not I am expecting a BU set up to form before the market opens. Intraday bottoming activity is usually pretty easy to spot – or, I should say, intraday long set ups are usually easy to spot.

                So when I am expecting a BU to set up on a particular day, I am buying a core position whenever I get an intraday long set up, which I will manage as a day trade for the time being, i.e. if I get long, and price makes a new low for the day, I am flat until the next long set up.

                Once I am long and the market rallies without making a new low for the day and closes in the upper half of that set up day’s range, I’m set with that position until target or that low of day is taken out. Otherwise, I simply add along the way as the market dictates, and I will trade in and out of those positions, adjusting position size. This does require two accounts, of course, to be effective.

                There are times that a BD set occurs while I am still long on a BU. Then I need to turn to my statistics and the long term trend to decide which set up to abide by. I am not always right. For example, I ended up closing my add on longs, but failed to take advantage of the BD short on 2/27. But I am typically looking for 50 to 100+ point profits and my initial stop loss is often just a few points, in some cases just a few ticks below my entry, my risk reward profile allows me to be wrong from time to time and still be happy.

                In short, risk is managed by anticipating a market low or high, taking a position intraday soon after the market comes off a new high or low, monitoring and adjusting the position as the market action unfolds.

              • Holly Silver says:

                This type of emotional stubbornness is what gets all in trouble. I move like a ping-pong if my expectations are violated. Some people stubbornly insist they can will power the market their way. We are in no mans land here. Anyone saying otherwise is just guessing.
                I don’t trust this current move. I am in camp of a re-test of lows or even lower still. I have been wrong before and never saw this last drop coming. In the end, pre-determine YOUR targets and only bet if they are met. Forcing bets is not wise.

              • Holly Silver – emotional stubbornness?

              • phil1247 says:

                Holly
                … once again .. very well said
                we are in no mans land

                2704 to 2641 es is a crapshoot as far as i am concerned

              • CN, you nailed it. Using a reliable/proven short-term process by which to front-run and manage/adjust risk for a larger medium-term context signal is where it’s at. Same thing to use a medium-term process to front-run and manage/adjust risk for long-term context signals. Nice work.

    • Billy says:

      phil 5 down completed at the low today. There’s little doubt about that in my mind. So Mr C has noted 2 scenarios. 1. An irregular (expanded) correction for wave 2 where I might add the C wave down would need to be 5 waves. 2. The 5 waves down we just had are soon to be followed by another 5 waves (and maybe a 3rd set) to perform the retest. I think its one or the other now. BTW I thought you weren’t big on correlations regarding bitcoin? In any event 2703.5 is not that far away. We’ll know in 72.

      • phil1247 says:

        no i dont like correlations
        .. but i am fascinated by this one
        waiting for it to fail
        but it keeps working
        cool

  18. tommyboys says:

    Now that Trump has removed a bunch of Obama regulations, the US steel and aluminum industries can handle the volume and create more jobs.The government created the reasons that companies needed to import materials. We can make everything here. Trump is also playing the Dems on guns. They’ll never fully agree with stuff he proposes so they’ll be against the very things they’ve been crying for. He continues to expose them for what they are.

  19. phil1247 says:

    alex .. gary .. swiss

    re BITCOIN analog

    you realize what the implication of a small up close in SPX today is …. yes ?

  20. Holly Silver says:

    If 2644 is taken out today I see a strong case for double bottom at 2530. It would fit with Rick Ackerman’s model but not sure if it violates the EW structure. Does anyone have a model that would fit this scenario? I say this because it doesn’t (feel) like we hit the bottom yet but perhaps at end of day we might have a clearer picture.

  21. https://www.zerohedge.com/sites/default/files/inline-images/2018-03-02.jpg?itok=EtHwUNN-
    “W” did a steel tariff of 30% in 2002.Here’s the chart of what happened next–a 30% S&P selloff.Even if it’s half of that,quite a fall.Later all.

  22. Billy says:

    Perfectly plausible and bullish count of the FTSE futures. The corrective nature of the W-X-Y explains why the majority of the uptrend off the February crash low looked corrective. Maybe because it probably was. https://imgur.com/LjlrLe1

    • mcgcapital says:

      That also shows a near perfect down channel.. needs to break 7150 area for bulls to come back into it. Got no clue on counts etc, just keeping it simple.. if we clear that then I’d agree it looks less likely we get back under 7000

      • mcgcapital says:

        Would also say.. look at most important correction bottoms.. August 2011, October 2011, October 2014, August 2015, September 2015, jan 2016, Feb 2016 and Feb 2018. From memory all of them saw very heavy selling on the final day of the down move followed by big bounce rallies which broke the downtrends on the shorter term charts. Today we just haven’t seen that.. that’s the main thing that would make me think maybe I’m wrong in thinking there’s more down to come. Today’s is more like a countertrend bounce to relieve oversold conditions on the hourly

    • Billy says:

      mcg none of us are made perfect. We have our own methodologies, sometimes they work well, sometimes not so well. I said the EW count on the chart is “plausible”. To be sure there are other counts. But really what is the most telling bit of data today is where the cash DAX put in its low for the day. I have spent many hours studying that chart. If I had to choose where the ideal spot was to put the big 4 on that chart I would put no further than a sixpence away from today’s low.

  23. If this is the test of Feb Lows, this is one heck of a market

  24. phil1247 says:

    es pushed stop up to 70

  25. gary61b says:

    ES daily.. I can not make up my mind, I will let the market decide “X” marks the spot.. 🙂
    https://gyazo.com/29ebc6efe1955ada1012779d6da57bcc

    • phil1247 says:

      target es 2694.5

      then its steve miller time

      • travis01 says:

        pretty dang close Doc! I traded this run today to 2695 so I love when we match up

        • phil1247 says:

          glad you did well today
          i made a small amount.. but i am glad to see i was right about the targets
          makes me more confident going forward

          i still like SPX down into the IDES OF MARCH

  26. Using the Bulkowski method of figuring bear flags,FTSE should find a bottom at 6600.Correlate that with US equities–2100 DOW points?We’ll see if FTSE follows through.Later.

  27. gary61b says:

    ES, I count 5 up now looking at the relief wave %

    • blackjak100 says:

      Very hard to think 2647 ended irregular minor 2 with DOW lagging badly. One more lower low needed IMO if this count is happening.

    • gary61b says:

      38.2 for the first leg, lets see how far it goes, below 2656 and I think BJ will get his lower low..

  28. blackjak100 says:

    I know nothing about DH and could give 2 cents about his day trading system. Let’s play pivot ping pong instead. Yesterday, I called for 2642-2644 to find a floor for the market. So what’s next now that the bounce is 38 pts? 2632 pivot should be max bounce if it’s a triangle followed by a hit of 2597 pivot to complete wave c of triangle. Irregular minor 2 complete with sustained trade above 2632 pivot. Simple game plan

    • blackjak100 says:

      I might add it’s possible to get a marginal lower low below 2647 to complete this leg as it’s very difficult to count 5 down from 2789 without it.

    • fionamargaret says:

      ..and to add to the drama, close at the low…weekend worrying….and splat…

  29. phil1247 says:

    this is why blue horseshoe likes bonds today

  30. travis01 says:

    goal of uvxy in 18s by midday hit…$vix under 20…GL

  31. mcgcapital says:

    Every time we bounce 20-30 points people come out with the ‘it’s bottomed, new highs now’ call. Seriously? Look at the chart, it’s trending down so these bounces are for selling into. If you want to go long do it when it’s oversold around key levels, not on the bounces (if you want to have a shot at making money)

    • Billy says:

      Well I dunno mcg. DAX LOD today was 11877. Prior 4 was 11868 and the 38.2% retrace was at 11866. Bit too much of a coincidence for me to ignore. DAX could have finished its big 4 today and now have begun the big 5. Already 1% off its low. FTSE and CAC both hit the 62% retrace on my charts today too. At best I think its time for bears to show some caution.

      • mcgcapital says:

        FTSE closed below 7100 which has been key support since the breakout in Jan 2017. I’m not big on Elliott wave, but if we’re talking about this being a wave 2, doesn’t that imply the first rally was impulsive… yet it looked corrective all the way. It’s just a bounce as I see it unless it breaks the down channels.. so probably above 7140-60 on FTSE and 2680s on spx. Unless that happens then back to the lows still looks the favourable play. And if I’m wrong.. plenty of time to wait for confirmation to switch long. Way more profitable to wait rather than keep buying into resistance

    • vivelaamo says:

      It’s the RUT that’s telling. It’s the leading the way. Last time it reversed the rally was quite strong in all major US indices.

  32. That’s what I was thinking about an hour ago. A close above 2689 would be a secondary long entry on the 2/9 Big Up.

  33. Wilbur Ross just stated on CNBC that China will not retaliate on tariffs as it would hurt their economy as well. Is this why equities are rallying?

    • fotis2 says:

      Noway DB setup kicks in and starts trading

    • phil1247 says:

      asa …. turn off the TV and just look at the chart

      • yes, I am following $VIX and /ES. Phil put up a chart on “SPY” from it’s 2/9 low to the recent high , SPY tested and defended a 50% pullback. That could be minor wave 2. Not trading that but it is in the back of my mind. You know of all people that daily trends are much more powerful that 15 minute trends.
        Your thought on SPY?

        • phil1247 says:

          i never look at SPY asa

          • phil re: SPY…

            1. You should…a 50% pullback is common for wave 2. If you follow my comments to abc123, I’ve been using his wave “B” as my wave 1. The pullback till this morning was all of minor wave 2.

            2.Tony C.. has a confirmed WROC which is similar to Zweig’s thrust…bullish.

            3. Intermediate V was way too short…days? Thus expect minor waves 3-5 to complete.

            4. I continue to believe that FOMC chairman made a rookie mistake and Wall Street is testing him. I expect that he and other FOMC presidents will clean that up over the weekend/next week.

            5. Wilbur Ross said no to China retaliation. Forget monetary considerations, think psychology of the market. Take 1 worry off the table.

            I believe Wall Street through a temper tantrum, the big boys shaked out the weak hands and fund managers bought back equities on the cheap. Loaded up for minor wave 3. 45 /ES points could be a nice start. My analysis is invalidated should /ES print a 61.8% LONG from today’s high low. Full disclosure this is my analysis independent of DH (out since 1:30 didn’t see market till this post or hi commentary).

    • tommyboys says:

      We only import about 3% of total imported steel from China anyway. Much more comes from Canada, Mexico and Europe.

    • aahmichael says:

  34. fotis2 says:

    BTD last calls on tap stops 2625 targets 2922 HWB non DH purely DB pattern based

  35. From David Larew …Big boys continue selling the market. Until $VIX break it’s 61.8% LONG (20.47) and /ES break it’s 61.8% SHORT (2673) /DH analysis/. There is a high probability, that the big boys will continue to sell into the rallies. Will follow up if posts and updated chart.

    https://gyazo.com/2bce85eeccc075f5c3087e3900c94918

  36. Ira’s take is,broke the 100d–heading to the lower bb–2595.Also on his morning call,he brings up the possibility of(after big meetings this weekend)the Chinese and US having an agreement on tariffs by Monday.He said he wouldn’t be short going into Monday.Later all.

  37. vivelaamo says:

    Looks like money rotating in to small caps from DOW stocks.

    Should see a bottom soon.

  38. The uptrend has been accumulating an enormous amount of pressure much needed for the start of a huge 3. Anyhow will be a 3 of a degree or an other, but larger than previously thought.

    • …. and more it get down, more impressive will be the next move. Possible needs a db bottom and a retest of the low where C will be almost equal to a potential A

      • tommyboys says:

        “Feeling” the same way. RS in small caps past few days is telling. As a former Steel industry player I can tell you the negative chatter on tariffs is all BS and fake news. Will assist several industries badly eroded through subsidies of competing countries. When competing against China for example you are really competing against a government – unleveled field for sure. Tariffs like the ones being proposed add maybe $30 to the cost of a car & $20k to the cost of a $300M jumbo jet – Whoopi!

        • aahmichael says:

          Protecting the few at the expense of the many is bad for the economy.

          • tommyboys says:

            Except it doesn’t equate to $500 – ignorance will bankrupt you. Ya know how much the entire flatrolled steel cost amounts to in a car? Under $1K!

            • tommyboys says:

              HE actually nullifies his own point. It is SUCH a drop in the bucket as far as the economy goes. He says 87 people – which is of course another Liberal LIE or ignorance. It’s in the hundreds of thousands – early millions – when factoring in brokers, service centers etc…. Well its more than that but it is STILL MEANINGLESS in the scheme of things. Can’t move the needle.

              • tommyboys says:

                Another example of helping the people. When you libs were the party of the people you WANTED THESE! Now??? Party of the illegals

              • boy are you and I on the same page Tommy……..preach it brother

              • aahmichael says:

                Once again, protecting the few at the expense of the many is bad for the economy. Trump’s steel and aluminum tariffs will benefit a part of the economy that employs fewer than 400,000 workers combined and penalizes those industries in the ‘old economy’ durable goods manufacturing space, which employs 7 million people.

  39. zvyezda says:

    Question: Are the variable outcomes for Sunday’s Italian elections priced into /6E & the DAX at all?

  40. alexh110 says:

    Cautiously long ES here, thanks to double RSI +D on the hourly chart.

    • tommyboys says:

      MEANINGLESS – look at the publisher. Tariffs have been talked about for decades. They’ve been put on and taken off numerous times. Steel stocks have been benefiting from this same chatter since last summer. Has anyone that bought Steel stocks the past 6 months guilty as well? Nuts.

    • alexh110 says:

      aahmichael, you seem to be an expert on corrections.
      Was wondering how often they take the form of an inverse head and shoulders?
      Seems to be a very common chart pattern far as I can see. One obvious example is the August 2017 correction.
      I’ve noted time-symmetries at every scale during the downtrend from the recent ATH, with a and b waves often equal in duration (especially when out of hours data is included).

  41. phil1247 says:

    BITCOIN analog is dead

    unless SPX closes UP today

    • alexh110 says:

      I think SPX may well close higher.
      The recent pattern has been 3 days down, 3 days up, 3 days down, now perhaps we’ll see another 3 days up into next Tuesday?

    • Hi Phil, BITCOIN analog is alive! Almost exactly the same pattern if you look at the 4h chart. But the pattern looks closer to Euro futures now if it’s wave iv. Monday down, then up then down to bottom? Nice weekend every one.

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