Sorry, no update this weekend. Not much to add anyway, as the markets remain volatile and the correction complex. Enjoy the long weekend!
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Still no bottoming pattern.. nearly every bottom sees a spike down followed by sharp rally of at least 2-3%, and the pullbacks tend not to overlap.. then the rally runs for at least a week or so.
So far we keep getting spikes down into the right areas e.g. 2580s on 23rd March and 2550s yesterday.. but the rallies off the lows don’t look like new uptrends. Suggests it goes lower still.. 2530s next obvious target, although suspect 2400s is where the downtrend low is
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possibly
but i dont want to be short unless below 2594.5
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Phil, do you make any allowance for such an unstable tape – the moves were not normal today in either direction
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2618 was the 61.8, hit it nicely
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Inside day and +D
https://invst.ly/72iw2
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1st gap at 2651
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$SPX….200 day broken (shake out) & reversed, classic reversal, also, the successful test of the prior low…looks good, so far. I’ll never forget that false sense I once had of a 3rd of a 3rd decline that did not happen. Also, Tom deMark combo buy on oversold condition. Holding is key today.
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now close it red
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spx 2620 target
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Today??
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hit already
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That was quick. Now 2675
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not for me
i bailed out at 2617
see ya tomorrow
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Interesting area. It’s the 61.8 of larger retracement, but also the .236 target of the rally
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a 14 point pop in a minute. Wow. Hold on last hour going to be interesting
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the battle of the 200 day. hope its a better game then the Michigan vs Villanova game
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Anyone know much about M Tops? If I wasn’t so bullish Id be worried.
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it’s W Bottoms, not M Tops as perma bear says, lol
the worst for int iv is 2530, while the upside for int v is 3000 ~ 3100.
downside risk is 70 points, upside is 400 ~ 500 points.
which way you wanna stay?
cheers!
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I never doubted which way I wanted to stay. But still technical signs to be cautious until trendline down is broken.
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The masses are bullish as we just keep drifting lower.
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I was going to comment that I haven’t seen the tape this jumpy in many years. It is either building a base or hanging by a thread at current levels.
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Nice name, “dad1″….
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A reminder to self that at this stage my #1 priority is being a dad.
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You could go with oil (UWT) going to 72/74…..
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What masses?
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