Tony should be returning sometime next week!
Thanks everyone for your well wishes!
Have a great Monday or Memorial Day!
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Have marked up Tony’s SPX chart with a possible projection for next week.
The hourly MACD displays a sequence of five IHS patterns, which is a Fibonacci number. This suggests a complete set of time-symmetric patterns to end the Int iv correction.
To make a symmetric pattern for the final IHS, there should be two more dips in the hourly MACD; but these ought not to exceed the depth of the head. Am uncertain whether these shallow dips in momentum will provide enough downdraft to hit the 2600(ish) level and complete an Int iv triangle?
It’s quite possible the downtrend will be weaker, but it should end by next Friday to produce a time-symmetric pattern.
If it is weaker, that would support a more bullish count, as it would presumably produce a second wave of some degree.
My analysis would seem to rule out a move back to 2532 or lower, as the MACD patterns don’t appear to support that.
A strong uptrend next week also seems unlikely; but assuming my analysis is correct, will be looking to go full bull at the next downtrend low.
Phil, great call on oil yesterday. I know the target is 64.80, but I took the money and ran at 65.55.
Have a great weekend.
thanks mm
did you pick that number
because it was the -618 target of the ext short on my chart?
if so ….. you get the money and a A+ on the test
kudos !
This is going nowhere. ABABABABABABABABAB. Whoever is switching between put/call every 30-50 point swing is probably making a killing.
Cr CBZ
+5
Looks like trump in hot water for tweeting about nfp
“Pardon Me???” LOL
Trump is the new “FED PUT”
From Jesse’s Cafe,a gold chart and the various events that influence it-sometimes.There seems to be a “due factor”,on post NFP and the upcoming Fed meeting,to be positive,after two lackluster reactions to both events.But we’ll see.
Still a gap at 2736.54
Tempting to short but I think 2731 has held one too many times. 200 dma held and now above 20 dma. 100 dma also turning up. Stochs turned positive.Anticipating a very strong few Weeks from now 💪🏽. Phill extensions of extensions of extensions will kick in to the long side.
Time for the bulls to take control while everyone is expecting a drop.
Have a good weekend all.
Will sell SPX on Sunday night if it stays under 2740.. it’s a set up, might work might not. But anything can happen newsflow wise over the weekend and if it closes this close it could gap over like FTSE did with 7800 the other week hence the waiting to go in
You’ve been on fire this year. Day traders paradise ?
Yeah pretty much.. Nice volatility. Hard to know exactly what is different this year vs last year, and whether it’s going to be up or down from here by Xmas. Must be the fed withdrawing liquidity having a major impact
bulls…. dont hang around for the last 75 cents
see ya next week !
2738 target hit es
still hanging around bulls ?
What a low volume ramp up.
Bulls should get out and wait for a good pullback before jumping back in.
I got out a little early @ ES /2730, but I expect this heading higher. ES /2742 is the next resistance.
Looks like a relentless short squeeze and gap up and go games on “everything is A OK and awesomely good everywhere and look at the pretty blue skys and puffy white clouds!!!” until “Turn around Tuesday”….
Phil, I had 2736.25 and it hit… looking for 2742 but I think it will tag 2730/29.5 level first.
Man that picture is so awesome
I agree it will guarantee some great prices on SH (1X short SPX ETF), Dollar shorts, gold and on ST fed bonds =)
if bears have any MOJO now at 2734 is the time to step up. otherwise could get run over and a close over 2742 probably causes a big gap up Monday. See what happens
took a short at 2734 see what happens
Looking good for the bulls. More often than not Monday has a gap up opening thanks to the hard working overnight algos.
2733 gap filled looking for 2652 to 2632
Hulk smash bears… bears have baby arms. 🙂
It’s ping pong.I thought there’d be follow through,but we’re back to BTD,STR.With these indexes unembedded,like IWM,there’s still a likelyhood of downside ahead.Gold,post NFP sometimes has a rally–also after Fed meetings–even in downtrends.But not if it just sits and vegetates.GDX trying.Later all.
ES
bull above 2722
next target 2738
little standing in the way of 2742 target now
which was validated well before the open today
enjoy !
Agreed, and I don’t think this is the place to short yet Im not interested in a few percent higher so GL to all the bulls and Kudo’s though you aren’t out of quicksand just yet =)
floyd drummer…. just for you !
best to stick with traditionals in this slop
regarding your earlier question
Hi Phil, Does this slop market lean toward the next big move going down or up??? Or does it not indicate anything?? Thanks my friend.
hi doc
i just follow the short term moves
they will eventually add up to a big move if they keep going
hey… almost time for valve replacement ….yes?
will be praying for you
Not Phil but I have no more resistance on the Q’s until the ATH, Oil selling off will not help the energy stocks, dollar I think is going higher up to over $100 and bonds are about done rallying… So 2762-2780 maybe or 2666 is the next stop….
Hey Phil, they did it early, 15 May. It really went well, they were very happy. Side effect, got pneumonia in hospital, but it is all gone now.. Thank God, for antibiotics. LOL Thanks for all prayers.
great news !
UVXY and VXX are at their base, so perhaps up with both of them, and short the indices….
UVXY, VXX, SPXS. SQQQ, SDOW, TMF,
2731, 2723, 2714, 2656, 2632, 2594….and the VXX’s will move quite a bit higher…x
When??