Based on the last 6 trading days pattern, the market could close where it's opened today. It means that the market will be closing down a tad of negative.
I would like to know how many people are enjoying reading my posts. My posts are very informative and technical. If you are novice investors, this is a free education for you. Don't buy trading software out there. It will cost you thousand dollars for it.
I am tracking gold too. In the old days, when the market is down, gold usually goes up. Gold make a turnaround last week. I am waiting to see what will happen today or tomorrow.
When you look at SPY chart gap is between 105.4 and 107.4.
And for $SPX there is a gap at 905
The question is which way we go from here. I am thinking we will go 970/980 area first. Then we have to analyze sentiment when we get there. We will take one day at a time without prejudice.
That is correct. Take one day at a time. The market can change at any moment with news and other events popping out. I have been saying "Don't be too bias on one side of the market".
For early readers, I posted on the first week of my blog stating QQQQ will hit 39.07. Well, finally, it did get very close to it at 39.16.
The Bernanke's speech popped out from nowhere and it wasted trading about one week of it. Without the speech, the target 39.07 would have hit it sooner.
It had successfully closed the morning gap from yesterday. I believe we have seen the top for today SPY at 103.24 and QQQQ at 40.60.
ReplyDeletetrying to figure how to post.
ReplyDeleteCalled that one, gcl
ReplyDeleteBased on the last 6 trading days pattern, the market could close where it's opened today. It means that the market will be closing down a tad of negative.
ReplyDelete"Shoot two birds with one stone"
ReplyDeleteI was expecting one of the followings to happen.
1. Fill the yesterday morning gap
2. Breakdown for the market
Well, It did both. Today is daytrader paradise.
I see technicals decisively reversed with today's action. I will be watching Shanghai market closely for possible clues for up or down.
ReplyDeleteWatch for retest backup for QQQQ at 39.80ish where it broke down. Either it will retest today or tomorrow. Then go short at it.
ReplyDeleteI would like to know how many people are enjoying reading my posts. My posts are very informative and technical. If you are novice investors, this is a free education for you. Don't buy trading software out there. It will cost you thousand dollars for it.
ReplyDeleteyes....
ReplyDeletei enjoy the short and concise targets.
VIX break out 28.39. next target 33. S&P target 980
ReplyDeleteAnyone in gold. I see the divergence. Equities down, gold up.
ReplyDeleteI am tracking gold too. In the old days, when the market is down, gold usually goes up. Gold make a turnaround last week. I am waiting to see what will happen today or tomorrow.
ReplyDeletecreamer dissing gold as any sort of indicator these days.. he gives some good reasons.
ReplyDeletehttp://www.cnbc.com/id/15840232?video=1234092590&play=1
about 3:35 starts the problems with gold as any indicator
When you look at SPY chart gap is between 105.4 and 107.4.
ReplyDeleteAnd for $SPX there is a gap at 905
The question is which way we go from here. I am thinking we will go 970/980 area first. Then we have to analyze sentiment when we get there. We will take one day at a time without prejudice.
That is correct. Take one day at a time. The market can change at any moment with news and other events popping out. I have been saying "Don't be too bias on one side of the market".
ReplyDeleteFor early readers, I posted on the first week of my blog stating QQQQ will hit 39.07. Well, finally, it did get very close to it at 39.16.
The Bernanke's speech popped out from nowhere and it wasted trading about one week of it. Without the speech, the target 39.07 would have hit it sooner.
For tomorrow, watch for early pop or intraday trading for QQQQ to hit 39.80 for retracement.
ReplyDeleteHave a good day!
thanks Ive shorted the nasdaq this morning when the gap was filled.
ReplyDelete