In the short term, the market is in the downtrend. In the intermediate term, the market is still intact in the uptrend.
Every small rallies, new shorts are opened. If you look at this week market range, it had been traded in tight range. If new shorts are opened, how come the market didn't go down further? When the market wouldn't go down further, the shorts will start to cover. This is the opposite of 2 weeks ago when the market was on top.
nice gap fill.
ReplyDeletei expected it to happen first before the push to 109.77
have fun next week!
wheativ
The market opened higher this morning and closed the morning gap. It is on its way going back up.
ReplyDeleteit's having a lot of difficulties.
ReplyDelete:(
bionive
i think a descending triangle is setting up.
ReplyDeletewe keep getting smashed down to 108.2x..
look out below unless the selling stops??
wanan
BAS, yes and no on difficulties of going back up.
ReplyDeleteIn the short term, the market is in the downtrend.
In the intermediate term, the market is still intact in the uptrend.
Every small rallies, new shorts are opened. If you look at this week market range, it had been traded in tight range. If new shorts are opened, how come the market didn't go down further? When the market wouldn't go down further, the shorts will start to cover. This is the opposite of 2 weeks ago when the market was on top.
I have target for SPY at 112.
Just shorted SPXU 39.80.
ReplyDeleteummmm... 108.50 an hour ago and we just slid to 107.50...
ReplyDeletei can't believe it..just so slow and controlled.
burtso
we are closer to 106 now from your call a very long time ago. ;)
ReplyDeletesmshug
Have a great weekend.
ReplyDelete