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Is that God speaking out of the top of that chart?
I was pointing to the 4.5% rally, but if you think I’m God like I’ll take it as a compliment 🙂
possible but not luckily. I believe its forming a right shoulder and will test 3900-4000 by next week. The SPX could not break above the 50 days moving avg and it settled down at 1950. So the SPX will test 1890-1900 also by next week.
I still think we’re in a dangerous position here. ON one side we have elections coming up which they love to ramp the market up for. On the other we have QE ending. Yesterday’s selling was real, and it probably wasn’t over.
You are assuming that the Fed is actually tapering. The markets haven’t been acting like it at all even though it’s now 10 months into the taper.
I agree with Gary that this Market is not about to roll over. Let’s use a little thing called ‘common sense’ for a moment… everything that’s been driving this bull market is still very much in place (Thank you FED) — now more so then ever. Don’t forget, Europe is teetering on the edge of a recession and China is kinda stuck in the mud. Do you honestly think the US is dumb enough to pull the plug on the whole shebang?! Nope. Not gonna happen!
In the short term, you’re looking at 1 of 2 things… A ‘Megaphone’ pattern could very well be forming but I believe an ‘Inverse Head & Shoulder’ is taking the lead on this one. Over the next few days we could see another push higher to the neckline and then an imminent pull-back (right shoulder formation). If that is indeed the case then you all better hop in and hang on tight cuz this baby is gonna keep on singing for a little while longer.
Happy trading suckers, Lol :o)
Is stockcharts.com down? These guys don’t have a phone number, and don’t respond to emails. I hope to see a competitor.
SC is working for me even as I type this. That said, their so-called “Customer Service” is risible. Here’s a sort-of competitor,
http://www.profitspi.com/
they have good charting and other tools. What they don’t have is coverage of the Canadian markets, so if that’s important to you, guess you’re stuck with blows-CheezWhiz StockCharts.
It stopped working for 1-2 hours and then worked again. I will take a look at profitspi. Thanks.
Let’s say, hypothetically, the market does sell off hard on Wednesday because the Fed doesn’t talk about more QE…..If so, then the PPT will still step in and prop the market up anyway…they’re not just going to just sit back and let 5 years worth of levitation go down the tubes, right?
Exactly. That’s been my stance for quite a while. The perma bears are still too early.
Just wondering. Will I be receiving the charts or any commentary as it is published or the next day. All I can see is yesterday’s post. I thought there would be more analysis as well. Am I missing something? What should I expect from the subscription. Thanks
Dave in Toronto
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