Finding the edge in analyzing unique market Cycles.
The white trendline held on the open, let's see if mkts can bounce today.
HI SC, Thanks a lot for the update. Are you holding any positions at the moment?Also gaberocks are you still on a long position for todayThanks
Long S&P probably just for a day trade. I might go flat for the weekend because my cycle work looks negative for early next week.
Hi SC I am also looking for a corrective pop up on SPX to maybe 1160 then back down again. Also gold does look like it may be nearing or has already topped around 1870. What are your thoughts on both SPX and gold?Thanks SC
Yes Muzz also thinking along those lines for SPX. Gold is nearing. I am watching it closely. Next week is shaping up to be important for all markets.
Hi SCcan you let us know your target for early next week, like to know how negative S&P is your forecast?Thanks!
I talked about the support 1120 ish yesterday.I bought earler morn against that area.......sold 10 min ago.......amm not shorting today ..will buy set ups if present from here!
My cycle work looks negative for next week, but not even close to as bad as it was around Aug 9-10. I'm not overly bearish. A higher low above 1100 may be most likely especially with a decent bounce today. We'll take it one day at a time though and review as it happens.
Next week should be very interesting in the markets.
The SPX is struggling to rally at the moment, would like to see 1160 but I don't know if it will get there. 1155 might have been it gents. SC or anyone have thoughts on this?
1145 is resistance, break that and could see another pop. Slow at the moment though.
Hi SCwhat happen if it doesn break that1145? I guess we see a fall? how far will it goes?Thanks!
1145 just a number to watch for today. Seems more likely to pop into the close.
Mainly it is the larger moves that I am more focused on. Because of the white trendline support above, I did feel a small bounce most likely for today. We already saw a bounce this morning though.
SC do you still see a bounce into the close?
Probably more likely, but running out of time now also.
Because of the closeness of the small turn dates inside the cycle into the 27th, as I mentioned I believed it would be choppy down! Looking for a choppy range into this bottom! Good trading!
Hi gaberocks11are you expecting the entire next week to be down for S&P?Thanks!
Thanks Gabe, choppy is right!
Anybody holding shorts over the weekend?
As sc has discussed many times....sometimes you know what the fighter is going to do but you need him to come to you..........this is one of those times! As I have stated I have a cycle date to be aware of and I had the 19 as a small cycle........when you get the 17th and 19 on top of each other inside my longer cycle one has to be ready to take profit because that type of turn can hapen inside the day as it did today...UP finishing tha turn and then doen into the continuation of the larger cycle...called chop! Hope this makes some kind of sense! BUT this is why I took profit and went to the gym! NOW we can look for the intra day, whichever way a trader does, to set up for the bottom while taking any day trades with this in mind! In taking long set ups into the date one must be aware of the cycle turn so tha twe do not take small profit on a larger time frame trade! Now I am looking for the 25th to the 27th for a turn! Good trading!
Can't type worth a chit.......sorry, will clean this up from now on!
Hi SCCant really see a bounce near the end, only 2 mins left. Still around 1124. aint seeing it heading toward 1145 in 2 mins. blood bath this week for spx unless you were shorting it.
that was it 1123.53 for the week.wow. monday doesnt look great if no improvement news coming. take it easy all for the weekend, see you all next week.
Hi SC,Can you please update us on silver?ThanksAre we heading for 50?
You read my mind Stockboom. I have been working on the metals charts, coming shortly. I've been standing aside waiting for the metal bubbles to mature. They are ripening nicely!