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Wednesday, April 26, 2017

$SPX - Wall of Resistance Reached!

SPX has spiked up to test 2,400 as anticipated. 

However, the spike has been too much and too fast.  The gap is likely to fill next as shown on the chart.

The roller coaster to continue...

60min Chart
















Before:

April 10, 2017 analysis:

"SPX should be ready this week for another attempt to break channel resistance.  The next strong resistance is located at 2,400 which is likely to be tested this month."

60min Chart

















41 comments:

  1. SPX is peaking at the horizontal resistance.

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  2. The picture is not so simple for XIV. Frankly the XIV chart looks considerably stronger. I'm not seeing excessive complacency at this time.

    UVXY is likely to be significantly lower on the second spike for SPX in the chart shown in May...

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  3. i believe at end of day we will be trading 2405

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  4. Next low for SPX May 5th or May 8th. 2,355 SPX target. Possibly even as low as 2,340.

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  5. so the plan is to buy uvxy in the 13.50 area correct

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  6. SVXY intraday buy signal...whipsaw action...ECB tomorrow before the US market opens...

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    Replies
    1. SVXY intraday sell signal...definite whipsaw action...poised for a more dramatic move in short order...

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  7. i believe this is the time to buy uvxy for approx 60% gain by end of may

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  8. XIV has reached the white line, but it's rising resistance unlike SPX with much weaker horizontal resistance.

    That is why I'm having patience with UVXY entry.

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    Replies
    1. are your expectations to buy friday or monday

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    2. Turn date is coming due tomorrow April 28th.

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  9. SC.. When do you plan to buy UVXY??

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    Replies
    1. It's really quiet so I'm still waiting.

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  10. SC, u see SPX topped and start to drop?

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  11. do you have any other fractals for the SPX? could this thing come crashing down in the next 2 -3 months?

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    Replies
    1. Currently SPX is in a choppy period of whipsaws up and down. Yes, the overall picture is bearish, and the choppy period will resolve to the downside.

      Having said that, it's best to show the moves one step at a time.

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  12. its looking very 1987 crashy like

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  13. yes i did.. if it doesnt play out i ll have to revaulate...and if i cant figure it out... try and exit as soon as i can

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    Replies
    1. Ive been trading in and out
      I will probally buy in the 13.70
      We will see

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  14. sc at what point would you buy uvxy my indicators say 12.80

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  15. i exited early this morning but still looking for entry today or probably tomorrow ..maybe until fomc is over

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  16. if you grab the bottoms from feb 15 to march 21 all the way across its looking like 11

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  17. I'm expecting XIV to flatten off as the week progresses. So once I see that occur I'll be taking a position, and UVXY will be ready for a nice pop into the next turn date of May 19th.

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  18. The turn dates keep turning.
    28th?
    5th for a low?
    Now the 19thth

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  19. SC, what's your take on SPX, some are calling for breakout and new highs, but iwm seems to be leading the way down??

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    Replies
    1. SPX looks weak, basically flat. Flat and dip for the next 3 weeks.

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    2. with the vix being so low hit 9.90 wondering if uvxy could be bought here at this level

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    3. I like what I'm seeing for UVXY.

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    4. what do you think the low could be for uvxy because i buy big i dont mind buying here and averaging in your thoughts

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    5. Om feeling the same bought some at 13

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    6. i feel tyhe same thats why i bought at 13

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