Blue support is to be tested soon. A strong bounce into January is likely from the low that is forming.
Daily
Thursday, December 20, 2018
$SPX - Downside Target
Selling appears to be nearing exhaustion. The measured downside target has almost been reached. The December leg down is likely to be at least as long as the October leg down. Possibly a little deeper.
Blue support is to be tested soon. A strong bounce into January is likely from the low that is forming.
Daily
Blue support is to be tested soon. A strong bounce into January is likely from the low that is forming.
Daily
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SPX 2,465 is the measured target. Likely to at least see that level possibly a little lower.
ReplyDeleteThis move does classify as a capitulation. In a capitulation the decline becomes vertical, and once the low is reached on exhaustion the price rises just as fast. V bottom is likely on this move.
ReplyDeleteMeasured target from that pattern in the above chart is 2385. We MAY bounce there but no guarantees....It would be beneficial for a long position to see VIX spike
ReplyDeletemarkets going up into january 3 in my opinion
ReplyDeletesc do you plan on averaging your upro position
ReplyDeleteYes, UPRO is attractive for bounce into January.
DeleteWe have a breakout UVXY. Price is above the neckline and holding. Government shutdown fears. Persistent selling in the market. Perfect conditions for pop in UVXY.
ReplyDeleteMeasurement SPX 2,465 achieved!
ReplyDeleteSCDecember 20, 2018 at 5:57 AM
"SPX 2,465 is the measured target. Likely to at least see that level possibly a little lower."
long upro 33.50
ReplyDeletei just bought it for a trade
ReplyDeleteSelling may be done for today. Blue line touched. But we have not seen the climax. Need to see vertical selling associated with capitulation to end this move.
ReplyDeletevix has touch 29.. but you think new low for S&P500 under 2465?
DeleteI think lower yet. One more heavy sellout. Maybe tomorrow. To catch the bottom tick near impossible of course.
Deletesold upro 34.30
ReplyDeleteI bought upro back 3365
ReplyDeleteSold UVXY $77.25.
ReplyDeleteBought UPRO $34.10.
ReplyDeleteCapitulation in SPX is either over or nearly so. Upside looks quite attractive into January from this level...
ReplyDeletewow we are getting agressive today
ReplyDeleteim short this piece of crap uvxy
ReplyDeleteand long upro bigtime!!!!!
Bull stampede is coming...
ReplyDeleteSc.. any charts on bit coin short term or long term?
ReplyDeleteThank you
Yes, I have developed a bottoming model for bitcoin. It popped but I expect settle back to retest the low 3200 next.
DeleteBitcoin chart is coming.
DeleteSc: is all in line with your thought for now? strong rally on S&p500 next week?
ReplyDeleteStrong rally is coming. I am satisfied SPX is forming a low.
DeleteSteady rise next and then spike up to finish.
The selling has exhausted.
DeleteChina trade deal next event. SPX will spike into that deal.
ReplyDeleteBoth Trump and China are talking tough but have no choice. Watch how fast they move their feet to consummate a deal now!!
ReplyDeleteafter that spike we could have a drop to 2350
ReplyDeleteVIX double top, everything will calm down now for a while. Prices will jump around today. It's just witching, don't be alarmed.
ReplyDeletei bought more at bottom shorted more uvxy at 80
ReplyDeleteVery credible evidence that this is a (iii) of [iii]........
ReplyDeleteHOLD ON TO YOUR HATS!!!!
SC you still think we go up to test the 2600 mark?
ReplyDeleteYes, I do.
DeleteSC do you still see a bounce coming?
ReplyDeleteT
There it is! Capitulation!
ReplyDeleteWas that vertical enough for you guys?! 100 points intraday drop on big volume!
SCDecember 20, 2018 at 9:24 AM
"Selling may be done for today. Blue line touched. But we have not seen the climax. Need to see vertical selling associated with capitulation to end this move."
UVXY $1 from the target. VIX doing nothing, big volume, vertical selling confirms a bottom is forming.
ReplyDeleteBottom fishing is very dangerous in the early stages of a bear market, people are waking up and desperate to get out. 2300 is much more likely than 2500 in the near term imo.
ReplyDeletefull mooon yesterdat call low imminent, a tragic low. The difficult is find the rignt entry point. May be 2300 too . But rebound need a catalyst to start. next days are important to find a low for "january effect". Not more than this. 150 - 200 point from the low in 2 weeks.
ReplyDeleteConsequences, after you blow the biggest stock market bubble in history. Bounce very close but this won't end until QE 4 and NIRP is fully recognised as the next step.
ReplyDeleteThen watch Au and Ag....$1930 Au and $49 Ag will be but distant memories.
New chart posted!
ReplyDelete