The rally was rejected at the lower orange fibonacci fan after trading in that area for a few days. Several white trendlines have been containing price action.
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.
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?
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.
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!
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!
The white trendline held on the open, let's see if mkts can bounce today.
ReplyDeleteHI SC, Thanks a lot for the update. Are you holding any positions at the moment?
ReplyDeleteAlso gaberocks are you still on a long position for today
Thanks
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.
ReplyDeleteHi SC I am also looking for a corrective pop up on SPX to maybe 1160 then back down again.
ReplyDeleteAlso 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.
ReplyDeleteGold is nearing. I am watching it closely. Next week is shaping up to be important for all markets.
Hi SC
ReplyDeletecan 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!
ReplyDeleteMy cycle work looks negative for next week, but not even close to as bad as it was around Aug 9-10.
ReplyDeleteI'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.
ReplyDeleteThe 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?
ReplyDelete1145 is resistance, break that and could see another pop. Slow at the moment though.
ReplyDeleteHi SC
ReplyDeletewhat 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.
ReplyDeleteMainly 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.
ReplyDeleteWe already saw a bounce this morning though.
SC do you still see a bounce into the close?
ReplyDeleteProbably more likely, but running out of time now also.
ReplyDeleteBecause 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!
ReplyDeleteHi gaberocks11
ReplyDeleteare you expecting the entire next week to be down for S&P?
Thanks!
Thanks Gabe, choppy is right!
ReplyDeleteAnybody holding shorts over the weekend?
ReplyDeleteAs 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!
ReplyDeleteCan't type worth a chit.......sorry, will clean this up from now on!
ReplyDeleteHi SC
ReplyDeleteCant 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.
ReplyDeletewow. monday doesnt look great if no improvement news coming.
take it easy all for the weekend, see you all next week.
Hi SC,
ReplyDeleteCan you please update us on silver?
Thanks
Are we heading for 50?
You read my mind Stockboom. I have been working on the metals charts, coming shortly.
ReplyDeleteI've been standing aside waiting for the metal bubbles to mature. They are ripening nicely!