Great setup here, it would amazing to catch UVXY near that bottom support ($33 or so) and profit on the upswing. But I am dreamer :), UVXY is a tough beast to handle, lots of patience needed.
I suspect a small dip from this level for SPX to 1930 or 1940. Then sometime next week there should be one more last pop for SPX to complete this high.
For UVXY I'd still like to see it a little lower, and will wait until next week. I'll be watching for that last pop in the market to make a move.
1945 might be the bottom for today...it took the market 2 months to get back to here, it will be defended fwiw... Demark just gave the March down move kudos also...
Yes, there's the dip. Now let's see the pop to the SPX target.
SCFebruary 26, 2016 at 6:47 AM
"I suspect a small dip from this level for SPX to 1930 or 1940. Then sometime next week there should be one more last pop for SPX to complete this high."
I think it will be difficult to pinpoint an exact high here. Yes an overshoot is possible, but considering the potential downside ahead, it's best to be conservative in my opinion, and use caution.
SC, target still SPX 1975? Is that the max you can see because now there is a big inverse head & shoulder that targets over 2000?
ReplyDeleteYes, still targeting 1975. I think it is possible to overshoot that slightly but best to be conservative.
DeleteSC , great call on UVXY , sold early , but like you said
ReplyDelete"best be conservative" :-)
thanks again for all your time and efforts ...
Great setup here, it would amazing to catch UVXY near that bottom support ($33 or so) and profit on the upswing. But I am dreamer :), UVXY is a tough beast to handle, lots of patience needed.
ReplyDeleteAmazing that everybody now turns bullish, time for a surprise turn again SC? when do you see we hit SPX 1840?
ReplyDeleteNot a lot of time or price left to complete this high, and yes 1840 SPX is the next target.
DeleteLooking to exit XIV. Today is the turn date, and SPX is nearing my 1975 target.
ReplyDeletewould u enter uvxy today or monday
ReplyDeleteI suspect a small dip from this level for SPX to 1930 or 1940. Then sometime next week there should be one more last pop for SPX to complete this high.
DeleteFor UVXY I'd still like to see it a little lower, and will wait until next week. I'll be watching for that last pop in the market to make a move.
SC, are you expecting oil to pull back to below USD$30 with the SPX going to 1840, thanks.
Delete1945 might be the bottom for today...it took the market 2 months to get back to here, it will be defended fwiw...
DeleteDemark just gave the March down move kudos also...
SC, SPX 2026 200DMA on this rally??
ReplyDeleteOil is still correlated with the market. Oil is currently forming a high in my view.
ReplyDeleteyes, looks like Gartman covers shorts and longs oil today https://pbs.twimg.com/media/CcKH5x3UcAAcKCD.jpg
DeleteSC, are you still holding XIV? At what price would you enter UVXY? Thanks!
ReplyDeleteYes, UVXY slowly declining to the lower support in the low $30's.
DeleteThere's your 1930-40 test today SC, lets see if SPX makes one last pop before the drop later this week.
ReplyDeleteYes, there's the dip. Now let's see the pop to the SPX target.
DeleteSCFebruary 26, 2016 at 6:47 AM
"I suspect a small dip from this level for SPX to 1930 or 1940. Then sometime next week there should be one more last pop for SPX to complete this high."
SC, UVXY almost at your target now, you think it would be ready today?
ReplyDeleteSPX also near my target of 1975. Of course it could overshoot somewhat to provide the optimal short entry.
DeleteLet's wait and see here. It's getting close...
Sold XIV at $20.40 from $17.95 entry.
ReplyDeleteAgain, great trade, patience pays!
DeleteSPX 1975 target has been reached!
ReplyDeleteDo you see us going down to 1860 next?
DeleteYes, update coming.
Deletegreat call SC,awesome...
ReplyDeleteWhen will you buy UVXY
Thanks again for all your hard work and analysis
UVXY near the lower support, and looks attractive.
DeleteGreat call SC!
ReplyDeleteBought UVXY at $33.30.
ReplyDeleteWhat's your target exit SC?thx
DeleteCheck out the new chart with targets.
DeleteSC, great catch
ReplyDeleteSeems like SPX overshoot your call of 1975 as you mentioned , seems it could go higher though.
Your thoughts...
I think it will be difficult to pinpoint an exact high here. Yes an overshoot is possible, but considering the potential downside ahead, it's best to be conservative in my opinion, and use caution.
DeleteNew Charts and updates posted!
ReplyDelete