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Tuesday, August 18, 2020

$SPX - At Resistance

SPX has reached resistance as expected.

Price has overthrown the blue approximately the same amount as the undercut in March.  It probably is not ready for a large decline yet, but it will have some difficulty here at least.

Daily


58 comments:

  1. For now SPX will probably trade around the blue line. It can see a little higher in September before dropping to the pink 2,975.

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  2. There see how SPX turned right there!

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  3. SC what is the time frame for 2,975 ?
    when abouts in september?

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    Replies
    1. It's early and we will have more indication on timing but plan for October

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  4. Big picture charts are coming as well for SPX, but for now...

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  5. Sc if sept we hit 3400. Uvxy won't come down to 10

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  6. Replies
    1. Quick profit. This morning would have been great entry.

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    2. Shot up like a rocket lol. Trading now halted!!

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    3. KODK was awesome there guys hahaha. I'm out but have another idea for next trade lol

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  7. sc

    whats up with CCl---the ceo was on bloomberg yesterday

    Should this go higher or lower???

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    Replies
    1. CCL is down this week but it looks fine. Might see a little under $14.

      Back to $16 in a week or so. Also $18 but that may take into September.

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    2. You know when you get your car stuck in the mud and rock back and forth. That's what CCL is doing.

      It'll run

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  8. sc

    got you --timing was a little off-

    Thank you

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  9. SC don't you think the fed is not going to let the spx go down?

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    Replies
    1. In March, the Fed only reacted after the decline was underway, and was unable to prevent a 36% drop in S&P.

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    2. True that they will be paying more attention now.

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  10. Here comes the treasury yield spike - could tank equities and PMs with it...

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  11. We got a close on gold below 1950, see if it holds, next support is 1750 as per my previous post. NUGT buy at 80 when gold is 1750 for another ride up. Thats what I'm thinking

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    Replies
    1. opex wed and jackson hole and party in charge convention definitely brings a beat down to play....but it will be great buy, rsi was needing a pullback...1810 will get new bulls nervous, push lower to your number would retest the breakout, it has to happen...

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  12. Replies
    1. are you elon musk? you seems like a rich guy man..keep shorting and still surviving. lol

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  13. Bears Capitulate As S&P Short Interest Hits Lowest On Record ! ZH

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  14. I traded KODK in and out again today with a good profit.

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    Replies
    1. Didn't mention because there are more interesting moves coming later on this stock

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  15. SC, what are your thoughts on spx and uvxy next week? Looks like we are set to retrace on spx and uvxy to pop.

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  16. sc,

    there are less companies going higher and more companies going lower on this run up!

    Normally this is a topping formation

    yet to be seen?

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  17. Replies
    1. Adding ES/NQ shorts with tight stops...they've blown a big bubble in AAPL stock...

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  18. I’m holding uvxy and sqqq over the weekend.

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  19. sc,

    full metal Jacket

    Fully loaded

    Waiting on a pull back on this Market

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  20. SPX is at resistance and trading in very tight range. It is finding resistance but that doesn't mean it is ready to roll over yet necessarily

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  21. It still looks the same to me. The bears not likely to see much action until "after school". September 8th.

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    Replies
    1. Agreed. But should see some weakness next week for a short trade.

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  22. Biden just announced he would shut the country down if scientists recommended... would that coincide with the big plunge vix 130 you speak of SC ?

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    Replies
    1. Covid will lead to one more selloff but there is another reason for the biggest declines

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  23. you guys forget convention of party in power along with jackson hole next week, Powell is speaking....

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  24. This week is up. The next two weeks down a little.

    We have the schools reopening in September.

    Most important timing the September 21st turn date which may coincide with the reopening of the borders.

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  25. Sc u expecting 21st as top? Also resistance 3400 btoken

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  26. CCL inverse H&S bullish pattern. Let's see the breakout!

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  27. Sc can u make it clear small pullback in Sept than higher spx. 3500 to 3600?

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    Replies
    1. Yes, up. September very positive for markets.

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  28. Heavy call buying detected in Carnival

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