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Good morning,
The market was essentially flat yesterday and the only place with strength was the NASDAQ. This divergence won’t last for long. It will either be resolved in an explosive 3-day rally to new highs or a big decline if the SP500 goes below 1000. It is not 100% clear what is going on in the market right now, but it could be that the market is being held up in order for those in the know to get maximum short the index tracker stocks like SPY and QQQ. If this is the case we will know within the next 24 hours. If the SP500 should go under a 1000 there may be support around 994. I just think that after the explosive rally on Monday we should either see continuation today or we will go down again.
If we do get a rally the signal will be to take out 1008.50 where the market hit a target point. The next goal is 1014 and then 1021.
The FTSE 100 is just trading sideways and the attached chart will show you that it needs to get above 4085 to have a chance of moving higher. While it is under this number it is a short in my book.
The DAX is trading below 3340 in the future index. This is bearish as well, and it needs to get above 3360 to have a crack at the recent highs.
The path for today is again providing me with two solutions. I will go with my preference. If the second scenario becomes more likely after the first 15 minutes of trading I will post it.
The market was essentially flat yesterday and the only place with strength was the NASDAQ. This divergence won’t last for long. It will either be resolved in an explosive 3-day rally to new highs or a big decline if the SP500 goes below 1000. It is not 100% clear what is going on in the market right now, but it could be that the market is being held up in order for those in the know to get maximum short the index tracker stocks like SPY and QQQ. If this is the case we will know within the next 24 hours. If the SP500 should go under a 1000 there may be support around 994. I just think that after the explosive rally on Monday we should either see continuation today or we will go down again.
If we do get a rally the signal will be to take out 1008.50 where the market hit a target point. The next goal is 1014 and then 1021.
The FTSE 100 is just trading sideways and the attached chart will show you that it needs to get above 4085 to have a chance of moving higher. While it is under this number it is a short in my book.
The DAX is trading below 3340 in the future index. This is bearish as well, and it needs to get above 3360 to have a crack at the recent highs.
The path for today is again providing me with two solutions. I will go with my preference. If the second scenario becomes more likely after the first 15 minutes of trading I will post it.
Attachments
welcome aboard snip 😀
All leave that to our expert Tom to explain 😀 ( he wrote a good paper on breakout trades 😉
All depends on the situation, if it breaks support, fails a retest of the previous support, ie the old support now becomes resistance (change of polarity principle )then I would look more favorably on going short.
Each trade is different, just try and put the odds in your favor
Cheers a320.
All leave that to our expert Tom to explain 😀 ( he wrote a good paper on breakout trades 😉
All depends on the situation, if it breaks support, fails a retest of the previous support, ie the old support now becomes resistance (change of polarity principle )then I would look more favorably on going short.
Each trade is different, just try and put the odds in your favor
Cheers a320.
Last edited:
stoploss please
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Snip
Just for your guide dog, these are the levels I have for r&S.
Dow
9796
9400
9134
9077
9043
8855
8575
8509
8404
8200
8000
7900
7800
7600
7555
7197
S&P
1054
1041
998
965
954
933
923
900
896
870
869
862
853
820
807
769
700
Nasdaq
1797
1741
1700
1600
1521
1489
1467
1449
1420
1403
1361
1359
1337
1315
1310
1291
1280
1262
1254
1222
1180
1166
1108
This is my opinion. You would need to check them out yourself and come to your own conclusions.
Cheers
Andy
Just for your guide dog, these are the levels I have for r&S.
Dow
9796
9400
9134
9077
9043
8855
8575
8509
8404
8200
8000
7900
7800
7600
7555
7197
S&P
1054
1041
998
965
954
933
923
900
896
870
869
862
853
820
807
769
700
Nasdaq
1797
1741
1700
1600
1521
1489
1467
1449
1420
1403
1361
1359
1337
1315
1310
1291
1280
1262
1254
1222
1180
1166
1108
This is my opinion. You would need to check them out yourself and come to your own conclusions.
Cheers
Andy
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