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#41 csw2002

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Posted 15 October 2015 - 02:44 AM

SPX close below 1995.31 today following my above referenced rejection at 2017 is a sign of weakness for the intermediate term. Another lower close tomorrow with the PVO above 0 would validate that.

I think you said you had gone short on Friday. Depending on your entry and stop, you should be fine.


Thanks for updating your views. I am sitting on a small profit at at the moment as of yesterday's close. Of course, if we open where the Globex is at now, that would turn into a small loss - which is not what I am worried about. I was concerned about whether we were seeing merely an overbought pullback or whether this would turn into more serious weakness. Now you have given what you would be looking for, I can check tomorrow before the close to decide whether to close the short and reverse long or stay short.

Again, many thanks.
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#42 TechMan

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Posted 15 October 2015 - 03:22 PM

Still unconfirmed, still undecided, and still going to cash at the end of the day/night.

#43 csw2002

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Posted 15 October 2015 - 03:32 PM

Thank you for the input, TM.

Edited by csw2002, 15 October 2015 - 03:34 PM.

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#44 csw2002

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Posted 15 October 2015 - 07:39 PM

I had to cover when the future popped on re-opening. It looks like a good cup and handle breakout to me. Today saw good range and average volume. Under Wyckoff's theory, we should see more upside as supply didn't come in and bulls were able to maintain control to close on a strong note. TM, do you need to see strong volume to get on the long bus (i.e., turning PVO positive) or you are still waiting for other information to confirm a trending market? Thanks
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#45 TechMan

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Posted 15 October 2015 - 08:18 PM

TM, do you need to see strong volume to get on the long bus (i.e., turning PVO positive) or you are still waiting for other information to confirm a trending market? Thanks


Yes. Still in day and night trading only mode.

It's always dangerous shorting the OpEx week, but it's equally dangerous taking OpEx week action too seriously. It's best to keep an open mind till this week's over.