22 replies to this topic

[K Wave]

SOX leading the way again after not even being able to break the 5 min 900 downside yesterday, while printing pic perfect inverse H&S right on top of the 5 min 900...

 

Methinks yesterday was likely the biggest pivot spot for the rest of the year, and bears lost...

 

I still one see last possibility of NQ ramp towards 4450, and then perhaps a rollover...but above that level, and the likelihood grows that NAZ Comp takes out the big double top and keeps on truckin' upside....

 

Bottom line, until bears can close things below SPX 2040 or QQQ 105, bulls now have benefit of doubt going forward....

But should those pivots now get broken, would be massive failure on bulls part...

 

RUT hourly actually has a beautiful look at things.....looks at this point that bears just plain ran outta gas and time....now we see if the bulls can go up and take out 1125 area and re-initiate bull advance more intermediate term....

 

 

 

 

 

 

 

[K Wave]

Trannies with a similar look...as long as they hold above 7600 now, bulls have the ball....

 

[SemiBizz]

 

 

RUT - MAXIMUM RESISTANCE AREA just over head now from 1108-1113.

 

HOURLY TREND LINE RESISTANCE just overhead...

[K Wave]

Tran 5 min look...above today's high, time frames will start to sync upside, and bulls start to take over....

 

bears only shot is to take out 7600 before that happens....

 

[SemiBizz]

 

From Today's SOX Forecast:

 

SOXX - INSIDE DAY ON LIGHTER VOLUME - DOJI.  Well looks pretty dangerous, we did of course have a huge advance on Wednesday, we gave it some of it back today.. almost 5 of it at the close of 644.74.  It's in a pretty good position here as long as 638 holds and if it is broken with volume and momentum it is a disaster drill that can result in another test of 626 as we forecasted, you may remember.  Now the low on 5/12 was 625.80.  That was on another barnstormer day to the downside.  So we have yesterday's high of 654 out there too.  I watched this trade today, it was mixed.  Seemed to be parties both accumulating names and dumping them out of that group.  Fundamentally we know Intel gonna lay off 12K bodies.... point to remember.  I have an open mind here for OPEX, that we could still see some further rally in these...  There's a shift taking place from real traders here like Icahn, to bagholders like Buffett.  You know they could see their patience tested, Icahn smart guy, he doesn't want to be an "investor"....  Anyway enough of that for today.  SOX has possibilities here, and it's in good position here at the close just under 645 resistance

 

 

Next week going to be a different story IMO...

Edited by SemiBizz, 20 May 2016 - 09:42 AM.

[SemiBizz]

 

DJT has to overcome the resistance at the last day of volume high 7753, take a look at smaller timeframe, we are in concentric wedge, no one has any advantage yet...

[Iblayz]

"Bottom line, until bears can close things below SPX 2040 or QQQ 105, bulls now have benefit of doubt going forward...."

Looked at this late yesterday. You would think that the world is falling apart (of course, it is, but that will only matter when it IS SELECTED to matter) yet here we are less than 5% below all time highs AND the SPX has NOT closed below 2040 for 38 consecutive trading days. There is no guarantee but one thing I have noticed......in the past......when this has happened....it is usually just a matter of time before the "line of defense" gets left in the rearview mirror. It is really hard to be bullish here but......maybe the market is giving us a rather repetitive signal....

Edited by Iblayz, 20 May 2016 - 10:24 AM.

[dougie]

To the top

[redfoliage2]

This is just another bounce that will get sold next week. Bottom line is we are in a down trend that won't end for another 3 - 4 weeks.

Edited by redfoliage2, 20 May 2016 - 02:03 PM.

[kinga200]

 

From Today's SOX Forecast:

 

SOXX - INSIDE DAY ON LIGHTER VOLUME - DOJI.  Well looks pretty dangerous, we did of course have a huge advance on Wednesday, we gave it some of it back today.. almost 5 of it at the close of 644.74.  It's in a pretty good position here as long as 638 holds and if it is broken with volume and momentum it is a disaster drill that can result in another test of 626 as we forecasted, you may remember.  Now the low on 5/12 was 625.80.  That was on another barnstormer day to the downside.  So we have yesterday's high of 654 out there too.  I watched this trade today, it was mixed.  Seemed to be parties both accumulating names and dumping them out of that group.  Fundamentally we know Intel gonna lay off 12K bodies.... point to remember.  I have an open mind here for OPEX, that we could still see some further rally in these...  There's a shift taking place from real traders here like Icahn, to bagholders like Buffett.  You know they could see their patience tested, Icahn smart guy, he doesn't want to be an "investor"....  Anyway enough of that for today.  SOX has possibilities here, and it's in good position here at the close just under 645 resistance

 

 

Next week going to be a different story IMO...

 

 

I fully agree.  Everything I am seeing is saying this is a bull trap and done.  Now that Options Expry is over we will really see what this market wants to do.