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#1 CLK

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Posted 10 January 2017 - 07:49 AM

I think it's a good chance we get a gap up and run back to old highs, DAX has already recovered and looking higher.

I really don't understand the extra selling last night, so that may have an effect later in the day. I think the Nasdaq

has topped here and that one gets sold sometime today. The SPX pattern on the hourly would target a double top

then down the rest of the week. The trendline was broken, so this would be the retest.



#2 alexnewbee

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Posted 10 January 2017 - 09:19 AM

+1
"we do G.d's work" Lloyd Blankfein

#3 thoughtpwr

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Posted 10 January 2017 - 10:44 AM

Not sure you get a real retest, as the action from all of last week looks like it made a nice diagonal triangle in the SPY. This would say we go straight down from here with the big move coming possibly tomorrow if we steadily go lower today. I would think two days of smallish down moves should complete the 1-2, 1-2 for three. We will see, there appears to be some serious retracing attempts in the previously weaker stocks today.  Keep an eye on AG and metals, they appear to me to be half way through their rally, but have a choppy strength here.



#4 tsharp

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Posted 10 January 2017 - 11:47 AM

OR... upward break of neckline, retest from above, and...

 

Link to SP00 240-min RH&S chart:  https://postimg.org/image/c9fxruc49/

 

SP00_RH_S_240_min_1_10_17.jpg



#5 thoughtpwr

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Posted 10 January 2017 - 12:27 PM

Clearly the retest is above where a 1-2,1-2 should end for SPX. 



#6 tsharp

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Posted 10 January 2017 - 01:27 PM

Here's one possibility...  twt.

 

Link to SP00 240-min RH&S chart:  https://postimg.org/image/kszbplkgp/

 

SP00_RH_S_240_min_1_10_17_2.jpg



#7 thoughtpwr

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Posted 10 January 2017 - 04:01 PM

Its possible that we just had 1-2 over the last three days in SPY and we have started a smaller 1-2, 1-2 down this PM.  



#8 CLK

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Posted 10 January 2017 - 07:36 PM

Had to go to work, missed my limit exit by about .20 on the rally, should have been more conservative since I 

couldn't watch it. I can't believe they sold it again. Who knows from here, probably a doji to run the clock.



#9 diogenes227

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Posted 10 January 2017 - 08:05 PM

Note the latest green circled low above a low on the upper right of this chart...I expect that will give you your high tomorrow.  If it doesn't it will be as Trader Vic Sperandeo used to say "if the market doesn't do what it is expected to do, it will do the opposite twice as much" and, if that is so, that doji will take a toll.

 

A cautionary note. The Naz Comp is up six days in a row so it is living on borrowed time, in the face of, at least, one down day.  Several big Naz stocks are either overbought (AAPL, GOOGL, FB, AMGN, CMCSA) or just clicking down today from overbought (AMZN, TSLA) so this run could be ready for a dip.

 

Good luck and good trading. 

 


"If you've heard this story before, don't stop me because I'd like to hear it again," Groucho Marx (on market history?).

“I've learned in options trading simple is best and the obvious is often the most elusive to recognize.”

 

"The god of trading rewards persistence, experience and discipline, and absolutely nothing else."


#10 CLK

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Posted 10 January 2017 - 08:05 PM

That was a big bearish reversal, I'm expecting more down, probably 25 points SPX.