17 replies to this topic

[NAV]

It's been 7 days of compression on the SPX. This is longer than a typical consolidation that lasts for 2-5 days. Lot of energy built-up there ! The resolution is going to be a vertical move (up or down). 

 

I am still looking for a long setup. If we break SPX 2540, i will change my mind. I must say i have managed quite well in this 7 days sideways chop. 2 losses, one for -2.5 and one for -2 points. 

 

[redfoliage2]

Technically more likely to turn down. It's just waiting for the time to be reached or a trigger. Meanwhile, bounces will be sold and dips will be bought. However, I don't think this will last for long..........

Edited by redfoliage2, 17 October 2017 - 09:20 AM.

[CLK]

Well there is no reason why you won't have to wait another two weeks to find out, unusual up moves can take a very long time

to consolidate.

[12SPX]

Technically more likely to turn down. It's just waiting for the time to be reached or a trigger. Meanwhile, bounces will be sold and dips will be bought. However, I don't think this will last for long..........

I would think down to.  This market is ridiculous, I love flat markets of course for selling premium but it also reveals the poor state of market conditions on volume alone.   

[q4wer]

 

Technically more likely to turn down. It's just waiting for the time to be reached or a trigger. Meanwhile, bounces will be sold and dips will be bought. However, I don't think this will last for long..........

I would think down to.  This market is ridiculous, I love flat markets of course for selling premium but it also reveals the poor state of market conditions on volume alone.   

 

Do you use any sub service to boost your win edge? As far as I know, selling premium one can lose a lot on a single trade if it is sharply against the market. How many days out you short, do you use weekly or monthly or even a few days out.  thanks !

[tradesurfer]

hmmmm the DJIA 23000 party

 

https://twitter.com/...Dow23K?src=hash

[da_cheif]

Well there is no reason why you won't have to wait another two weeks to find out, unusual up moves can take a very long time

to consolidate.

>unusual up moves<?   

[opinionated]

IMO if you sell call in this market one is playing with fire.... Yesterday afternoon and  today should have been a decent down day by all cycles,  But it was not.  This leads me to believe the next major more out of this spring will be to the upside.  It is hard to believe but during this last week or so of sideways all the ST indicators have reset to bottom territory and some have signaled oversold!

 

IF we happen to get 10-13 spx points down I would very much say buy long.  BUT that is a big IF...

 

IMO of course

 

Best

[CLK]

One other internals setup I watch(has nothing to do with NYMO,NYAD or NYSI) remains bearish for the last couple days. They tried to break out of it once and failed already. Oscillators don't work in straight up markets, so I really don't use them now. I like the bollinger bands though, look for breakaway and retouch the top band for tops, mainly on the hourly though.

Edited by CLK, 17 October 2017 - 06:45 PM.

[NAV]

This market is so slow that even the "King of volatile forecasts" (Blustar) is making forecasts for only 1% moves. That too in October ! 

Edited by NAV, 17 October 2017 - 11:27 PM.