Jump to content



Photo

SPX


  • Please log in to reply
7 replies to this topic

#1 NAV

NAV

    Member

  • Traders-Talk User
  • 15,547 posts

Posted 01 December 2017 - 10:48 AM

The 2.618 Fib extension target for the IT advance off the Nov lows comes around SPX 2659

The 2.618 Fib extension target for the LT off the 666 lows comes around SPX 3087

 

Something to keep in back of the mind as we trade this. I would not be surprised to see a big reaction from 2659. In the ST, we may go and test 2659 one more time after the tax deal is done. 

 

ST trend is still up and i am in cash looking to go long again.

 


"It's not the knowing that is difficult, but the doing"

 

“I have heard many men talk intelligently, even brilliantly, about something – only to see them proven powerless when it comes to acting on what they believe” - Bernard Baruch

 


#2 NAV

NAV

    Member

  • Traders-Talk User
  • 15,547 posts

Posted 01 December 2017 - 11:03 AM

3.618 extension is around SPX 2718. If we get the blowoff that the entire blogosphere and twitter is talking about, that would be it for the IT. But first things first. Let's get above 2659 to even consider that. 


Edited by NAV, 01 December 2017 - 11:03 AM.

"It's not the knowing that is difficult, but the doing"

 

“I have heard many men talk intelligently, even brilliantly, about something – only to see them proven powerless when it comes to acting on what they believe” - Bernard Baruch

 


#3 NAV

NAV

    Member

  • Traders-Talk User
  • 15,547 posts

Posted 01 December 2017 - 11:29 AM

You can blame the current decline on news. But it's not.

 

There's a mean reversion line that i watch. We are normally about 10 points away from that. Yesterday at the 2656 peak, it was 37 points away from that mean. I told Mark in one of my posts that i am getting nosebleeds.

 

It's that mean reversion in the ST term that we are seeing.

 

And given that we are seeing the reaction off the 2.618 (SPX 2659)  area, this could morph into an IT decline easily. 

 

My ST has turned into a sell and i am no longer looking to buy this market. 


"It's not the knowing that is difficult, but the doing"

 

“I have heard many men talk intelligently, even brilliantly, about something – only to see them proven powerless when it comes to acting on what they believe” - Bernard Baruch

 


#4 trioderob

trioderob

    Member

  • Traders-Talk User
  • 837 posts

Posted 01 December 2017 - 11:33 AM

wow-

 

chief any comments  ????



#5 NAV

NAV

    Member

  • Traders-Talk User
  • 15,547 posts

Posted 01 December 2017 - 02:49 PM

Shorted QQQ at 154.18 with a 154.58 stop for a swing trade using puts. 

 

I don't have any good setups on SPX today. Will look at it on Monday.


Edited by NAV, 01 December 2017 - 02:56 PM.

"It's not the knowing that is difficult, but the doing"

 

“I have heard many men talk intelligently, even brilliantly, about something – only to see them proven powerless when it comes to acting on what they believe” - Bernard Baruch

 


#6 NAV

NAV

    Member

  • Traders-Talk User
  • 15,547 posts

Posted 01 December 2017 - 03:41 PM

Stopped out.


"It's not the knowing that is difficult, but the doing"

 

“I have heard many men talk intelligently, even brilliantly, about something – only to see them proven powerless when it comes to acting on what they believe” - Bernard Baruch

 


#7 da_cheif

da_cheif

    Member

  • Traders-Talk User
  • 8,193 posts

Posted 02 December 2017 - 05:18 PM

wow-

 

chief any commtents  ????

yes i do... watch the sky



#8 OEXCHAOS

OEXCHAOS

    Mark S. Young

  • Admin
  • 18,576 posts

Posted 03 December 2017 - 04:14 PM

 

wow-

 

chief any commtents  ????

yes i do... watch the sky

 

 

Whoa! Who saw THAT coming?!?!? :lol:

 

M


Mark S Young
Wall Street Sentiment
Get a free trial here:
http://wallstreetsen...t.com/trial.htm
You can now follow me on twitter