7 replies to this topic

[NAV]

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.

 

[NAV]

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.

[NAV]

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. 

[trioderob]

wow-

 

chief any comments  ????

[NAV]

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.

[NAV]

Stopped out.

[da_cheif]

wow-

 

chief any commtents  ????

yes i do... watch the sky

[OEXCHAOS]

 

wow-

 

chief any commtents  ????

yes i do... watch the sky

 

 

Whoa! Who saw THAT coming?!?!?

 

M