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Interesting day, bearish engulfing candles on many indices


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#1 Chilidawgz

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Posted 04 December 2017 - 03:21 PM

Time for markets to correct?

 

Fun fact: The last time the S&P 500 futures gapped up > 0.5% and traded to a multi-year high before reversing to close negative on the day was January 3, 2000.

SentimenTrader


Edited by Chilidawgz, 04 December 2017 - 03:27 PM.

Anything can happen...what's happening now?
No one can forecast the future. No one.

"Again, this is all based on some trivial elementary school arithmetic."
(The individual in the quote was giving his opinion on TA...way too funny smile.png
That comment made me smile and spit out my coffee)
 
“To speak out against the madness may be to ruin those who have succumbed to it.
So the wise on Wall Street nearly always remain silent.
The foolish have the field to themselves, and none rebukes them.” (J.K. Galbraith).
 
 

#2 Iblayz

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Posted 04 December 2017 - 04:06 PM

Not long. Not short. But IMO, top is not in. 1st chance forward is this Friday, December 8th. Then we shall see. All in the spirit of what TT is all about!

 

In edit, all references unless otherwise noted refer to the SPX. Are the odds high that Friday will be it? No. Can it be? Yes. One step at a time.


Edited by Iblayz, 04 December 2017 - 04:13 PM.


#3 Chilidawgz

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Posted 04 December 2017 - 04:13 PM

Not long. Not short. But IMO, top is not in. 1st chance forward is this Friday, December 8th. Then we shall see. All in the spirit of what TT is all about!

 

I am 100% cash. But then, I do not futures/option trade like most on this forum. My trading is typically weeks. I will change position quickly if my setup deems it. Currently my take is we are very late in the market cycle. For me, it's very risky with all the bubbles worldwide. When the market finally turns, there will be tears.


Anything can happen...what's happening now?
No one can forecast the future. No one.

"Again, this is all based on some trivial elementary school arithmetic."
(The individual in the quote was giving his opinion on TA...way too funny smile.png
That comment made me smile and spit out my coffee)
 
“To speak out against the madness may be to ruin those who have succumbed to it.
So the wise on Wall Street nearly always remain silent.
The foolish have the field to themselves, and none rebukes them.” (J.K. Galbraith).
 
 

#4 Iblayz

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Posted 04 December 2017 - 04:23 PM

Currently my take is we are very late in the market cycle. For me, it's very risky with all the bubbles worldwide. When the market finally turns, there will be tears.

 

 

Oh don't think for one minute that I disagree with that at all. We are on the last train to stupidville. No, I take that back. The train is already there. But, the prices are real and arguing with them doesn't make money. My guess is that there are a lot of funds out there who NEED these prices to hold up through the end of the year......kinda like the end of 2015. So I would guess that there will be a lot of "dead body traders"......as in......this market is going down "over my dead body".



#5 da_cheif

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Posted 04 December 2017 - 07:14 PM

with all due respect

 

 

Currently my take is we are very late in the market cycle. For me, it's very risky with all the bubbles worldwide. When the market finally turns, there will be tears.

 

 

Oh don't think for one minute that I disagree with that at all. We are on the last train to stupidville. No, I take that back. The train is already there. But, the prices are real and arguing with them doesn't make money. My guess is that there are a lot of funds out there who NEED these prices to hold up through the end of the year......kinda like the end of 2015. So I would guess that there will be a lot of "dead body traders"......as in......this market is going down "over my dead body".

 

with all due respect.....what makes you so down on this market......??.....



#6 K Wave

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Posted 05 December 2017 - 09:28 AM

After the expected bounce off zero area, NAZ summation now looking VERY tired...

Sold into the "sell the news" event yesterday, and now looking for summation to plow through zero, and possible violent shakeout dead ahead.

Still think we don't get a real intermediate term top until next spring though.

 

VIX long plays could start to work over next few weeks though...

 

 

http://stockcharts.c...id=p44465978337