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BULLS 3rd and LONG at their 30-yard line, can they hold on?


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#1 dTraderB

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Posted 30 April 2018 - 08:10 PM

SPX Outside day covering previous two days, closing near the low, rejected at the 50ma, closing below the 20ma, as the bulls surrendered their strong position very easily, no conviction, lackluster buying action, which looks quite bearish. Next support is the 200ma at 2612 and then the strong support zone at 2580.

However, bears also capitulated just as easily at the 200ma and 2580 levels so it's not a certainty that it will be an easy ride down.

We could be sloshing around the 2580 to 2680 zone for another few weeks until there is  decisive break out - up or down. 

 

Captspx_apr_d_30.jpg



#2 CLK

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Posted 30 April 2018 - 08:42 PM

My system went back on a sell at the close, I will be looking for a retest to go short. As oversold as the hourly is,

it may take all of tomorrow to reset it, 2660-65 is probably a good spot.



#3 dTraderB

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Posted 01 May 2018 - 09:07 AM

SPX 2650 is the line in the sand.... bulls must close above that today or on an hourly bar or else market will revisit 2612, and possibly 2580



#4 K Wave

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Posted 01 May 2018 - 09:13 AM

Am happy just to scalp away until AAPL reports tonight...decent chance we finally get swing direction afterwards....

 

IF AAPL doesn't gap way up, then LOB.....

 

FAANG only has 3 of 5 above the 200 day right now, and that daily stick on AMZN from earnings day looks toppy...as does NFLX on 3rd drive after its earnings on 4-16.

 

But a big up day tomorrow could change things....


The strength of Government lies in the people's ignorance, and the Government knows this, and will therefore always oppose true enlightenment. - Leo Tolstoy

 

 


#5 CLK

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Posted 01 May 2018 - 10:03 AM

No bounce looks about as bearish as it can get, 2440 target. Went short but hedged for tomorrow in case I'm wrong,

no choice this time as I missed the entry yesterday at the close.



#6 Dex

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Posted 01 May 2018 - 10:23 AM

Man!  Take a look at the S&P chart from the top .  It is ugly.   The only technical analysis I can give is that the trend is down.

 

 

 

https://www.tradingv...chart/89HtvrPS/


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#7 K Wave

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Posted 01 May 2018 - 10:32 AM

Watching SOX here to see if this pop over 1250 can hold.

IF not, then decline may start to accelerate.

 

If it does hold, then usually does not pay to be overly short on day when SOX is bucking the trend....


The strength of Government lies in the people's ignorance, and the Government knows this, and will therefore always oppose true enlightenment. - Leo Tolstoy

 

 


#8 K Wave

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Posted 01 May 2018 - 11:25 AM

back kiss 1 min 900 held on SOX thus far...now we see about taking out 1250....


The strength of Government lies in the people's ignorance, and the Government knows this, and will therefore always oppose true enlightenment. - Leo Tolstoy

 

 


#9 K Wave

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Posted 01 May 2018 - 11:50 AM

Back below the 3 min 72 on Sox...could be the start of it here...


The strength of Government lies in the people's ignorance, and the Government knows this, and will therefore always oppose true enlightenment. - Leo Tolstoy

 

 


#10 K Wave

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Posted 01 May 2018 - 11:58 AM

SOX Bulls not giving up 1250 without a fight,,,next few minutes may tell the tale for rest of today...


Edited by K Wave, 01 May 2018 - 11:58 AM.

The strength of Government lies in the people's ignorance, and the Government knows this, and will therefore always oppose true enlightenment. - Leo Tolstoy