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Bulls claw back but: SPX Joins Dow with a New ST PMO SELL Signal


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#1 dTraderB

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Posted 03 May 2018 - 08:56 PM

That was quite a strong rally off a significant support zone but there remains much unfinished work before bulls can

regain the momentum to take SPX above the 20ma, above 2650, and turn this market bullish. 

Resistance at 2650 and the 50ma lie ahead on the path to 2680 and beyond. Maybe the Jobs Report (NFP) tomorrow 

will provide fuel for the bulls but this market has a long & uphill task to instill confidence in the buy-the-dippers who are 

meeting extremely motivated sellers at lower and lower tops.  

DECISION POINT has a new ST PMO SELL for the SOX: 

DP Bulletin: SPX Joins Dow with a New ST PMO SELL Signal
Erin Swenlin |  May 03, 2018 at 06:03 PM

 

Today the SPX joined the Dow with a new PMO SELL signal. If the correction continues much longer, the OEX and NDX will follow suit. Today's action left the SPX with a long tail that tested the purple rising bottoms trendline. This test was successful, but the breakdown and trading below the blue ST rising bottoms trendline is concerning. We're seeing the 200-EMA penetrated yet again. If the SPX is to avoid a bear market, it needs to rebound here or at the very least at the February low. It avoided a break below support at the February low back at the end of March. It's time for the market to rally but this new PMO SELL signal suggests it isn't ready just yet. Again, support at Feb low is critical.

See here for charts and graphics:

http://stockcharts.c...ell-signal.html



#2 K Wave

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Posted 04 May 2018 - 08:07 AM

Jury still out...

 

Massive battle for control being waged 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

 

 


#3 K Wave

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Posted 04 May 2018 - 08:09 AM

NQ with multiple time frames compressing here...decent swing move should be imminent...


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

 

 


#4 dTraderB

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Posted 04 May 2018 - 08:22 AM

Markets not liking news of US-CHINA trade negotiations

 

We may retest 200ma and yesteray's low


Edited by dTraderB, 04 May 2018 - 08:22 AM.


#5 K Wave

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Posted 04 May 2018 - 08:49 AM

Battle likely very close to being done now....you do not not want to be wrong side when this is resolved...


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

 

 


#6 Harapa

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Posted 04 May 2018 - 08:51 AM

Short VXX @ 42.15...3% S/L

 

Declaimer: For entertainment only.


Edited by Harapa, 04 May 2018 - 08:52 AM.

My comments are for entertainment/educational purpose only. All posted trades are fake (aka. paper) trades.


#7 K Wave

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Posted 04 May 2018 - 08:59 AM

30yr futs with an ugly looking spike back kiss of 30 min 900, followed by big red one....

Fun could be about to get under way.......


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 redfoliage2

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Posted 04 May 2018 - 09:01 AM

Shorting VXX at the opening pop should work well today.................



#9 dTraderB

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Posted 04 May 2018 - 09:31 AM

That would have been a very profitable trade

However, the ES & NQ rallies are very strong... this looks like the IT trend is now bullish if daily SPX closes above 2656

 

Those two daily candles - yesterday and today - so far, are very bullish!



#10 Harapa

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Posted 04 May 2018 - 09:39 AM

SPY Bulls need volume push...else...


My comments are for entertainment/educational purpose only. All posted trades are fake (aka. paper) trades.