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Bullish Market Internals indicate more upside


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#1 dTraderB

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Posted 18 June 2018 - 07:05 PM

Well, we had two bullish daily candles, my interpretation, although some may ask how can red candles be bullish? It's the strong bounce off the SPX 2760/65 support zone and a strong finish each day, even if down on the day. With the S&P Futures down this evening, the stage is set for another down opening and strong close. 

However, if there is no bounce then the market may sink under the accumulated weight of selling during the past few sessions. 

 

This Marketwatch article suggest there is more strength ahead based on market internals It could be there will be a strong Summer rally that starts immediately after this choppy phase. 

 

Improving market breadth could indicate stock strength ahead 

https://www.marketwa...head-2018-06-18

 



#2 dTraderB

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Posted 18 June 2018 - 07:11 PM

And, just to keep us honest, here is the other side, the day of reckoning is coming!!!

Of course.
 

The bull market in stocks seems as if it will never end — but don’t kid yourself

It’s only being extended. One day there will be a reckoning
https://www.marketwa...self-2018-06-18
 



#3 diogenes227

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Posted 18 June 2018 - 08:36 PM

And, just to keep us honest, here is the other side, the day of reckoning is coming!!!

Of course.
 

The bull market in stocks seems as if it will never end — but don’t kid yourself

It’s only being extended. One day there will be a reckoning
https://www.marketwa...self-2018-06-18
 

 

As that guy in the link prattled on about cheap stocks in 2009, citing GE as an example, he made me think of this.  Note the price at the bottom in lowest left of the chart.

 

 

GE! He cites GE!

 

The guy was the head of ETF trading at Lehman, which might explain some things...bowrie.gif

 


"If you've heard this story before, don't stop me because I'd like to hear it again," Groucho Marx (on market history?).

“I've learned in options trading simple is best and the obvious is often the most elusive to recognize.”

 

"The god of trading rewards persistence, experience and discipline, and absolutely nothing else."


#4 trioderob

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Posted 19 June 2018 - 02:03 AM

I think we crash



#5 dTraderB

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Posted 19 June 2018 - 08:01 AM

Must see a daily close below the key 2760/65 support zone or else the rally resumes. 



#6 dTraderB

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Posted 19 June 2018 - 08:03 AM

GE was as low as 9? 

Why didn't I buy? 



#7 dTraderB

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Posted 19 June 2018 - 08:04 AM

More warnings...
 

A dangerous dot-com era phenomenon is back and it's going to inflict pain, market watcher Jim Paulsen warns

 

https://www.cnbc.com...lsen-warns.html



#8 tsharp

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Posted 19 June 2018 - 08:04 AM

From this morning's insta update... I suspect wave-ii will complete today, or by latest tomorrow... time will tell.

 

SP00_240_6.19.18.jpg

 

Link to chart:  https://postimg.cc/image/3wjy72w89/



#9 dTraderB

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Posted 19 June 2018 - 08:18 AM

..”Fundamentals might be good for the first third or first 50 or 60 percent of a move, but the last third of a great bull market is typically a blow-off, whereas the mania runs wild and prices go parabolic… There is no training, classroom or otherwise, that can prepare for trading the last third of a move, whether it’s the end of a bull market or the end of a bear market.”…

Paul Tudor Jones


..”Look at market fluctuations as your friend rather than your enemy; profit from folly rather than participate in it”..

Warren Buffett



#10 dTraderB

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Posted 19 June 2018 - 10:00 AM

S&P Futures 2759 seems to be an important resistance level, at least intraday