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ST & IT DOWN: can BULLS save this rally?


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#11 dTraderB

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Posted 23 January 2019 - 11:01 AM

ST and IT the market direction depends on how the US-China trade talks will play out.  It's going to be mostly news-driven or even fake news driven ..........

YEAH, it's news-driven

 

Also note the SHUTDOWN votes in the SENATE

 

BUT earnings could send it spiraling down or soaring above SPX 2700



#12 dTraderB

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Posted 23 January 2019 - 11:04 AM

Waiting so see how this pause goes: up or down/

 

WARNING ON Q1 GDP

...and could also negatively impact Q2 GDP:

 

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White House Council of Economic Advisers Chair Kevin Hassett said that if the shutdown extends through March, there’s a chance economic growth this quarter could be zero



#13 redfoliage2

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Posted 23 January 2019 - 11:06 AM

 

ST and IT the market direction depends on how the US-China trade talks will play out.  It's going to be mostly news-driven or even fake news driven ..........

YEAH, it's news-driven

 

Also note the SHUTDOWN votes in the SENATE

 

BUT earnings could send it spiraling down or soaring above SPX 2700

 

The two shutdown votes are very likely to fail in the Senate tomorrow.  The market is not, should not be counting on it. 


Edited by redfoliage2, 23 January 2019 - 11:07 AM.


#14 dTraderB

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Posted 23 January 2019 - 11:52 AM

Now testing that SPX 2620 level

A break below this can quickly send it to below 2600

 

However, I expect much harder going for the bear below SPX 2620.... unless there is more bad news

 

Chinese appeared to be ramping up their game as they realize the market decline is not painless for Washington. Of course, they are working in tandem with N Korea.

 

China’s vice president offers a thinly veiled rebuke of Trump’s economic policies at Davos



#15 dTraderB

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Posted 23 January 2019 - 01:32 PM

Strong reversal from the low. 

 

SPX 2640 is the key resistance to turn this around for the bulls. 

 

 

 

 



#16 redfoliage2

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Posted 23 January 2019 - 02:36 PM

Positive divergences developed on the SPX hourly chart with the SPX 50 dma double tested successfully.  I see the market will go higher tomorrow to fill in the gap left from yesterday ................ 



#17 dTraderB

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Posted 23 January 2019 - 06:53 PM

I agree with your Technical Analysis..... 

...but there are so many negatives that can affect this news-driven market that I will 

prefer SPX to close above the recent highs before taking a bullish stance.