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#1 redfoliage2

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Posted 12 February 2019 - 11:36 AM

Bulls must get SPX above 2743, the 200 dma line this week in order to keep this bullish move running toward 2800 - 2900 area ..................



#2 redfoliage2

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Posted 12 February 2019 - 01:43 PM

I believe that bulls just made it................



#3 redfoliage2

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Posted 12 February 2019 - 01:59 PM

It looks a breakout with strong breadth ............



#4 redfoliage2

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Posted 12 February 2019 - 02:55 PM

But we have to be aware that this market is news-driven.  At this point it can turn down sharply if bad news from the trade talks comes in...........



#5 robo

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Posted 12 February 2019 - 04:06 PM

But we have to be aware that this market is news-driven.  At this point it can turn down sharply if bad news from the trade talks comes in...........

We are getting deeper into this cycle so I will wait to see how this plays out....  The last few times it moved above the 200 dma there was trouble in the days ahead...  We shall see how this plays out next week....  The SOS continues and so does this daily cycle....

 

https://stockcharts....24c&a=644642044

 

Don't forget about this....

 

More

"For next week bulls have the opportunity to ramp markets a new for OPEX week as these weeks tend to be more favorable than not. The goal would have to be to take another run at the 200MA and above."

 

 

More

"For next week bulls have the opportunity to ramp markets anew for OPEX week as these weeks tend to be more favorable than not. The goal would have to be to take another run at the 200MA and above."

 


#6 LMF

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Posted 12 February 2019 - 05:14 PM

As long as the daily MACD level stays above zero, there's not much downside risk here.  Things can go sideways and consolidate any time, but that's probably about it.  And as soon as the Dec 3 highs get taken out, it's over for the bears for sure.  It won't be even close to a full scale retest of the December lows.



#7 robo

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Posted 12 February 2019 - 06:11 PM

Thanks.....  "there's not much downside risk here"   Is that for ST, MT and LT trading, and does it include LT investors?


Edited by robo, 12 February 2019 - 06:14 PM.


#8 LMF

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Posted 12 February 2019 - 07:25 PM

I'm a day trader......but this is about completing a bullish cup formation where the Dec 3 high is exceeded.  And then there should be a pullback possibly as far down as the 40 day MA.....something like that.  The right shoulder part of the bottom formation.



#9 LMF

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Posted 12 February 2019 - 07:48 PM

Lows as good as late December are rare.....I use DJIA daily RSI(14) around 20-21 or lower.  The list going back to 1980 shown below:

 

Sep 1981

Feb 1984

Oct 1987

Aug 1990

Apr 1994

Aug 1998

Sep 2001

Jul 2002

Jul 2008

Oct 2008

Aug 2011

Aug 2015

Dec 2018



#10 robo

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Posted 12 February 2019 - 08:15 PM

Lows as good as late December are rare.....I use DJIA daily RSI(14) around 20-21 or lower.  The list going back to 1980 shown below:

 

Sep 1981

Feb 1984

Oct 1987

Aug 1990

Apr 1994

Aug 1998

Sep 2001

Jul 2002

Jul 2008

Oct 2008

Aug 2011

Aug 2015

Dec 2018

Thanks.

 

I use some of the same type of data, and cycles too.....  On my daily tracking chart below.  For know the trend remains up, but has some risk in my opinion.

 

https://stockcharts....58c&a=644642044

 

Magic

magic.jpg?resize=179%2C112&ssl=1

 

This week markets reached the key resistance confluence zone I’ve been outlining and rejected from there. Still $SPX managed to close the week positively by 1 handle making it the 7th consecutive week of uninterrupted gains. Whether this rejection is meaningful remains unproven at this stage. From my perch price discovery remains engaged in a battle for control between 2600 and 2730-2760 on $SPX.  This aggressive rally has achieved what it was technically meant to: Reconnect with moving averages and achieve balance.

But for now it remains a rally below the 200 daily moving average:

https://northmantrad.../02/10/magic-3/


Edited by robo, 12 February 2019 - 08:23 PM.