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The slipping and sliding continues


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#1 diogenes227

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Posted 08 May 2019 - 10:02 PM

From the link:

 

 

All sell signals remain in place – as usual this is a market can can go down as long as it wants and turn up any time. That sharp drop in the calls and the rise in the puts in the last twenty minutes of the day on the 10-minute charts below may hint there is more downside to come right away tomorrow but news, like a trade deal with China, can intervene.

 

This is a dangerous time for short-term traders. On the longer term, every bear market begins (or resumes) on a single down day and that day was six days ago to start this current slide.

 

CALLS AND PUTS ON A NOT GOOD SIDEWAYS DAY


"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."


#2 tsharp

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Posted 09 May 2019 - 07:05 AM

My pre-opening comments for today:

 

SP00s - the SP00s start the day substantially lower, and during the globex session fell to the price level I've been citing for a week now - 2858...

Like last May (2018) this fractal structure is looking like an ending diagonal triangle, and if so, it would be a c-wave, and perhaps as soon as today, prices will spring upward out of the smaller bullish flag pattern...

Note also the continued compression of the momentum indicator line here on this 60-min SP00s chart... it continues to remain within the range of TLs... and while it can break lower, it seems most likely it will launch higher...

My SAR swing system remains short from 2912... watching. 

 

 

SP00-60-5-9-19.jpg



#3 tsharp

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Posted 09 May 2019 - 09:55 AM

It appears that downward was the play... obviously, this current leg down could also be counted as a part of wave-iv:c... watching.

 

SP00-60-5-9-19-1.jpg


Edited by tsharp, 09 May 2019 - 09:56 AM.


#4 hhh

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Posted 09 May 2019 - 10:39 AM

This seems to be indicating that we're close to a bottom:

 

https://stockcharts....id=p97362325086


Edited by hhh, 09 May 2019 - 10:40 AM.


#5 hhh

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Posted 09 May 2019 - 11:19 AM

I see a 3-3-5 upward correction this morning in the spoos. One more new low around 2818 should be it.


Edited by hhh, 09 May 2019 - 11:19 AM.


#6 tsharp

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Posted 09 May 2019 - 07:21 PM

I'm not sure what the news was to propel the SP00s higher in the globex session, but my momentum work reversed to upward today at the dip 30-min before the close, so perhaps, with the gap filled and an upward break on the momentum DTL, the next leg upward is underway... twt.

 

SP00-60-5-9-19-4.jpg


Edited by tsharp, 09 May 2019 - 07:22 PM.


#7 tsharp

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Posted 10 May 2019 - 08:50 PM

Seems to me that wave-b:(x):(iv) may be complete.  I also got a reversal on the momentum swing model.

 

 

SP00-240-5-10-19-signal-2.jpg

 

 

SPX-D-5-10-19.jpg



#8 hhh

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Posted 13 May 2019 - 11:03 AM

I see a 3-3-5 upward correction this morning in the spoos. One more new low around 2818 should be it.

Target hit, and blown through! I think it has some more to go down now.



#9 diogenes227

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Posted 13 May 2019 - 11:26 AM

 

I see a 3-3-5 upward correction this morning in the spoos. One more new low around 2818 should be it.

Target hit, and blown through! I think it has some more to go down now.

 

 

Haven't had the time or gumption to update the blog but suffice it to say when the NYSI is falling you always want to be in cash or playing the short side.  Today's 284 in-the-money put as it hit a 100% gain:

 


"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."


#10 hhh

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Posted 13 May 2019 - 11:26 AM

Some surprising breadth stats today: https://stockcharts..../dpgallery.html