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Moment of truth for SPX: 2830 - can it hold?


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#1 dTraderB

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Posted 22 May 2019 - 08:50 PM

Weakness continues in Globex session. 

 

Will the lower end of the range hold @ SPX 2830?



#2 dTraderB

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Posted 22 May 2019 - 08:52 PM

zerohedge @zerohedge
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Ironically, all that needs to happen for the trade war to end is for the S&P to drop back to 2,300... but market won't let that happen as it is convinced Fed or Trump put will kick in first.

5:52 PM - 22 May 2019


#3 dTraderB

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Posted 22 May 2019 - 08:56 PM

SPX back below 50ma

 

OddStats @OddStats
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$SPX has just spent 4 straight days closing below the 50d moving average after spending at least 1 day closing above it for the first time since: Dec 10, 2018

Two weeks later, the index was down -11.0%.

This is meaningless, small sample crap.

4:10 PM - 22 May 2019


#4 dTraderB

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Posted 23 May 2019 - 05:10 AM

Tried to, then dropped a few more points, but this SPX 2820/30 zone is strong support

 

But, who cares about SPX when the real action is in NQ, Crude, and GBP

 

...and TESLA .... that may now be a downward spiral to $10 per share



#5 dTraderB

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Posted 23 May 2019 - 05:51 AM

Sven HenrichVerified account @NorthmanTrader
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$DAX at critical life support. Must hold. Break lower would break bear flag channel and previous H&S neckline. $DAX failed to recapture the 2015 highs. All in all not a happy chart.

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2:46 AM - 23 May 2019


#6 dTraderB

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Posted 23 May 2019 - 06:17 AM

Holger Zschaepitz @Schuldensuehner
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Retailpocalypse is Schumpeter‘s creative destruction in one chart. Stocks of department stores in free fall again. (Chart via BBG)

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12:41 AM - 23 May 2019


#7 dTraderB

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Posted 23 May 2019 - 06:18 AM

Holger Zschaepitz @Schuldensuehner
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Trade war sparks fears of #China weaponising US Treasuries. Recent $20bn sale of US debt could not be explained by typical ebb and flow of Beijing’s holdings. If China starts dumping its Treasuries, it would cause huge financial instability. https://www.ft.com/content/28277e4a-7c08-11e9-81d2-f785092ab560 

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11:58 PM - 22 May 2019


#8 dTraderB

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Posted 23 May 2019 - 06:21 AM

It's now a Trade War but not full-blown, only skirmishes, so far. I expect significant steps taken soon to ratchet it DOWN.... beware, bears, be on alert for 

sudden moves UP !

 

YUAN TALKS @YuanTalks
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#China’s Commerce Ministry:

#US needs to correct wrong actions if it wants to continue talks; talks should be based on mutual respect; US escalated trade frictions greatly, increased chances of global recession; Beijing will take measuresa to safeguard Chinese firms’ interests.

4:18 AM - 23 May 2019


#9 dTraderB

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Posted 23 May 2019 - 06:55 AM

I have not added to any shorts..... SPX has to close below 2830 to convince me it will trade with a 2700 handle during the next few days

Doug has been on a roll ... 

 

Douglas KassVerified account @DougKass
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Added to my large ($SPY) and ($QQQ) shorts just now at $286.33 and $181.77, respectively. I just made some small short covers in premarket trading and have moved from very large to large in SPY and QQQ at $283.30 and $178.93, respectively. @jimcramer @tomkeene @SquawkCNBC

4:46 AM - 23 May 2019


#10 dTraderB

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Posted 23 May 2019 - 06:58 AM

I don't base trades on momentary rate inversions but this does attract lots of attention:

 

Michael A. Gayed, CFA @leadlagreport
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Treasury yield curve has fallen significantly since Nov-18 and has inverted again. Historically it has been a leading indicator of a recession, the big question is when though. #TreasuryYield #FedFundsRate

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1:15 PM - 22 May 2019