Jump to content



Photo

The Week Ahead

SPX GDX

  • Please log in to reply
13 replies to this topic

#1 blustar

blustar

    blustar

  • Traders-Talk User
  • 5,647 posts

Posted 15 October 2017 - 11:19 AM

SPX: Monday is TD 15 from the 24 TD (5 week) low (August 25) and should be both a top and bottom.  Resistance is near 2560/61 and support near 2536/37.
 
The week ahead should be choppy going into OPEX Friday (Sun opposite Uranus on the new moon Oct 19).  There is a Bradley turn Monday and around Friday/Monday next.  Next week should be range bound and indecisive. A possible important top near 2567 may be due on the 26th (8 TD top/Sun conj. Jupiter).  A minor low is due Monday the 23rd.
 
GDX: GDX is in TD 9 off the recent low and is due a pull back Monday to around the 23.40/50 area, IMO.  Mercury conj Jupiter on the 18th is bullish for GDX with a target into the 24.40's.
 

The two best option trades this week, IMO (not a recommendation, just what I'm doing), will be shorting the SPX 2560/61 (SPY Oct 18 puts strike 255.00 target 253.20) Monday and buying GDX long (Oct 20 calls 23.50 strike target 24.40/.50) from late Monday into Wednesday.
 


Edited by blustar, 15 October 2017 - 11:20 AM.


#2 da_cheif

da_cheif

    Member

  • Traders-Talk User
  • 10,569 posts

Posted 15 October 2017 - 03:42 PM

hey hey waddya say for the biggest up day in history into opexpirate.gif



#3 blustar

blustar

    blustar

  • Traders-Talk User
  • 5,647 posts

Posted 16 October 2017 - 08:38 AM

The magic number for me would be SPX 2560/61 today in the first hour of trading.  IF that does not happen, then a slightly different scenario would be in play than previously thought (a high and low in the same day). The previous (x) wave ran 2 TD's (Oct 5-9) so IF today is wave (y), then (z) could run 2 TD's also, which points to a Wednesday low. 

 

 
Wave (x) ran from 2552 down to 2541.  Normally, wave (z's) are  c's: hard waves down.  An xyz scenario right here going down into Wed would imply higher prices directly ahead.  IF we do the previously thought of scenario (hi/lo) in same day, the resulting scenario would imply a choppy move move to new highs by the end of next week.

 

GDX could move a little higher on open today, but my thinking suggests a pull back today followed by a big move up on Wednesday.



#4 blustar

blustar

    blustar

  • Traders-Talk User
  • 5,647 posts

Posted 16 October 2017 - 08:39 AM

hey hey waddya say for the biggest up day in history into opexpirate.gif

Market is way over bought and diverging negatively for a big up day like you are seeing.  This doesn't mean we can't see new highs ahead.  I'm thinking we need a slight pause to refresh very soon.



#5 da_cheif

da_cheif

    Member

  • Traders-Talk User
  • 10,569 posts

Posted 16 October 2017 - 08:59 AM

 

hey hey waddya say for the biggest up day in history into opexpirate.gif

Market is way over bought and diverging negatively for a big up day like you are seeing.  This doesn't mean we can't see new highs ahead.  I'm thinking we need a slight pause to refresh very soon.

 

>we need a slight pause to refresh very soon.<     those long dont need nutttin but uppity up



#6 fib_1618

fib_1618

    Member

  • Traders-Talk User
  • 9,494 posts

Posted 16 October 2017 - 10:58 AM

 

hey hey waddya say for the biggest up day in history into opexpirate.gif

 

Market is way over bought and diverging negatively for a big up day like you are seeing. 

 

For what it's worth, the NYSE Open 10 TRIN is highly "oversold" right now.

 

Fib


Better to ignore me than abhor me.

“Wise men don't need advice. Fools won't take it” - Benjamin Franklin

 

"Beware of false knowledge; it is more dangerous than ignorance" - George Bernard Shaw

 

Demagogue: A leader who makes use of popular prejudices, false claims and promises in order to gain power.

Technical Watch Subscriptions



 


#7 da_cheif

da_cheif

    Member

  • Traders-Talk User
  • 10,569 posts

Posted 16 October 2017 - 11:03 AM

 

 

hey hey waddya say for the biggest up day in history into opexpirate.gif

 

Market is way over bought and diverging negatively for a big up day like you are seeing. 

 

For what it's worth, the NYSE Open 10 TRIN is highly "oversold" right now.

 

Fib

 

i didnt predict a huge upday...i just asked a question......of course if  we do have a huge up day i can take credit for calling it eh......SNORTnapoleon.giflighten.gif



#8 blustar

blustar

    blustar

  • Traders-Talk User
  • 5,647 posts

Posted 16 October 2017 - 11:34 AM

Negative Momentum divergence. 



#9 fib_1618

fib_1618

    Member

  • Traders-Talk User
  • 9,494 posts

Posted 16 October 2017 - 11:40 AM

Negative Momentum divergence. 

 

There are ALWAYS divergences in momentum...the trick is knowing which ones are the important ones that can cause a change in direction...not all do.

 

Fib


Better to ignore me than abhor me.

“Wise men don't need advice. Fools won't take it” - Benjamin Franklin

 

"Beware of false knowledge; it is more dangerous than ignorance" - George Bernard Shaw

 

Demagogue: A leader who makes use of popular prejudices, false claims and promises in order to gain power.

Technical Watch Subscriptions



 


#10 blustar

blustar

    blustar

  • Traders-Talk User
  • 5,647 posts

Posted 17 October 2017 - 08:54 AM

The big play right now looks to be GDX long: NUGT and GDX calls for leverage.  GDX could hit 24.69 +/- by early Thursday.

 

The SPX continues its topping action, which may continue into Wednesday.  A minor low is on our radar for Oct 23. Resistance is near 2560.







Also tagged with one or more of these keywords: SPX GDX