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#1 CLK

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Posted 22 January 2019 - 10:23 AM

Can this morph ? Yes, but right now it's not impulsive. The 4hr is entering oversold territory.

 

The whole move down was corrective once 2606 went, 200ma next after this post opex rest.


I will not vote for Trump again, too reckless and does not do much to help the people. Life long Republican here, but the rich are getting richer and the poor are getting poorer, needs to change.
 
 
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#2 gm_general

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Posted 22 January 2019 - 04:58 PM

I am looking at SPX MACD trend lines in the top image - a sort of gaping megaphone which replaces the parallel trend lines highlighted in the middle chart. The index had to go down a lot today to stay within the resistance line in the top image and it did that. To turn down at this resistance line it has to drop at least somewhat to keep it below the line.

 

Should it get down towards the support line of the top image, I would be looking to see it gets to the longer term support line in the bottom image, something it has not done since 1/20/2016.

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#3 CLK

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Posted 22 January 2019 - 05:08 PM

I am looking at SPX MACD trend lines in the top image - a sort of gaping megaphone which replaces the parallel trend lines highlighted in the middle chart. The index had to go down a lot today to stay within the resistance line in the top image and it did that. To turn down at this resistance line it has to drop at least somewhat to keep it below the line.

 

Should it get down towards the support line of the top image, I would be looking to see it gets to the longer term support line in the bottom image, something it has not done since 1/20/2016.

 

 

One down day at resistance and sounds like you are ruling out the megaphone break to the upside already.

 

Maybe this is it, but I doubt it, wave 4 down overlapped wave 1, so that puts this as a simple ABC correction off the top instead of an impulse down. 

 

Maybe this goes another day or two, maybe not, but expect 2800 over the next 2-3 weeks.


I will not vote for Trump again, too reckless and does not do much to help the people. Life long Republican here, but the rich are getting richer and the poor are getting poorer, needs to change.
 
 
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#4 CLK

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Posted 22 January 2019 - 05:22 PM

Breadth momentum was up today despite the carnage. Looks to be trending higher for awhile, not ready to top.

Lots of top picking the last two weeks, maybe they get right or maybe they lose. 

 

 

http://schrts.co/iwyJKsUj


Edited by CLK, 22 January 2019 - 05:24 PM.

I will not vote for Trump again, too reckless and does not do much to help the people. Life long Republican here, but the rich are getting richer and the poor are getting poorer, needs to change.
 
 
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#5 redfoliage2

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Posted 22 January 2019 - 07:06 PM

 

I am looking at SPX MACD trend lines in the top image - a sort of gaping megaphone which replaces the parallel trend lines highlighted in the middle chart. The index had to go down a lot today to stay within the resistance line in the top image and it did that. To turn down at this resistance line it has to drop at least somewhat to keep it below the line.

 

Should it get down towards the support line of the top image, I would be looking to see it gets to the longer term support line in the bottom image, something it has not done since 1/20/2016.

 

 

One down day at resistance and sounds like you are ruling out the megaphone break to the upside already.

 

Maybe this is it, but I doubt it, wave 4 down overlapped wave 1, so that puts this as a simple ABC correction off the top instead of an impulse down. 

 

Maybe this goes another day or two, maybe not, but expect 2800 over the next 2-3 weeks.

 

Short term I do see a high probability of testing SPX 200 dma around 2740. 



#6 gm_general

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Posted 22 January 2019 - 08:42 PM

 

I am looking at SPX MACD trend lines in the top image - a sort of gaping megaphone which replaces the parallel trend lines highlighted in the middle chart. The index had to go down a lot today to stay within the resistance line in the top image and it did that. To turn down at this resistance line it has to drop at least somewhat to keep it below the line.

 

Should it get down towards the support line of the top image, I would be looking to see it gets to the longer term support line in the bottom image, something it has not done since 1/20/2016.

 

One down day at resistance and sounds like you are ruling out the megaphone break to the upside already.

 

Maybe this is it, but I doubt it, wave 4 down overlapped wave 1, so that puts this as a simple ABC correction off the top instead of an impulse down. 

 

Maybe this goes another day or two, maybe not, but expect 2800 over the next 2-3 weeks.

 

 

I had mostly thought last Friday it would break over it since it had to drop so much to avoid it - have to watch and see what actually happens though. Often in the prior cases I saw it stretched intraday over the line and then by EOD it snapped back in place, which is what it did today. Its far from certain until it gains some downward momentum.



#7 CLK

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Posted 23 January 2019 - 12:57 PM

I didn't expect more than a gap fill. Just don't understand the new low this morning. Maybe jittery with Fed looming next week,

could be anything, but market is damaged, may hit new swing highs but could take the rest of the week now.


I will not vote for Trump again, too reckless and does not do much to help the people. Life long Republican here, but the rich are getting richer and the poor are getting poorer, needs to change.
 
 
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