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Ms Russell goin down

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#1 merciless

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Posted 29 February 2020 - 05:11 PM

Whadda week, ugliest weekly and monthly candles on the Russell in ages. Caught a significant part of the deluge then went long at the 200 week MA Thursday morning. bounced to the penny watched a careers worth of profits evaporate in the afternoon. Must be the start of a bear market...lol. question for the members, which gap gets filled first on the Russel the gap at 1680 or the new years gap at 850 from a few years ago.....swoon.gif swoon.gif



#2 skott

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Posted 29 February 2020 - 06:40 PM

a careers worth of profits?  What do you mean bounced to the penny?



#3 Chilidawgz

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Posted 29 February 2020 - 07:29 PM

black%20swan.jpg


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#4 LMF

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Posted 29 February 2020 - 08:18 PM

Its a bullish cup formation on your chart......so this would be the right shoulder pullback. Russell style it looks like crap of course. Thats what the small stocks do. It went down to the lateral support level......

The IWM is full of all the crap stocks in the universe, and its impossible for it to trend in a decent manner. Compare against the NDX trending.

Edited by LMF, 29 February 2020 - 08:20 PM.


#5 merciless

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Posted 29 February 2020 - 08:25 PM

a careers worth of profits?  What do you mean bounced to the penny?

The Russell 2000 futures bounced Thursday morning off the 200 week moving average which was 1497 I think we actually hit 1495 close enough for govt work. I went long sub 1500 and watched the rocket to 1552 prior support, in a bull market the hourly MAs 10 and 20 would have held the pullback. With EOM markup I figured the lows were in, gave back all my gains on 50 contracts... easy math



#6 merciless

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Posted 29 February 2020 - 08:26 PM

 

a careers worth of profits?  What do you mean bounced to the penny?

The Russell 2000 futures bounced Thursday morning off the 200 week moving average which was 1497 I think we actually hit 1495 close enough for govt work. I went long sub 1500 and watched the rocket to 1552 prior support, in a bull market the hourly MAs 10 and 20 would have held the pullback. With EOM markup I figured the lows were in, gave back all my gains on 50 contracts... easy math

 

Was a beautiful weekly chart till we took out the lows in the after hours



#7 Chilidawgz

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Posted 29 February 2020 - 11:53 PM

Its a bullish cup formation on your chart......so this would be the right shoulder pullback. Russell style it looks like crap of course. Thats what the small stocks do. It went down to the lateral support level......

The IWM is full of all the crap stocks in the universe, and its impossible for it to trend in a decent manner. Compare against the NDX trending.

Here is the QQQ, I think we have a bounce soon as mkt is very oversold, then we resume the downtrend. The Corona virus is about the economic impact of world economy shutting down...the illness itself is secondary.

 

qqqdown.jpg


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#8 Chilidawgz

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Posted 01 March 2020 - 12:23 AM

Here are two charts suggesting we have already ended the bull run of the last 11 years. The QQQ is the strongest index vs the SPX.

 

 

bear.jpg

bear2.jpg


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#9 SemiBizz

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Posted 01 March 2020 - 11:24 AM

 

a careers worth of profits?  What do you mean bounced to the penny?

The Russell 2000 futures bounced Thursday morning off the 200 week moving average which was 1497 I think we actually hit 1495 close enough for govt work. I went long sub 1500 and watched the rocket to 1552 prior support, in a bull market the hourly MAs 10 and 20 would have held the pullback. With EOM markup I figured the lows were in, gave back all my gains on 50 contracts... easy math

 

 

So what you missed Dr. - RUT 1553.34  12/3/18 Crash high....

 

The 2/26 close under it was the key.

 

(From 2/27/20 RUT Forecast)

 

 

 

 

RUT CLOSES UNDER DECEMBER 2018 CHRISTMAS CRASH HIGH - and that sets up a very slippery slope to the downside as long as 1553.34 holds and today the RUT closed at 1552.76 or DOWN 19 points on the day... the takeaway here is that decline didn't end until 1266 on 12/24/18 and that was in just a few weeks time... do there's your downside potential... we sort of expect this to bounce here... but it didn't earn a bounce for sure... 

 

We're all over this in our intraday updates.


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#10 Russ

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Posted 01 March 2020 - 07:13 PM

This dow chart also shows momentum declining... 


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