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it sure feels like it wants to go higher fwiw


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#41 CLK

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Posted 06 May 2020 - 10:40 AM

I think this is the most likely path now to the ATH's instead of the more sideways angle.

Shorts may end up right on some kind of retest, but as of now, this price channel is most valid to me.

 

 

https://invst.ly/qp9of



#42 K Wave

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Posted 06 May 2020 - 10:50 AM

Looks like Qs may have just run outta gas up here...


The strength of Government lies in the people's ignorance, and the Government knows this, and will therefore always oppose true enlightenment. - Leo Tolstoy

 

 


#43 K Wave

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Posted 06 May 2020 - 10:54 AM

SOX back to 1720...

 

If it fails to hold, could be trouble there...


The strength of Government lies in the people's ignorance, and the Government knows this, and will therefore always oppose true enlightenment. - Leo Tolstoy

 

 


#44 blackcloud

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Posted 06 May 2020 - 11:09 AM

This looks to me like one of those days the market is clawing to stay up, but you have these long tailed 15-minute candles, one

after another, just looks like in the end it will give up the ghost, imo.



#45 gannman

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Posted 06 May 2020 - 11:40 AM

i think if q's can take out 221 we will run much higher fwiw 


feeling mellow with the yellow metal


#46 gm_general

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Posted 06 May 2020 - 12:16 PM

One thing that had me concerned is SPX MACD trajectory. In the move up since 3/23, only 1 day saw MACD drop, and only by a small amount. Generally it held a fairly even slope, which is indicative IMO of the force of momentum built up in the record overstretched down move. That momentum I would expect would eventually dissipate. Lately MACD has been dropping over the past several days - you can see it in the chart below. Does it mean the index can't go higher? No, but its not as comfortable as the previous trajectory.



#47 K Wave

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Posted 06 May 2020 - 12:41 PM

As long as SOX holds above 1720 still safe to be long.

 

But if it cracks that level this PM, then things could come undone pretty quickly.


The strength of Government lies in the people's ignorance, and the Government knows this, and will therefore always oppose true enlightenment. - Leo Tolstoy

 

 


#48 linrom1

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Posted 06 May 2020 - 02:51 PM

Casinos look respectable compared to this market.



#49 K Wave

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Posted 06 May 2020 - 03:00 PM

DOW close under 23,700 likely no bueno for tomorrow...

 

2 hour NDX sure looks like divergent 3 drives to a top now....we will see if that gets confirmed tomorrow...


The strength of Government lies in the people's ignorance, and the Government knows this, and will therefore always oppose true enlightenment. - Leo Tolstoy

 

 


#50 CHAx

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Posted 06 May 2020 - 03:15 PM

Nice comments on this thread, all around.  Plenty of quality posts got me rethinking my plan for today.   Stayed nimble, got out of my long when the opening thrust was rejected (ES and RTY acted terrible while NQ testing highs shortly after the open).  Later in the day shorted ES 2852 as I saw  RUT leading the way down again, same MO since the March lows.  NQ leads the upside thrusts, RTY leads the downside thrusts (until it doesnt heh).


Edited by CHAx, 06 May 2020 - 03:20 PM.