Sox, QQQ and semis are going to one of the worst performing sectors-------no earnings.
Maybe, but will the market care???
gis
the sox
Started by
gannman
, May 15 2020 08:47 AM
23 replies to this topic
#21
gismeu
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Posted 15 May 2020 - 02:10 PM
If you can't buy Happiness, STEAL IT!
#22
K Wave
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Posted 15 May 2020 - 02:13 PM
SOX still not making much headway....
If it fails to get over 1700 soon, may still go over the edge....3 min 200 looks possibly pivotal now....
That ever growing divergence between SOX and QQQ is still a potential worry here...
Edited by K Wave, 15 May 2020 - 02:14 PM.
The strength of Government lies in the people's ignorance, and the Government knows this, and will therefore always oppose true enlightenment. - Leo Tolstoy
#23
gannman
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Posted 15 May 2020 - 04:59 PM
1740 is the level where the sox is in a wave iii it will get there i believe might take a little while
feeling mellow with the yellow metal
#24
Darris
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Posted 15 May 2020 - 05:17 PM
Just throwing out the odd pattern we saw Thursday and Friday mornings to kick start the dip buys. Thursday Banks led the kick off move. Friday, today, the RUT started it. I do not know if they are playing rotational sectors day to day, but if you want to call it a Fearless Forecast, I say if we do it again on Monday May 18th it will be the Semiconductors since there was news with Huawei probably pushing the sector down. On a side note, the Commercials long position did not change much from May 5th to Tuesday May 12th this week, slightly up on less emini's short. The Non-Commercials added some to their emini shorts, so they are still heavily short based on the number of net contracts relative to 12 year comparisons. Additionally, if I read Harpa's post correctly at Noon today there was a projection for the SPX to rise 3% from ES 2835, so that gets us back towards 2950 resistance. I also noticed after 4pm cash close Google dropped 3% which caused the massive discount in the futures into 4:15pm settlements. Finally, a long time ago I would count SPX/ES up days and down days against the weekly result and invariably if we have more down days than up days we are down for the week and vice versa. Even tho Monday was only slightly up for the SPX cash it was an up day, and we had 3 up days this week on a down week. However, the ES was down 4 of 5 days. I liked them both to confirm the same thing, but the cash says we should have an up week next week because of the positive divergence. Have a good weekend.
