hard to tell but it would make sense to pull back for a while here
could be heading into an intermediate top
Started by
gannman
, May 29 2020 12:14 PM
6 replies to this topic
#1
gannman
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Posted 29 May 2020 - 12:14 PM
feeling mellow with the yellow metal
#2
tradesurfer
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Posted 29 May 2020 - 12:40 PM
Today is the type of day where you just have to throw the technicals out the door.... A few minutes from a trump conference... it is time to use your gut instinct on the next big move.
#3
da_cheif
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Posted 29 May 2020 - 01:18 PM
Today is the type of day where you just have to throw the technicals out the door.... A few minutes from a trump conference... it is time to use your gut instinct on the next big move.
how bout the dows 12hr rsi against its half span ma.......theres a good tool.....also the 75% retrace off the last swing low in the es is 1991 ...it spiked to 1992 and an army as usual was waiting with open arms as up it went in a flash... all the while the technology sector was showing obvious signs of relative strength .....now thats TA
#4
gannman
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Posted 29 May 2020 - 02:42 PM
what are you thinking i am thinking up fwiw
if i see the iwm take out 145 then i add to my stuff fwiw
i like how the sox is acting
Edited by gannman, 29 May 2020 - 02:47 PM.
feeling mellow with the yellow metal
#5
Darris
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Posted 29 May 2020 - 02:46 PM
COT report says some minor end of month rebalance today, and the trend up will continue. Commercials added another 3 billion long, and non commercial spx emini speculators added 24,000 contract short continuing their trend to short the market. This data is based on the close Tuesday when SPX closed a bit below 3000.
#6
gannman
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Posted 29 May 2020 - 02:58 PM
thanks for that info Darris
feeling mellow with the yellow metal
#7
Darris
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Posted 29 May 2020 - 05:17 PM
Thanks for your continued comments as well gannman. Just a little thought to ponder as we head towards the June Quad witch with those non-commercial shorts. They are long 327K es mini contracts, and short 603K, so they only have 2-3 weeks to start covering them and or roll them to the Sept contract. There are still quite a few folks who keep track of the es mini liquidity bid/ask volume day to day, and they still show that it is still way below normal, so like today showed, when folks hit the button, price moves fast and furious. So, there may be some unusual pressure to the upside into the expiration. Fingers crossed.
