37 replies to this topic

[gannman]

it looks like we are close to completing 5 waves up from the mar 23 low

 

so there should be some kind of reaction. how severe it will be i have no way

 

of knowing. just watching here

[K Wave]

It's ll about breaking Dow 27300 now...

 

IF that happens, then Bears back will be broken, as it joins NAz and SPX above the key level....

 

The very last key level would then be 1600 on RUT. And if Dow takes out 27300, then RUT 1600 might not be too far behind.

Using 1460 as the bull bear line for short term on RUT. IF it takes that out, then swing high at 1540 would likely fall, and only a hop skip and jump to 1600 from there..

 

Watching what happens in the Trannies tomorrow...potentially ugly candles put in all over the place there today.

If we get a big gap down and a long red candle tomorrow could kick off some ugliness.

 

BUT.....if we gap and go above the tops of those candles tomorrow, then bears may have some serious problems...

[Darris]

The Cass Transportation report came out this morning, and said a small bump up, but that there would be no material improvement this year.  However, prices are rising rather rapidly.

[gannman]

i am thinking todays highs might have been it for this move we will see

[K Wave]

Will still have my eyes on the BIG 5...market is not going to go down in any meaningful way until they show some sign of cracking...

 

That big pivot set on the 15th looks very key to the parabolic curve on most of them. Break that, and correction time is probably afoot.

As long as those pivots continue to hold, total blowoff moves are possible there....

Edited by K Wave, 17 June 2020 - 07:48 AM.

[12SPX]

Thanks K, I have to say its just sad, 5 stocks supporting an entire market!  The call premiums are screaming over bullishness, gonna be an interesting expiration! 

[K Wave]

Still looking like RUT 1460 could be the key to today....trying to build a small base above it now in the futures.

 

IF it holds, could be powerful up day today.

 

But if bulls cannot keep it above until the open, then could be first sign of potential weakness...

[12SPX]

Had a great day shorting yesterday looking for a bigger turn down made just about 70 points even on an up day with the Powell speech!   See how today goes, short from 3135, profit stop 3130 now! 

[12SPX]

And out for 5 start the build higher....

[K Wave]

Looks like they are trying to put in a launch pivot on NQ at 10K....

 

If that now does not hold, could be a sell trigger...

Edited by K Wave, 17 June 2020 - 08:03 AM.