if the sp can take out 3165 good for the bears
the dow is the key here
Started by
gannman
, Jul 07 2020 10:07 AM
41 replies to this topic
#11
gannman
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Posted 07 July 2020 - 12:33 PM
feeling mellow with the yellow metal
#12
Darris
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Posted 07 July 2020 - 12:43 PM
Back above 3180 again, and bulls likely to tear the roof off.
Every day more and more good news on medical developments to fight viruses, but not on CNN headlines. J&J partner with a small firm, US government inks another contract with a company, and other things in the last week. Just waiting for the big one overnight or maybe over a weekend. New Islands in the future. The market wants to catch it's breath, but the buyers can't wait, LOL.
https://video.foxbus.../#sp=show-clips
#13
pdx5
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I want return OF my money more than return ON my money
Posted 07 July 2020 - 12:58 PM
The key will be if SPX can reclaim the Big Island in the Sky
3180 is the bottom of it.
If 3180 gets taken out upside, then could see a huge swoosh to the upside that completely takes out the island, and launches SPX to new ATH
SPX must take out 3232 in July to have a chance of new highs.
So, yes 3180 is the first threshold to conquer.
Edited by pdx5, 07 July 2020 - 12:59 PM.
"Money cannot consistently be made trading every day or every week during the year." ~ Jesse Livermore Trading Rule
#14
gannman
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Posted 07 July 2020 - 01:37 PM
what i can say right now is it looks impulsive trading down we will see
i think the market is in trouble but we will see
feeling mellow with the yellow metal
#15
risktaker
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Posted 07 July 2020 - 03:26 PM
It looks promising. It is not on fox headline news.Every day more and more good news on medical developments to fight viruses, but not on CNN headlines. J&J partner with a small firm, US government inks another contract with a company, and other things in the last week. Just waiting for the big one overnight or maybe over a weekend. New Islands in the future. The market wants to catch it's breath, but the buyers can't wait, LOL.Back above 3180 again, and bulls likely to tear the roof off.
https://video.foxbus.../#sp=show-clips
Edited by risktaker, 07 July 2020 - 03:27 PM.
#16
Waver
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Posted 07 July 2020 - 03:58 PM
SP500
From June 14th low
Clearly a 3 wave rally
From June 14th low
Clearly a 3 wave rally
#17
Darris
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Posted 07 July 2020 - 04:16 PM
Waver, would you classify the March 24th 2020 move to April 17th a similar 3 wave move rally? Thanks
#18
Waver
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Posted 07 July 2020 - 04:47 PM
Waver, would you classify the March 24th 2020 move to April 17th a similar 3 wave move rally? Thanks
yes but then wave 5 from April 21 to the 30th.
Wave 4 did not overlap into wave 1.
The difference now is that what wave 1 would be (June 15 to June 16) is being over lapped by wave 4 after a very long wave 2 (June 16 to June 28).
MCO is struggling to keep positive as well.
I personally do not see an impulsive rally in the RUT, Transports and the NYA.
I can get to a 5 wave rally on the SP500 an the DOW.
wave 1 ends on March 27, Wave 2 ends April 2, Wave 3 ends April 17, Wave 4 ends May 14 and Wave 5 ended June 8.
The only issue here for me is that Wave 4 is tremendously longer in terms of time than wave 2. But that may just be my opinion and maybe not the opinion of others.
The Nasdaq looks as impulsive as it can be with a tremendous wave 5.
#19
Waver
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Posted 07 July 2020 - 04:52 PM
Waver, would you classify the March 24th 2020 move to April 17th a similar 3 wave move rally? Thanks
yes but then wave 5 from April 21 to the 30th.
Wave 4 did not overlap into wave 1.
The difference now is that what wave 1 would be (June 15 to June 16) is being over lapped by wave 4 after a very long wave 2 (June 16 to June 28).
MCO is struggling to keep positive as well.
I personally do not see an impulsive rally in the RUT, Transports and the NYA.
I can get to a 5 wave rally on the SP500 an the DOW.
wave 1 ends on March 27, Wave 2 ends April 2, Wave 3 ends April 17, Wave 4 ends May 14 and Wave 5 ended June 8.
The only issue here for me is that Wave 4 is tremendously longer in terms of time than wave 2. But that may just be my opinion and maybe not the opinion of others.
The Nasdaq looks as impulsive as it can be with a tremendous wave 5.
For some reason investing.com put in a rouge candlestick for June 19 and the SP500 did not get that high (3196).
It only shows on the daily and not on the hourly.
here is the hourly and the real high is 3137.
#20
Darris
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Posted 07 July 2020 - 06:12 PM
LOL on the 3196 print. Investing.com must not roll over until the contract stops trading. That was the last trade of the June 2020 ES contract, but you may have known that. That was one of the largest disconnects to the rest of the trading market I have ever seen. Last night's high print of 3184 was basically equivalent to that print for a full retracement. Thanks for all the wave info.
