Jump to content



Photo

SPX Inside week - breakout likely next week - 3370 OR 2970?


  • Please log in to reply
71 replies to this topic

#1 dTraderB

dTraderB

    Member

  • Traders-Talk User
  • 7,094 posts

Posted 02 August 2020 - 11:18 AM

ADAM:
Have a great weekend! Inside week for $SPX - breakout likely next week. My plan: SPX formed a triangle since July 23. Given the trend, its bullish biased with breakout targeting 3310 then 3370. For bears: They need it to fail at 3190 which opens 3140- below there we drop to 2970 https://t.co/P4iO6qJmAF

#2 K Wave

K Wave

    Member

  • Traders-Talk User
  • 6,645 posts

Posted 02 August 2020 - 01:34 PM

Huge battle for control of SPX 3240 on Friday, which bulls won convincingly at end of day.

 

As long as it stays above that big battle zone, new ATH from here more likely than not.

 

Back below 3240 now could be major warning sign....

 

Also watching to see if Dow can liftoff on Monday and clear 27K. That would be another very bullish development, were it to occur.

A gap down below back below 26,200 would likely not be bullish.

 

Leaning strongly towards bullish case at this juncture, but willing to reverse course if bulls fumble, when they should be headed for an open field TD.


Edited by K Wave, 02 August 2020 - 01:34 PM.

What A Beautiful Black Sky


#3 dTraderB

dTraderB

    Member

  • Traders-Talk User
  • 7,094 posts

Posted 02 August 2020 - 01:36 PM

Meanwhile, in that other world outside of the markets and the tech bubble:

Dunkin’, McDonalds, And Starbucks To Close Hundreds Of U.S. Restaurants

https://www.forbes.com/sites/alexandrasternlicht/2020/07/30/dunkin-mcdonalds-and-starbucks-to-close-hundreds-of-us-restaurants/



#4 dTraderB

dTraderB

    Member

  • Traders-Talk User
  • 7,094 posts

Posted 02 August 2020 - 01:37 PM

WHITE HOUSE CHIEF OF STAFF MEADOWS SAYS STILL A LONG WAY TO GO IN CORONAVIRUS RELIEF NEGOTIATIONS -CBS INTERVIEW


#5 12SPX

12SPX

    Member

  • Traders-Talk User
  • 2,056 posts

Posted 03 August 2020 - 07:16 AM

Wellllll It's a holiday up here but here I am, yawnnnn!  Nonetheless its a gift as I've started my short build at 3284!  Totally not surprised, love those pajama traders lol!  Lets see how the day goes....



#6 traderx

traderx

    Member

  • Traders-Talk User
  • 1,107 posts

Posted 03 August 2020 - 07:35 AM

SPX Inside week - breakout likely next week

Yes, also BB narrow as someone stated -- and Linda Rashke narrow 7 days



#7 12SPX

12SPX

    Member

  • Traders-Talk User
  • 2,056 posts

Posted 03 August 2020 - 08:38 AM

Profit stop 3282.75, think this may be a longer hold!! 



#8 12SPX

12SPX

    Member

  • Traders-Talk User
  • 2,056 posts

Posted 03 August 2020 - 08:41 AM

Okay, profit stop 3281!



#9 12SPX

12SPX

    Member

  • Traders-Talk User
  • 2,056 posts

Posted 03 August 2020 - 08:47 AM

Out for a 2 point profit, start selling above!! 



#10 salam

salam

    Member

  • Traders-Talk User
  • 1,440 posts

Posted 03 August 2020 - 08:55 AM

Huge battle for control of SPX 3240 on Friday, which bulls won convincingly at end of day.

 

As long as it stays above that big battle zone, new ATH from here more likely than not.

 

Back below 3240 now could be major warning sign....

 

Also watching to see if Dow can liftoff on Monday and clear 27K. That would be another very bullish development, were it to occur.

A gap down below back below 26,200 would likely not be bullish.

 

Leaning strongly towards bullish case at this juncture, but willing to reverse course if bulls fumble, when they should be headed for an open field TD.

I have reduced VIX etf longs to 20% from 50% Last week.

am planning to scalp long.

a spike down in the Vix later this week, if filled will get me at least 50% long.

 

awewsome turnaround by bulls on Friday.

 

agree K wave with your 3240 pivot 


I'm not sure what my future holds... But I know who holds it.