104 replies to this topic

[dTraderB]

Magnetic Upside Pull Neutralized

 

Market Outlook (August 6, 2020)

 

The S&P 500 just closed the last open chart gap. Chart gaps are like magnets for price. The July 26 Profit Radar Report stated:

 

"The S&P 500 broke above its trading range on July 15, but couldn’t hold on to its gains and is now testing that breakout level again (3,185, blue ovals, chart below). As long as there is no close below 3,180, the S&P can still tag on another leg higher (perhaps to close the open chart gap at 3,328.45). Investors afraid of missing out on another leg higher may consider going long with a stop-loss below 3,180."

 

The blue lines in the S&P 500 chart below also outline a potential wedge or diagonal. A break below the upper and lower blue lines is needed to confirm the wedge/diagonal, which would imply a fairly swift drop. Until that happens, momentum can carry price higher.

https://www.ispyetf.com/index.php

 

 

C

[K Wave]

Breadth is awful on this NDX run today....but until price action actually breaks, they can keep floating it.....but reaction move growing more likely by the day...one heckuva run up from March, and divergences showing....

[K Wave]

VXN trying to build foothold at 29...

[dTraderB]

Closed nq hedge + 181.5 points
Will trade this afternoon and eveninh... did not have time for my usual volume of trades today
Added 6 Qqq puts

had to attend to urgent business matters yesterday
tried to trade but not much success since market went up early and snoozed near the top for most of day 

added 3 QQQ PUTS
 
nq hedge long 11,062.5
 
hope to have more time to trade today

[dTraderB]

Nq hedge long 11195 filled.

Expect strong rally after better than expected job report

If a truly bad report, the a dip followed by strong rally

Unless there is a major bad event, week closes at highest since Feb

[traderx]

thanks for forecast-- straight to point===many times in past result went opposite of consensus predictions

[12SPX]

Good morning, I'm back!!  Loved that pop on the employment report where you can put out those wild numbers to get filled!  Average short 3345, profit stop 3344, see what happens after the open!  One suggestion I have for you fellow bikers, make sure your chain is always perfectly set.  I was questioning mine and on our way back yesterday we rode through rain for about 100 miles averaging around 80 still but when I was pulling into a place 5 minutes from home at about 10 miles an hour, my chain snapped, locked up the back tire and I was slammed to the ground ouch!!  knee and ankle are a bit sore but my boots saved my foot, big gouge out of them!  Thank goodness it wasn't at a high speed!  Anyhow going slow this morning, lets see how the day goes markets once again moved to far to fast but nice thing is that nasty gap from February is now filled so lets see what happens.  Btw way back on Tuesday with my 3292 short think it was, taken off for about a 2 point profit, could see us at least testing that 3300 level sometime here soon.

[12SPX]

Lowering my profit stop to 3340 see if we have a top around there or if its going to be a feel good Friday!

[12SPX]

Okay out for a 5 point profit.  Try to build another short higher! 

[12SPX]

Hmmmmm starting a build here at 3341, willing to take it into the weekend.  Would love to see 3350 lol!