140 replies to this topic

[dTraderB]

Enjoy a brief rally, BULLS, THE BIG BEAR IS ON THE WAY...

"Danger: Bears Are All Around
Sep. 25, 2020 10:44 AM ETDDM, DIA, DOG...85
The S&P 500 bull market remains intact despite the recent correction.
The same cannot be said for the rest of the U.S. and the rest of the world.
Beware the bear and the downside risks accumulating all around the U.S. and global stock market today.
Stay selective and defensive within the S&P 500 while seeking long-term investment opportunities outside of the S&P 500.

No bull. The stimulus driven S&P 500 remains in solid shape despite what has been a lousy September. But looking past the headlines reveals that underlying stock market conditions both in the U.S. and across the world remain broken. Although all eyes remain transfixed on the resilient S&P 500 bull, the increasingly entrenched bear remains alive and well across the rest of the global stock market landscape.



Big bull. Although the headline S&P 500 has recently fallen back below its previous all-time high from February 2020 and has been teasing official correction territory at down -10% lately, it continues to trade well above year ago levels. Moreover, the S&P 500 is still trading more than +13% above its January 2018 highs. While the recent decisive pullback after failing at its upward sloping bullhorn trendline high, the S&P 500 is still trading well above its 200-day and 400-day moving average support. A near-term retest of this 3021 to 3106 support range should be expected in the near-term, but this continues to be the logical level to expect a measurable bounce for the S&P 500.



How sustainable this bounce will be remains to be seen, as the market is currently facing no shortage of downside risks at the present time - an economy still in recession, historically extreme valuations, deteriorating corporate earnings, diminishing prospects for fiscal stimulus, looming political uncertainty, simmering social unrest, and a persistent global pandemic. But as long as the Federal Reserve remains the daily effective buyer of last resort injecting liquidity at a rate of $4 billion in daily U.S. Treasury purchases, the S&P 500 has the capability of eventually finding a floor"

https://seekingalpha...-are-all-around

[dTraderB]

JOHN MURPHY:

https://stockcharts....-to-th-910.html

[dTraderB]

"Financial stocks have been among the laggards and still haven't been able to get out of their own way.

When they fell on Tuesday, they really fell, and it dragged most of them below their medium-term averages. For the first time since May, fewer than 15% of financials were able to hold above their 50-day averages. That comes during an environment where fewer than 40% of them even made it above their 200-day averages."


https://sentimentrad...-term-averages/

[dTraderB]

I have been watching this... impressive, so far

 

Lakshmi 

 

 Harmonic Trader

 

@HarmonicCharts

 

#Harmonics #Trading $SPX #SPX #ES_F $ES $YM $RUT #DAX #FTSE $NQ #NQ #Dow $Dow Updated from last week when posted when most were calling 3100..... Friday aftrn's #PA may have been a game changer s/t. Time will tell.....

https://twitter.com/...0611843/photo/1

 

[traderx]

I learned a little about harmonics trading  many many years ago, but never used it.

[dTraderB]

Tom McClellan Retweeted

 

 

 

Financial Sense Wealth Management

 

@FinancialSense_

·

Sep 25

 

So Far This Is a Normal Election Cycle Correction, Says Tom McClellan

@McClellanOsc

. Also,

@mikemcglone11

at Bloomberg gives an update on #gold, #copper, and #oil on this week's #podcast

+

[dTraderB]

a uptick but still in downtrend until a higher high; better yet, if it closed above zero

 

https://www.mcoscill...t_breadth_data/

[dTraderB]

Summation Index was down on Friday

See table on right of chart

https://www.mcoscill...t_breadth_data/

[dTraderB]

A/D up a bit but still in downtrend

 

https://www.marketin...summation-index

[CLK]

From WSJ WEEKLY TECH REPORT:

Next week, the Congressional antitrust subcommittee will present its findings from more than a year-long investigation. Amazons favoritism for its own line of products and devices is sure to be a topic of discussion.

 

From WSJ WEEKLY TECH REPORT:

Next week, the Congressional antitrust subcommittee will present its findings from more than a year-long investigation. Amazons favoritism for its own line of products and devices is sure to be a topic of discussion.

 I bought leap puts on AMZN, sooner or later it goes to 1000, It's way overvalued at 1000 P/E.