Ya think I'll put a profit stop at 4390 and sell above if hit, gotta get to smokey tennis lol!!
Bullish? rangebound? minor correction? or dreaded doomsday scenario?
#21
Posted 27 July 2021 - 12:52 PM
#22
Posted 27 July 2021 - 06:46 PM
Tuesday was a mixed session for the S&P 500. The index opened with losses and the one-way selling knocked stocks down more than 50-points in midday trade.
The CDC reversed its guidance and now these alleged experts tell us vaccinated people should resume wearing masks in most of the country due to the pervasive Delta variant.
While this is a flip-flop from previous guidance and wearing masks is most definitely uncomfortable, this announcement was not an economic development. As we have seen over the last 12 months, mask-wearing is not a meaningful economic deterrent. The stock market rallied nearly 100% from the Covid lows while everyone was wearing masks and a return of those policies won’t make a difference to the stock market. Consumers (and investors) still have money burning a hole in their pockets and they will continue spending it regardless of their mask status.
And unsurprisingly, it didn’t take long for cooler heads in the market to prevail and the index bounced decisively off of those midday lows. Prices still closed in the red but they recovered more than half of those early losses and that resilience is considered a win for the bulls.
#23
Posted 27 July 2021 - 06:49 PM
Actually, I think SPX 4350 is the key ST support
Why Tuesday’s loss was bullish, but it still doesn’t matterJul27Tuesday was a mixed session for the S&P 500. The index opened with losses and the one-way selling knocked stocks down more than 50-points in midday trade.
The CDC reversed its guidance and now these alleged experts tell us vaccinated people should resume wearing masks in most of the country due to the pervasive Delta variant.
While this is a flip-flop from previous guidance and wearing masks is most definitely uncomfortable, this announcement was not an economic development. As we have seen over the last 12 months, mask-wearing is not a meaningful economic deterrent. The stock market rallied nearly 100% from the Covid lows while everyone was wearing masks and a return of those policies won’t make a difference to the stock market. Consumers (and investors) still have money burning a hole in their pockets and they will continue spending it regardless of their mask status.
And unsurprisingly, it didn’t take long for cooler heads in the market to prevail and the index bounced decisively off of those midday lows. Prices still closed in the red but they recovered more than half of those early losses and that resilience is considered a win for the bulls.
#24
Posted 27 July 2021 - 06:49 PM
Always an informative read....
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Jason Goepfert
It was a historically persistent and consistent rally for the S&P 500 in the first half of 2021, and things aren't changing much. After a blip on Monday, the index is right back to a record high.
For smaller stocks, it's been much more of a struggle. The Russell 2000 hasn't set a new high for more than 90 days now.
This is part of the reason why some breadth metrics have been struggling. Divergences like that do tend to precede trouble, but clearly, that's having no impact yet and hasn't for this entire year.
If we focus on the interplay of the two indexes and look for times when the S&P set a new high with the Russell not having done so for at least 90 days, it wasn't a bad sign at all.
Over the next six months, the S&P showed a positive return after 20 out of 21 signals, and the sole loser was erased in subsequent months. Over the next 6-12 months, the risk vs. reward was impressively skewed to the upside.
#25
Posted 27 July 2021 - 06:53 PM
Below ZERO, turned down again; can it reverse hard above zero, or sink below -300?
https://www.mcoscill...t_breadth_data/
#26
Posted 27 July 2021 - 07:02 PM
I would like this to run fast up to 4450 & higher.... SHORT OF THE YEAR at 4450 & higher, especially if VXX trades below recent lows (27 to 28)
#27
Posted 28 July 2021 - 07:43 AM
Fed day today and expect the market to react as it usually does.........................
#28
Posted 28 July 2021 - 08:01 AM
My 4390 profit stop was hit for a 3 point profit. Think I was half sun stroked yesterday as I should've taken profits way lower lol!! Anyhow did decide to sit out and wait an viola new short 4402.... always love the round numbers see how the day goes.
#29
Posted 28 July 2021 - 08:38 AM
One thing I'm noticing are my different SP500 futures sources are showing different numbers yesterday and today, anyone else noticing that?? For example one of my favourites is Investing.com, great chart and now changed to 10-min delay from the CME.
#30
Posted 28 July 2021 - 08:49 AM
Just bought ES calls and expect bears to get squeezed in the afternoon after the Fed statement .....................