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Where does it turn?


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#1 gm_general

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Posted 12 May 2022 - 08:57 AM

I looked to the SPX MACD for an answer and I have been watching these parallel trend lines for some time - perhaps the answer is when the support line is contacted around the green circle.

 

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#2 beta

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Posted 12 May 2022 - 12:18 PM

IMHO we are getting close to a short-covering blast up 10%.  Near-term call premiums are still expensive, however.


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#3 andr99

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Posted 12 May 2022 - 12:33 PM

I have the nasdaq somewhere between 10000 and 11000 as final downside target, so definitely we' re not so far from the bottom. Infact the nasdaq is startting to be stronger than spx and dow, in the sense that it loses less. But to tell the truth spx and dow still might have almost 10% to lose.

Maybe spx 3650 ? 


Edited by andr99, 12 May 2022 - 12:39 PM.

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#4 andr99

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Posted 12 May 2022 - 01:04 PM

for sure however the situation must be watched closely, because the possibility that the markets go on dropping vertically is not that far........it is possible that the strong hands go on dropping the markets till the vix gets to the pandemic high which is equal to the 2008 crisis high. I opt for the first option however, that we' re not far from the bottom   


Edited by andr99, 12 May 2022 - 01:05 PM.

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#5 fib_1618

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Posted 12 May 2022 - 01:27 PM

I have the NASDAQ somewhere between 10000 and 11000 as final downside target...

 

10,500 is key support...maybe final, maybe not...a break of that and then the next area of potential support are the COVID crash lows at 6500.

 

We'll know more by tomorrow.

 

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