75 replies to this topic

[redfoliage2]

This bounce is too weak to last,  likely to be sold as the IT trend has reversed down ...........................

Edited by redfoliage2, 22 February 2023 - 02:36 PM.

[redfoliage2]

ST bounce attempt from Friday failed, and so the market entered into a deeper correction.  Now let's see if SPX 3980 - 4000 will hold ...........................

If SPX 3980 holds today there is likely another bounce attempt.  But if it fails there will be more selling to come .....................

Edited by redfoliage2, 22 February 2023 - 03:39 PM.

[redfoliage2]

Here is the bounce as I said yesterday, but I see it is likely to be sold as IT trend has turned down ..........................

Edited by redfoliage2, 23 February 2023 - 09:53 AM.

[redfoliage2]

Breadth indicates a ST bottom here.  Let's see if the dip going to be bought again......................

Edited by redfoliage2, 24 February 2023 - 09:43 AM.

[redfoliage2]

BTW, if bulls are able to hold the SPX 3973 pivot by the close I'd expect a big bounce next week .................

Edited by redfoliage2, 24 February 2023 - 03:32 PM.

[redfoliage2]

The pivot at SPX 3970 marks the breakout of 2022 down trend line on the SPX weekly chart.  SPX closed just above 3970, thus the breakout still holds albeit today's bad PCE data.  I see bulls are still in control and we should expect a bounce next week ........................................

Edited by redfoliage2, 24 February 2023 - 04:22 PM.

[redfoliage2]

Yesterday we got a bounce and the bounce got sold again.   Now SPX still barely above the pivot line, but it's likely going to fail ................................ 

Edited by redfoliage2, 28 February 2023 - 09:28 AM.

[redfoliage2]

Dips got bought and bounces got sold as the market is trying to hold up its head above the water ..............................

Edited by redfoliage2, 28 February 2023 - 11:08 AM.

[redfoliage2]

I see this dead-cat bounce now is over.  I'd be prepared for lower low to come ............................

Edited by redfoliage2, 28 February 2023 - 04:13 PM.

[redfoliage2]

Overnight index futures indicate bulls are trying to get the ball back ......................