As VIX kept going higher in the afternoon It looks some big players on the Street really want/bet a 1987-type crash near term (tomorrow or next Monday?)
Edited by redfoliage2, 19 October 2023 - 02:52 PM.
TOM MCCLELLAN & ART CASHEN
Started by
dTraderB
, Oct 18 2023 06:45 PM
17 replies to this topic
#12
redfoliage2
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Posted 20 October 2023 - 09:12 AM
Even with no crash I see near term SPX is likely to test the 200 dma currently at 4231. A crash or just test 200 dma, next Monday is critical ..............................
Edited by redfoliage2, 20 October 2023 - 09:18 AM.
#13
redfoliage2
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Posted 20 October 2023 - 10:40 AM
Now as selling momentum faded this looks a bounce is in the cards .........................
Edited by redfoliage2, 20 October 2023 - 10:49 AM.
#14
K Wave
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Posted 21 October 2023 - 09:27 AM
Speakin' of Fishhooks...look at that one in Trannies (along with another fishhook in the summations)
Until we get back above the top of both of those fishhooks, market is at risk of downside acceleration...
The strength of Government lies in the people's ignorance, and the Government knows this, and will therefore always oppose true enlightenment. - Leo Tolstoy
#15
K Wave
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Posted 21 October 2023 - 09:41 AM
Not to mention NYA, literally at the cliff edge once again. Only get so many defenses before one finally gives way...
Best guess at this point is the bears finally get through this time and start to roll the much longer term cycles.
What I need to see now is acceleration through the line that survives any backtest to confirm the changing of the tide.
Bulls have to get back above 200 before any of that happens to have a chance of saving things here.
As I said at the time it formed, that yellow oval was likely the last gasp of the dying bull....
You can see it a lot better on the 15 min chart....Islands in the Sky, especially big ones, are almost never a good omen, quite the opposite in fact.
If are not seeing this stuff as it happens, then you need to start paying closer attention to things that matter.
And as much as the TA naysayers spew their nonsense, this type of stuff works over and over and over again.
And in the rare event one fails, then THAT is also a signal that can be used.
The strength of Government lies in the people's ignorance, and the Government knows this, and will therefore always oppose true enlightenment. - Leo Tolstoy
#16
K Wave
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Posted 21 October 2023 - 09:43 AM
And perhaps the granddaddy of Islands in the Sky recently, the REIT index, again called real time as it happened.
The strength of Government lies in the people's ignorance, and the Government knows this, and will therefore always oppose true enlightenment. - Leo Tolstoy
#17
K Wave
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Posted 21 October 2023 - 09:48 AM
In any event, it is clear the longer cycles have stalled out and are beginning to roll all over the place.
The only thing that could perhaps save the bulls here is a powerful rally that absolutely blasts off almost immediately next week.
Barring that, seems only a matter of time until the dam breaks wide open.
And as always...how things ACT at this super important NYA pivot point will tell us what we need to know....
The strength of Government lies in the people's ignorance, and the Government knows this, and will therefore always oppose true enlightenment. - Leo Tolstoy
#18
redfoliage2
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Posted 22 October 2023 - 12:23 PM
Even with no crash I see near term SPX is likely to test the 200 dma currently at 4231. A crash or just test 200 dma, next Monday is critical ..............................
As an intra-day bounce attempt failed Friday SPX closed below its 200 dma, that is the first time this key support failed since 7 months ago. Near term I see more downside in the cards .............................
