92 replies to this topic

[redfoliage2]

The upside left is likely very limited before a reversal as SPX currently trading above the upper line of Bollinger Bands with RSI over 80 ....................

In the year 2020 SPX also got a RSI over 80 that soon followed by a 300 point correction .......................

Edited by redfoliage2, 19 December 2023 - 11:36 AM.

[redfoliage2]

 

The upside left is likely very limited before a reversal as SPX currently trading above the upper line of Bollinger Bands with RSI over 80 ....................

In the year 2020 SPX also got a RSI over 80 that soon followed by a 300 point correction .......................

 

I bet this history is likely to repeat and it's time to buy some puts to be prepared .....................

Edited by redfoliage2, 19 December 2023 - 11:49 AM.

[linrom1]

That RSI is not a joke! We had ending diagonal to Oct low and we had a leading diagonal to finish up the move.

[redfoliage2]

For now to go with the bullish seasonality I just buy intra-day dips and sell bounces ....................

Edited by redfoliage2, 19 December 2023 - 12:17 PM.

[dTraderB]

Added 3 QQQ & 4 SPY PUTS
My largest US SHORT position since JANUARY 2023.
My largest CHINA/HSI LONG position since trading these.

[dTraderB]

Closing 1 NQ HEDGE LONG 17,000

[12SPX]

Totally agree, also my largest as this market is insane.  Personally I think its sad when it gets like this as it sucks people in thinking it will go straight up forever.  This is now going to be my second double down move as every day were just up up up, maybe blu will be right in the end lol....  average short 4745, 16860....

[redfoliage2]

 

 

The upside left is likely very limited before a reversal as SPX currently trading above the upper line of Bollinger Bands with RSI over 80 ....................

In the year 2020 SPX also got a RSI over 80 that soon followed by a 300 point correction .......................

 

I bet this history is likely to repeat and it's time to buy some puts to be prepared .....................

 

In the year 2020 it actually was a 370 point correction in SPX following a RSI just over 80 and SPX price was also on the upper line of the Bollinger bands.  This time it could be a 500 point correction ..................

Edited by redfoliage2, 19 December 2023 - 02:10 PM.

[redfoliage2]

 

 

 

The upside left is likely very limited before a reversal as SPX currently trading above the upper line of Bollinger Bands with RSI over 80 ....................

In the year 2020 SPX also got a RSI over 80 that soon followed by a 300 point correction .......................

 

I bet this history is likely to repeat and it's time to buy some puts to be prepared .....................

 

In the year 2020 it actually was a 370 point correction in SPX following a RSI just over 80 and SPX price was also on the upper line of the Bollinger bands.  This time it could be a 500 point correction ..................

 

Of course the correction was not done overnight, it took about three weeks to complete for dropping 370 SPX points.  But it did start pretty soon following the setup, and it happened when the market was also on a strong bullish trend ...........................

Edited by redfoliage2, 19 December 2023 - 03:05 PM.

[dTraderB]

SANTA RALLY & IRRATIONAL EXUBERANCE in final days of 2023
"Wall Street is zooming into year-end holidays, cracking new records as global disinflation tailwinds lifted bonds and stocks across the world, potentially tempting switches in 2024.



As the S&P500 crept to within 1% of all-time highs on Tuesday and tracking its best quarter since 2020, the Nasdaq 100 - up more than 50% this year - clocked a new record and the vanguard index of megacap tech giants has now doubled in 2023."