22 replies to this topic

[blustar]

Thx for everyone's input here! 4900 SPX cash is possible this week, we are close today.

 

The next low should be a deeper 6 (8-2) TD low tomorrow. We may or may not reach a new higher high on Friday on the SPX (perhaps the NDX will make it), so long liquidations may be in order today.

 

Bottom Line: We are likely looking at a Feb 2 low near 4680/4700 SPX

[12SPX]

One day one of these will hit, hopefully this one lol!! 

[redfoliage2]

Thx for everyone's input here! 4900 SPX cash is possible this week, we are close today.

 

The next low should be a deeper 6 (8-2) TD low tomorrow. We may or may not reach a new higher high on Friday on the SPX (perhaps the NDX will make it), so long liquidations may be in order today.

 

Bottom Line: We are likely looking at a Feb 2 low near 4680/4700 SPX

Let's see what TSLA will report after close today.  It could be the bad boy to spoil the party ..............................

Edited by redfoliage2, 24 January 2024 - 12:20 PM.

[q4wer]

THURSDAY, JAN. 25           8:30 am Q4 GDP (prelim)     2.0% 4.9%

 

Tomorrow 1/25,  we have GDP report.
I think that market should first take care of the gaps near 4868,  Friday, I agree it is a bullish day.
I don't think that at the beginning of next week it is bullish.

[blustar]

The 4900 SPX target hit yesterday at 4903 cash and pulled back. The pattern seems to be an a-b-c x a-b-c 'a' x-y-z 'b' "running correction" since the ten week low of Jan 5, with 'c' now in progress.  We are are forming an IMP, which suggests to me a move to ~ 4697 +/- SPX by late next week as being highly probable.

 

Bottom Line: Another new high may be expected by late today or early tomorrow. A minor correction seems to be in the cards of ~ 4%. At this juncture, I think that higher highs are in the cards into mid/late Feb, perhaps challenging the 5000 level. We'll see.

Edited by blustar, 25 January 2024 - 10:18 AM.

[blustar]

The NDX is the failing index right now and was unexpected. This means the generals are retreating and is a big warning sign!

 

Bottom Line: A minimum move to 4713 SPX is expected, but, the wave structure may be saying we have a bigger problem ahead with a move down to the mid 4500's SPX still possible with a strong Z Wave drop into Friday next week still in the cards.

 

The astros turn quite negative this weekend. Banking and Geo-Political stresses are right on the horizon!!

[redfoliage2]

Let's see what will bring next week - Five of the Mag 7 will be reporting next week  AAPL, AMZN, GOOGL, META, MSFT.  The Fed meeting should be a non-event as everyone now knows what it will do witht the rate - to cut soon or later.   New highs likely next week ........................

Edited by redfoliage2, 26 January 2024 - 02:35 PM.

[cycletimer]

The NDX is the failing index right now and was unexpected. This means the generals are retreating and is a big warning sign!

 

Bottom Line: A minimum move to 4713 SPX is expected, but, the wave structure may be saying we have a bigger problem ahead with a move down to the mid 4500's SPX still possible with a strong Z Wave drop into Friday next week still in the cards.

 

The astros turn quite negative this weekend. Banking and Geo-Political stresses are right on the horizon!!

 

Astros as well as cycles I follow are Bearish over weekend and into next week. I never hold puts overnight and especially over a weekend. I did however sell call credit spreads on the $SPX AND $NDX near today’s highs. I collected lots of premium and the spreads expire on Wed 1/31. 

[12SPX]

Nice, ,love it when I hear people are "selling" options, only way to go!!  It's quite amazing how much premium the out of the money calls are still holding as people are soooooo bullish.  Even futures premium is insanely high above cash, way to much "real" optimism!! 

[blustar]

Jan 28, 2024 1:03 AM Venus  6 Capricorn 01 sextile Saturn  6 Pisces 01

Jan 28, 2024 9:19 AM Mars 18 Capricorn 02 square  True Node 18 Aries 02

Jan 28, 2024 4:06 PM Mercury 19 Capricorn 05 trine Uranus 19 Taurus 05

Jan 28, 2024 8:02 PM Venus  6 Capricorn 59 trine Jupiter  6 Taurus 59

Jan 29, 2024 6:41 PM Mars 19 Capricorn 05 trine Uranus 19 Taurus 05

 

A series of of topping signatures yesterday and today shown above. Uranus turned direct on Saturday. Mercury conj.'s Pluto on the 5th, which should be a 20 TD low. 21 TD's is usually the maximum cycle for the Gann 16 TD high/low.

 

We are at a 10/20 TD high.