I would like to see a sharp shot down and some multiswing action, but I think we're close to a low for the "correction".
Posted 17 October 2016 - 10:21 PM
I would like to see a sharp shot down and some multiswing action, but I think we're close to a low for the "correction".
Mark S Young
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Posted 18 October 2016 - 06:49 AM
And what I meant by that is when I think we're "close to the low", it's probably right behind us!
M
Mark S Young
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Posted 18 October 2016 - 07:02 AM
I did call for a bounce today in my forecasts, due to the volume drying up at the low (lightest volumes of the year on the daily) but I think it is premature to believe in this environment that the bottom is IN... need more evidence to support that.
Posted 18 October 2016 - 07:48 AM
VST let's see if SPX can get above 2160-2170 area, that will answer your question. BTW, this is a monthly OpEx week and the market should have a good rally to neutralize the bearish positions set up in the recent weeks.........
Edited by redfoliage2, 18 October 2016 - 07:53 AM.
Posted 18 October 2016 - 07:51 AM
not THE low, but probably "a" low.. ST. But it will be taken out most probably in Nov.
Posted 18 October 2016 - 07:53 AM
I did call for a bounce today in my forecasts, due to the volume drying up at the low (lightest volumes of the year on the daily) but I think it is premature to believe in this environment that the bottom is IN... need more evidence to support that.
It's quantifiable...
Has to break and close over last day of volume high...
2146.48, almost 20 points higher.
Odds shift to the low being in for now on that event, otherwise, even if we're up today, we could stay sideways in the trading range again from 2131-2146...and as long as there's any PROXIMITY to that low of 2114.74, there are odds to test, especially under 2131.
So show us some upside points 2147+ and close there and the bulls are back in business for awhile, inside the long SIDEWAYS PATTERN, we have no reason to suspect just because we tested a low that we're going to make new highs, or even if we did it could still be SIDEWAYS...
Posted 18 October 2016 - 08:07 AM
VST let's see if SPX can get above 2160-2170 area, that will answer your question. BTW, this is a monthly OpEx week and the market should have a good rally to neutralize the bearish positions set up in the recent weeks.........
An inverted H&S pattern was formed on the ES hourly. The upside target for that pattern is ES 2168........
Edited by redfoliage2, 18 October 2016 - 08:08 AM.
Posted 18 October 2016 - 08:12 AM
Way I see this is there are few buyers in the market...
Today is about like it was on Friday, futures were up...
Whatever buyers were there were extinguished going into the negative close...
Yesterday same deal, no buyers, lightest volume of the year...
We could see a re-run of Friday here... smoked by supply.
Posted 18 October 2016 - 08:17 AM
2100.25 was THE low in the es ....over a month ago. i gave you that but nobody cares what 'you know who' sez......being bearish is easy
Posted 18 October 2016 - 08:35 AM
Seriously? Is the low in?
No it is not.