$SPX - Chart Link - 60 min view, as you
know the open gap from Aug 22nd was filled this morning, which was
a magnet. Also the CCI indicator spiked down to nearly -300, that
was quite extreme. Resistance levels are the dotted downtrend
lines.
one point I want to make is regarding the North Korea news that
caused the spike down in futures last night and the market this
morning. Over the years I've generally found that sort of
news creates only temporary spike downs in the market because
fundamentally it doesn't mean anything to the market or economy
(assuming of course an actual missile wasn't launched at a
nation).
Generally news events like that create temporary moves.
It's the larger fundamental news, economic conditions that
are developing that move the market longer term, not short term
flash news events like that. And of course technicals, the
way the charts are lined up, the moving average configurations etc.
Posted by burkmere on 29th of Aug 2017 at 11:16 am
Well, the markets are manipulated by the Central Bank. Someday
they will let it go, but apparently not now. You think the VIX
smash down at 8:45 every day is random?
yes of course, but technicals go hand in hand with that, the
intermediate and long term charts are still bullish with bullish MA
configs, nothing ever changed with that. When the longer term
charts and MA configs start to change i.e. flatten out and roll
over the market will be ready for a larger correction or bear
market. It will probably coincide with central banks - again it's
generally in the charts. The last time we say the
intermediate term technicals display warnings was in late summer
2015, then of course we saw the 12% market correction in Aug/Sept,
then another correction in Jan - Feb 2016. Point is the charts were
warning of it and it played out regardless of what central banker
or Fed did
this what I'm referring to when I discuss MA config - see my
written annotations on this weekly SPX chart, notice the MA's are
still very wide compared to what they were in late July 2015 before
that major correction
SPX comments
Posted by matt on 29th of Aug 2017 at 10:59 am
$SPX - Chart Link - 60 min view, as you know the open gap from Aug 22nd was filled this morning, which was a magnet. Also the CCI indicator spiked down to nearly -300, that was quite extreme. Resistance levels are the dotted downtrend lines.
one point I want to make is regarding the North Korea news that caused the spike down in futures last night and the market this morning. Over the years I've generally found that sort of news creates only temporary spike downs in the market because fundamentally it doesn't mean anything to the market or economy (assuming of course an actual missile wasn't launched at a nation).
Generally news events like that create temporary moves. It's the larger fundamental news, economic conditions that are developing that move the market longer term, not short term flash news events like that. And of course technicals, the way the charts are lined up, the moving average configurations etc.
nice, thanks Matt.
Posted by Michael on 29th of Aug 2017 at 11:54 am
nice, thanks Matt.
Well, the markets are manipulated
Posted by burkmere on 29th of Aug 2017 at 11:16 am
Well, the markets are manipulated by the Central Bank. Someday they will let it go, but apparently not now. You think the VIX smash down at 8:45 every day is random?
yes of course, but technicals
Posted by matt on 29th of Aug 2017 at 12:25 pm
yes of course, but technicals go hand in hand with that, the intermediate and long term charts are still bullish with bullish MA configs, nothing ever changed with that. When the longer term charts and MA configs start to change i.e. flatten out and roll over the market will be ready for a larger correction or bear market. It will probably coincide with central banks - again it's generally in the charts. The last time we say the intermediate term technicals display warnings was in late summer 2015, then of course we saw the 12% market correction in Aug/Sept, then another correction in Jan - Feb 2016. Point is the charts were warning of it and it played out regardless of what central banker or Fed did
Right on. We'll be watching!
Posted by burkmere on 29th of Aug 2017 at 12:50 pm
Right on. We'll be watching!
this what I'm referring to
Posted by matt on 29th of Aug 2017 at 12:39 pm
this what I'm referring to when I discuss MA config - see my written annotations on this weekly SPX chart, notice the MA's are still very wide compared to what they were in late July 2015 before that major correction
Also Monday is a holiday
Posted by matt on 29th of Aug 2017 at 12:30 pm
Also Monday is a holiday Labor Day, markets tend to hold up into that anyway