follow up to my very late night post on futures and this
morning. Futures found support at the 200 day MA and bottomed
with a doji candlestick on the 60 min time frame last night.
Overnight they chopped around and pulled back off the highs
however found support at the 61.8% Fib, see left chart. As an
education, I always draw fibs when I think a low may have been put
in, many times your initial rally will retrace to the 61.8 Fib and
find support there, which it did this time
We also have a clear symmetry break on SPX compared to previous
bounces since the January high - 90 pts. In this crazy market,
though, does a symmetry break really have the same meaning? Just
over 1/2 that 90 pt break has retraced in the last 5 min, btw.
there actually is a symmetry break this morning, 89 points off
the lows vs the previous largest bounce of 30 yesterday, so
technically it's the largest bounce in the downtrend
follow up to my very
Posted by matt on 6th of Feb 2018 at 10:08 am
follow up to my very late night post on futures and this morning. Futures found support at the 200 day MA and bottomed with a doji candlestick on the 60 min time frame last night.
Overnight they chopped around and pulled back off the highs however found support at the 61.8% Fib, see left chart. As an education, I always draw fibs when I think a low may have been put in, many times your initial rally will retrace to the 61.8 Fib and find support there, which it did this time
We also have a clear
Posted by frtaylor on 6th of Feb 2018 at 10:19 am
We also have a clear symmetry break on SPX compared to previous bounces since the January high - 90 pts. In this crazy market, though, does a symmetry break really have the same meaning? Just over 1/2 that 90 pt break has retraced in the last 5 min, btw.
there actually is a symmetry
Posted by matt on 6th of Feb 2018 at 10:45 am
there actually is a symmetry break this morning, 89 points off the lows vs the previous largest bounce of 30 yesterday, so technically it's the largest bounce in the downtrend
Matt, is there typically a
Posted by alvinjm27 on 6th of Feb 2018 at 10:13 am
Matt, is there typically a follow up rally or can it pull back to below the 61.8 fib?