yeah you really surprised? you thought highs were in yesterday?
ain't that easy man. Plus I've been leaning to a higher push
anyway, see chart below.
the pullback off Tuesday's highs was 3 wave only not 5, that
argued for a 4th wave of some sort and the 60 min wedge on SPX did
not look complete needed at least another push and still does
that said, what I stated last night I still lean to: The
SPX making a higher high still but the QQQ possible forming a lower
high. However symmetry has not been broken on anything so
that's just a guess, the QQQ's night not make a lower high and
might keep going but this is my guess for now.
remember my comments earlier - topping is a 'process' you don't
get instant gratification and a big sell off, when I'm doing short
trades near an inflection point I'm quick to take profits because I
know it's not just going to be easy and dump - not when the MA's
are all pointing out, it's gonna be a process.
no symmetry or major supports have been broken, uptrends have
not been broken
Posted by racerick on 27th of May 2020 at 04:10 pm
I agree with you and have enough longs, but ES rallied another
20 points in last hour. Today like a large melt up after
first hour with nearly every sector up. I felt like we were more
likely to kind of chop our way up for a few more days. Am glad I
sold my GDX puts early this am, will look to your guidance on a
higher low to re-enter.
Posted by kevindeng0727 on 27th of May 2020 at 04:04 pm
Hey Matt, some of the breath indicators I use ($SPXA50R, AD
lines) are at levels that bear market rallies and counter trend
rallies in strong corrections almost never reached in the past
decades. The $SPXA200R could get there soon. So are my accumulation
models for NDX and some sectors. We could still see 10ish%
pullbacks but my models seem to lean to your wave 1 and then wave 2
correction scenario.
Darn strong close today
Posted by racerick on 27th of May 2020 at 03:47 pm
Darn strong close today
yeah you really surprised? you
Posted by matt on 27th of May 2020 at 03:55 pm
yeah you really surprised? you thought highs were in yesterday? ain't that easy man. Plus I've been leaning to a higher push anyway, see chart below.
the pullback off Tuesday's highs was 3 wave only not 5, that argued for a 4th wave of some sort and the 60 min wedge on SPX did not look complete needed at least another push and still does
that said, what I stated last night I still lean to: The SPX making a higher high still but the QQQ possible forming a lower high. However symmetry has not been broken on anything so that's just a guess, the QQQ's night not make a lower high and might keep going but this is my guess for now.
remember my comments earlier - topping is a 'process' you don't get instant gratification and a big sell off, when I'm doing short trades near an inflection point I'm quick to take profits because I know it's not just going to be easy and dump - not when the MA's are all pointing out, it's gonna be a process.
no symmetry or major supports have been broken, uptrends have not been broken
Can't regain the triangle .
Posted by retirefire on 28th of May 2020 at 11:51 am
Can't regain the triangle . A-B-C for symmetry? QQQ
I agree with you and
Posted by racerick on 27th of May 2020 at 04:10 pm
I agree with you and have enough longs, but ES rallied another 20 points in last hour. Today like a large melt up after first hour with nearly every sector up. I felt like we were more likely to kind of chop our way up for a few more days. Am glad I sold my GDX puts early this am, will look to your guidance on a higher low to re-enter.
Hey Matt, some of the
Posted by kevindeng0727 on 27th of May 2020 at 04:04 pm
Hey Matt, some of the breath indicators I use ($SPXA50R, AD lines) are at levels that bear market rallies and counter trend rallies in strong corrections almost never reached in the past decades. The $SPXA200R could get there soon. So are my accumulation models for NDX and some sectors. We could still see 10ish% pullbacks but my models seem to lean to your wave 1 and then wave 2 correction scenario.
kevin - one chart someone
Posted by matt on 27th of May 2020 at 04:11 pm
kevin - one chart someone sent me the other day compares this advance off the lows to the one in 2019 - just no comparison regarding the breadth
Thanks Matt. All indicators/models could
Posted by kevindeng0727 on 27th of May 2020 at 04:12 pm
Thanks Matt. All indicators/models could fail so will be very interesting to see how things play out.