Posted by chartboy on 16th of Sep 2020 at 03:50 pm
In this case, the primary move was up in the intraday time frame
post-fed. However, there was an overhead R2 pivot and the 50% SPX
retracement which were the targets for that intraday move. As
longer time frame MAs/trends were exhausting/exhausted, they
eventually exerted a greater influence and we rolled
over.
Posted by fredsaid on 16th of Sep 2020 at 03:55 pm
Good explanation ! I wonder if we've made our B bounce
high at 3428 and it's bombs away tomorrow or if the QQQs just
continue to rotate into other sectors.
That is exactly the intent,
Knee jerk appears to be down...needs another 15 mins... then ...
Posted by chartboy on 16th of Sep 2020 at 02:43 pm
That is exactly the intent, to rinse out weak hands before the trend move.
Sorry, just signed in. So,
Posted by mdgfain on 16th of Sep 2020 at 03:20 pm
Sorry, just signed in. So, is the primary trend down? Thanks.
In this case, the primary
Posted by chartboy on 16th of Sep 2020 at 03:50 pm
In this case, the primary move was up in the intraday time frame post-fed. However, there was an overhead R2 pivot and the 50% SPX retracement which were the targets for that intraday move. As longer time frame MAs/trends were exhausting/exhausted, they eventually exerted a greater influence and we rolled over.
Good explanation ! I wonder
Posted by fredsaid on 16th of Sep 2020 at 03:55 pm
Good explanation ! I wonder if we've made our B bounce high at 3428 and it's bombs away tomorrow or if the QQQs just continue to rotate into other sectors.
Another issue was there was
Posted by chartboy on 16th of Sep 2020 at 04:05 pm
Another issue was there was a pretty big Fibonacci time/price balance there exerting downside trend pressure.
Here is a reference to
Posted by chartboy on 16th of Sep 2020 at 04:22 pm
Here is a reference to the Cha-Cha-Cha from back in 2004....The more things change, the more they stay the same.
https://www.thestreet.com/k/jc/pdf/200403162052.pdf