I mean maybe or maybe not. First off I commented how I viewed
the pullback as a 4th wave correction vs the start of something
larger, that's my preferred view.
otherwise could you have asked the same thing last Thursday when
the SPX rallied 80 points to back test that broken trendline? that
rally was 98 points off the lows. The rally so far today is 84 so
hasn't exceeded that yet.
again things were very stretched by Friday's close for a relieve
rally, the NAMO had closed 3 consecutive days below it's lower BB's
and one of the SPY systems went long, so logical bounce today
I hate saying 'trade your plan' like Steve would say but it's
true here. As I stated nice day, market was due for the bounce, but
it's not 100% confirmed that the low is in either, maybe it, maybe
it's not. If you think it is and you see a good risk/reward from
your charts to take a long position with a stop, go for it. Again
depends on your plan and time frame - Solomon who I work with an
RIA, they are managing based on the daily DVT's so they are still
long that's their style. A short term swing trader would have a
different style as would a day trader, and of course it matters
what you are focused on. All I'm saying is nothing has confirmed to
say 100% yeah it's over
here's a KISS chart of SPX, obviously daily didn't hit the
DVT.
Nice rally from the cycle buy from the 195 min that's been
really good
On the 120 min I would like to see the 60 Stochastic confirm
over the 50% so far it has not
Im looking at the 60 stoch and also the slow stoch at the very
bottom. If the 60 stoch crosses down, we could see a methodical
correction for few weeks rather than some violent sell off and then
reverse. Just a guess
One reason that adds to my point is the MACD cross similar to
Sep 2020
Thanks. Very helpful insight. After many years of self search,
I have decided to deal with corrections /Bear markets is to
buy high octane ETFs as the market sells off and keep a lot of cash
to add on further drawdowns(10,20,30,40%). my plan is somewhere
between buy and hold and guess the bottom.. That is what is most
compatible with my personality.
Absolutely Matt, All I do is just make sure I get some profits.
If I'm very bullish on a position, I well sell some and keep some
and keep trailing it. S&P looks like it wants 3,787.37 upside
gap. I already took most of it off though from the buy into the
Friday panic. Thanks for the great coverage here. Blessings
Is it me or did
Posted by mborder1 on 1st of Feb 2021 at 02:03 pm
Is it me or did the market correction end?
2nd lower high, lower low
Posted by ridgetopab on 1st of Feb 2021 at 02:12 pm
2nd lower high, lower low after topping doji so possible start of a new down trend.
Needs to break some resistance levels with the next drop.
Key today will be the close to see if institutions are selling or buying this after noon.
I mean maybe or maybe
Posted by matt on 1st of Feb 2021 at 02:10 pm
I mean maybe or maybe not. First off I commented how I viewed the pullback as a 4th wave correction vs the start of something larger, that's my preferred view.
otherwise could you have asked the same thing last Thursday when the SPX rallied 80 points to back test that broken trendline? that rally was 98 points off the lows. The rally so far today is 84 so hasn't exceeded that yet.
again things were very stretched by Friday's close for a relieve rally, the NAMO had closed 3 consecutive days below it's lower BB's and one of the SPY systems went long, so logical bounce today
Thanks. Reason I ask is
Posted by mborder1 on 1st of Feb 2021 at 02:21 pm
Thanks. Reason I ask is that there is buying in growth ETFs such as ARKK,PBW,ARKG,QCLN, etc.. and QQQ held support and broke downtrend line
I hate saying 'trade your
Posted by matt on 1st of Feb 2021 at 02:29 pm
I hate saying 'trade your plan' like Steve would say but it's true here. As I stated nice day, market was due for the bounce, but it's not 100% confirmed that the low is in either, maybe it, maybe it's not. If you think it is and you see a good risk/reward from your charts to take a long position with a stop, go for it. Again depends on your plan and time frame - Solomon who I work with an RIA, they are managing based on the daily DVT's so they are still long that's their style. A short term swing trader would have a different style as would a day trader, and of course it matters what you are focused on. All I'm saying is nothing has confirmed to say 100% yeah it's over
here's a KISS chart of SPX, obviously daily didn't hit the DVT.
Nice rally from the cycle buy from the 195 min that's been really good
On the 120 min I would like to see the 60 Stochastic confirm over the 50% so far it has not
https://schrts.co/ezVwJfDK Matt- I see scenario similar
Posted by arun on 1st of Feb 2021 at 06:40 pm
https://schrts.co/ezVwJfDK
Matt- I see scenario similar to september play out here
what are you focusing on
Posted by matt on 1st of Feb 2021 at 06:47 pm
what are you focusing on the chart, the 60 Stochastic and 80% area?
Im looking at the 60
Posted by arun on 1st of Feb 2021 at 06:52 pm
Im looking at the 60 stoch and also the slow stoch at the very bottom. If the 60 stoch crosses down, we could see a methodical correction for few weeks rather than some violent sell off and then reverse. Just a guess
One reason that adds to my point is the MACD cross similar to Sep 2020
Thanks. Very helpful insight. After
Posted by mborder1 on 1st of Feb 2021 at 02:41 pm
Thanks. Very helpful insight. After many years of self search, I have decided to deal with corrections /Bear markets is to buy high octane ETFs as the market sells off and keep a lot of cash to add on further drawdowns(10,20,30,40%). my plan is somewhere between buy and hold and guess the bottom.. That is what is most compatible with my personality.
Absolutely Matt, All I do
Posted by fundamentalvalues on 1st of Feb 2021 at 02:34 pm
Absolutely Matt, All I do is just make sure I get some profits. If I'm very bullish on a position, I well sell some and keep some and keep trailing it. S&P looks like it wants 3,787.37 upside gap. I already took most of it off though from the buy into the Friday panic. Thanks for the great coverage here. Blessings
New trading plan, one day
Posted by ridgetopab on 1st of Feb 2021 at 02:08 pm
New trading plan, one day up, next day down
rinse and repeat :)