Last week, the tone changed on Thursday morning with a
large gap down following the hotter CPI report. While the SPX
managed to rally back up and fill Thursdays gap, it failed to
advance after using up so much energy. Then, mid day FED member
Bullard came out with extremely hawkish comments which produced an
immediate response from traders to sell the market. Soon
after, I posted a target on the SPX 15 minute chart much
lower near the trendline shown on that chart. It took all
session, but that target was hit during the final 10 minutes on
Thursday with a slight bounce that followed. With such strong
selling on Thursday, I posted after the close to look at the SPX 30
minute chart for a retest of 4440 -50 area which was illustrated on
the chart as a potential flat.
Once again, it took most of Friday's session to reach that zone
which DID NOT produce a reaction with price slicing that zone as
the Russian news hit the wires in front of the weekend. More
later as it's quite late here.
Thank you Steve, and Matt as well, for your technical views.
Been here long enough to take all scenarios and possibilities at
face value to make proper trading decisions. As mentioned many
times over, price is king and cash is a position too! All the
best.
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Which Summary of Thursday and Friday
Posted by steve on 12th of Feb 2022 at 03:40 am
Last week, the tone changed on Thursday morning with a large gap down following the hotter CPI report. While the SPX managed to rally back up and fill Thursdays gap, it failed to advance after using up so much energy. Then, mid day FED member Bullard came out with extremely hawkish comments which produced an immediate response from traders to sell the market. Soon after, I posted a target on the SPX 15 minute chart much lower near the trendline shown on that chart. It took all session, but that target was hit during the final 10 minutes on Thursday with a slight bounce that followed. With such strong selling on Thursday, I posted after the close to look at the SPX 30 minute chart for a retest of 4440 -50 area which was illustrated on the chart as a potential flat.
Once again, it took most of Friday's session to reach that zone which DID NOT produce a reaction with price slicing that zone as the Russian news hit the wires in front of the weekend. More later as it's quite late here.
Thank you Steve, and Matt
Posted by rfa300 on 12th of Feb 2022 at 09:39 am
Thank you Steve, and Matt as well, for your technical views. Been here long enough to take all scenarios and possibilities at face value to make proper trading decisions. As mentioned many times over, price is king and cash is a position too! All the best.