Posted by DigiNomad on 16th of Aug 2023 at 01:08 pm
SPX - I show the bottom of this downtrend channel at 4419. If we
hit that and overshoot by anything significant (overshoot in the
direction of the channel), I'll be expecting a decent rally to
unfold over the next few days. If we just touch and bounce, I would
expect a simple move back up to the middle of the channel (ish).
Posted by DigiNomad on 16th of Aug 2023 at 02:12 pm
SPX Fib (as I have them drawn currently) shows the 38.2 @ 4396.
The soonest we could get there, without a significant break
of the channel in the direction of the channel, would be Friday
(18th).
Posted by fredsaid on 16th of Aug 2023 at 02:18 pm
I like it. I think it will hold for a decent bounce.
The only thing is that the QQQs want that 357, so that would
mean QQQs down another 2-2.5% and SPY only down another 1%.
We've seen those days before where QQQs are primary sell off.
GOOG, AAPL, AMZN still holding.
Posted by DigiNomad on 16th of Aug 2023 at 01:26 pm
SPX bounced off downtrend channel to the penny....so far. If
that holds in the short term, it doesn't suggest to me that we're
in for a rip your face off rally. Market just needs to back away
from the trendline again to give it some room to resume downtrend
(or not)...like happened when we touched the bottom of the channel
on 11 August.
SPX - I show the
Posted by DigiNomad on 16th of Aug 2023 at 01:08 pm
SPX - I show the bottom of this downtrend channel at 4419. If we hit that and overshoot by anything significant (overshoot in the direction of the channel), I'll be expecting a decent rally to unfold over the next few days. If we just touch and bounce, I would expect a simple move back up to the middle of the channel (ish).
Just touched.
I think a good tradeable
Posted by steve on 16th of Aug 2023 at 01:16 pm
I think a good tradeable low is close - see if tomorrow makes a lower low or not but within day(s)
I'm thinkin today... should be
Posted by fredsaid on 16th of Aug 2023 at 02:05 pm
I'm thinkin today... should be confirmed with some more down side probing into today's close or like you said, maybe tomorrow morning.
SPX Fib (as I have
Posted by DigiNomad on 16th of Aug 2023 at 02:12 pm
SPX Fib (as I have them drawn currently) shows the 38.2 @ 4396. The soonest we could get there, without a significant break of the channel in the direction of the channel, would be Friday (18th).
I like it. I think
Posted by fredsaid on 16th of Aug 2023 at 02:18 pm
I like it. I think it will hold for a decent bounce. The only thing is that the QQQs want that 357, so that would mean QQQs down another 2-2.5% and SPY only down another 1%. We've seen those days before where QQQs are primary sell off. GOOG, AAPL, AMZN still holding.
SPX bounced off downtrend channel
Posted by DigiNomad on 16th of Aug 2023 at 01:26 pm
SPX bounced off downtrend channel to the penny....so far. If that holds in the short term, it doesn't suggest to me that we're in for a rip your face off rally. Market just needs to back away from the trendline again to give it some room to resume downtrend (or not)...like happened when we touched the bottom of the channel on 11 August.
yep so far bounce is
Posted by srusso1 on 16th of Aug 2023 at 01:28 pm
yep so far bounce is weak at best