Posted by DigiNomad on 19th of Sep 2023 at 12:52 pm
SPX - definitely broke through the bottom of the triangle...but
could still reverse and push higher, as has been the case so many
times in the recent past. The market has been headfake after
headfake recently. I'll believe this one only on a closing basis
and with a confirming day after.
Posted by DigiNomad on 19th of Sep 2023 at 12:56 pm
I drew those lines a long time ago (at least a week). I don't
think it's a coincidence that we stopped right on them and battled
for a few candles, but everyone draws there charts a little bit
different (which is why I find it necessary to give stops a LOT of
extra room)
exactly my point - slight break of a trendline to me is non
confirmation - it's a zone +/- some wiggle room. To me it's not
enough of a break to confirm anything and in fact that's where you
tend to get headfakes and reversals with amateur sellers shorting
that only to get trapped
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SPX - definitely broke through
Posted by DigiNomad on 19th of Sep 2023 at 12:52 pm
SPX - definitely broke through the bottom of the triangle...but could still reverse and push higher, as has been the case so many times in the recent past. The market has been headfake after headfake recently. I'll believe this one only on a closing basis and with a confirming day after.
no not yet technically, I
Posted by matt on 19th of Sep 2023 at 12:54 pm
no not yet technically, I just posted the chart. The QQQ are slightly below their coil trendline but only slightly and into that demand zone again
with FOMC tomorrow I doubt we'll see just a straight continued sell off until that meeting, maybe get a bounce soon and chop around before the meeting
Perfect: as I stated earlier
Posted by matt on 19th of Sep 2023 at 03:07 pm
Perfect: as I stated earlier BEFORE the bounce off the lows - did exactly what I suggested - bounced hard off the lows
with FOMC tomorrow I doubt we'll see just a straight continued sell off until that meeting, maybe get a bounce soon and chop around before the meeting
I drew those lines a
Posted by DigiNomad on 19th of Sep 2023 at 12:56 pm
I drew those lines a long time ago (at least a week). I don't think it's a coincidence that we stopped right on them and battled for a few candles, but everyone draws there charts a little bit different (which is why I find it necessary to give stops a LOT of extra room)
exactly my point - slight
Posted by matt on 19th of Sep 2023 at 12:58 pm
exactly my point - slight break of a trendline to me is non confirmation - it's a zone +/- some wiggle room. To me it's not enough of a break to confirm anything and in fact that's where you tend to get headfakes and reversals with amateur sellers shorting that only to get trapped