$SPX - Chart LinkAs you know Friday is almost
never a market bottom and the technical problem with Friday was you
had a simple ABC 3-wave reflexive bounce.
anyway from the Aug 1st morning highs, today's bounce is the
largest in that downtrend at 132 points. Nice pullback over
the last hr, we'll see if a higher low can form or not.
Notice the VWAP on the 5 min chart I posted earlier is
coming up, let's see if it can hold that and find some support
there
again I don't have to tell you that this market is fluid, very
volatile, and dynamic, be careful. Focus only on 1 thing or very
few things
Bulls want to see a 90 DVOL - need to completely wash out all
weak hands - then follow with a confirmation on the other side for
aggressive longs. Important bottoms usually a 90/90 combo but
90 DVOL at a minimum. Also if that was 5 waves up then
looking for an abc move down into the close. Personally,
level to level here with that context in mind.
Refresh my memory - isn't the next 45 minutes 'margin call'
liquidations NY time? Seems it was twice a day - those who got
liquidated by brokerage firms in the morning for not meeting the
call AND same for the 1PM Cut-off time.
SPX 15 min and symmetry
Posted by matt on 5th of Aug 2024 at 01:05 pm
$SPX - Chart LinkAs you know Friday is almost never a market bottom and the technical problem with Friday was you had a simple ABC 3-wave reflexive bounce.
anyway from the Aug 1st morning highs, today's bounce is the largest in that downtrend at 132 points. Nice pullback over the last hr, we'll see if a higher low can form or not.
Notice the VWAP on the 5 min chart I posted earlier is coming up, let's see if it can hold that and find some support there
again I don't have to tell you that this market is fluid, very volatile, and dynamic, be careful. Focus only on 1 thing or very few things
Update: SPX 15 min and symmetry
Posted by matt on 5th of Aug 2024 at 02:34 pm
$SPX - Chart Link- SPX 5 min, so far a 3 wave pullback back to VWAP,
right shoulder about to setup
Posted by mrjasongill on 5th of Aug 2024 at 02:58 pm
right shoulder about to setup on the 15 min and backtest of the broken downtrend line with RSI div
https://www.tradingview.com/x/z7HGj03C/
tradingview.com
CME_MINI:MESU2024 Chart Image by mrjasongill — TradingView
yes mrjasongill - that 15
Posted by matt on 5th of Aug 2024 at 03:30 pm
yes mrjasongill - that 15 min is something to watch given the move off the lows. but again you need a trigger
thanks for sharing, yes that
Posted by matt on 5th of Aug 2024 at 03:11 pm
thanks for sharing, yes that is still a possibility because of that symmetry bounce/break - but you need a trigger
Trading View ES charts multiple time frames
https://www.tradingview.com/chart/epRziFih/
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Update: SPX 15 min and symmetry
Posted by matt on 5th of Aug 2024 at 01:10 pm
$SPX - Chart Link- here's that 5 min chart and VWAP I mentioned
Bulls want to see a
Posted by steve on 5th of Aug 2024 at 01:18 pm
Bulls want to see a 90 DVOL - need to completely wash out all weak hands - then follow with a confirmation on the other side for aggressive longs. Important bottoms usually a 90/90 combo but 90 DVOL at a minimum. Also if that was 5 waves up then looking for an abc move down into the close. Personally, level to level here with that context in mind.
Okay - trail down stops
Posted by steve on 5th of Aug 2024 at 02:02 pm
Okay - trail down stops if following (scale and trail) as this fights around vwap (nice trade off that bounce)
Took at trim ES 5221/22
Posted by steve on 5th of Aug 2024 at 02:16 pm
Took at trim ES 5221/22
Took another trim 5222 -
Posted by steve on 5th of Aug 2024 at 02:39 pm
Took another trim 5222 - runner left
There she blows
Posted by steve on 5th of Aug 2024 at 02:40 pm
There she blows
Just ride it down with
Posted by steve on 5th of Aug 2024 at 02:47 pm
Just ride it down with a stop
Refresh my memory - isn't
Posted by profmel on 5th of Aug 2024 at 02:06 pm
Refresh my memory - isn't the next 45 minutes 'margin call' liquidations NY time? Seems it was twice a day - those who got liquidated by brokerage firms in the morning for not meeting the call AND same for the 1PM Cut-off time.
Not sure these days -
Posted by steve on 5th of Aug 2024 at 02:23 pm
Not sure these days - have to ask a margin clerk