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SPX: The sharp movement following the FOMC makes it pretty well certain that an important market top has been reached. The targets for SPX were 3032 and 3060 – it appears to have topped out at 2028, so pretty close to the lower target of 3032.
There’s important support at 2950 and the market dropped quickly to that area. It hasn’t touched it yet and might try again.
Bearing in mind the Bradley, which had a low suggested on July 30, allowing a day or two either side might suggest that the low on July 31 was the ‘Bradley low’. The Bradley now suggests a rally into August 8/9/11. This would make sense to me, but might of course be complete nonsense.
SPX might test the 2950 support from above and then subsequently from below – possible route shown on the chart.
I have a feeling that the Dow low of 31st July may hold
and we travel to new aths.I will not risk any money on this idea but it would not
be out of place in a US pre election year.I still like 2007 as my route map.
Let’s take care out there.
Never give up, never surrender.
DOW: the Dow has already tested its own key area of support. It might try again, but more likely that it will try to rally to test the broken top support line at 27060.
The big red candle day strongly suggests the ‘top is in’ and it would appear to be a question of looking for good short entry points.
DOW: on the minute-by-minute chart we can see the clear line of broken support at 27060. This also marks wave ‘a’ of the top formation. The Dow will likely try to test this support from below. No guarantee that will happen of course.
SPX: there’s less of a clear top support line on SPX but something seems to exist in the 3001 area. This would make sense – the break of 3000 resulting in the plunge.
SPX will probably try to go back upwards to test that area. Interestingly that line at 3001 is also an exact 0.618 retrace of the drop from the top to yesterday’s plunge low.
Of course every man and his dog will be waiting to short at 3000, so the market might not get there, or it might rise slightly higher to overlap wave ‘a’ and make the shorts at 3000 uncomfortable.
Good Morning Cimac , Hatman
( Hatman please send me a email amigo – Daughter soon coming over youir neck of woods zarif.virmani@btopenworld.com )
we had FOMC yesterday with New Moon ( black moon?? unsure) and today is FOM ( first of month)
Small droplets of rain turn into Rivers, Streams and Mighty Oceans
Good morning zarif
BoE rate decision at mid day … damp squib ?
Never give up, never surrender.
Entry order …
Small short Dow at 27000 … stop 32000 … limit 18000
Let’s see if the US bounce continues and takes my bait.
Atm small trades only until we know a bit more.
Never give up, never surrender.
Entry order …
Small short Dow at 27000 … stop 32000 … limit 18000
Let’s see if the US bounce continues and takes my bait.
Atm small trades only until we know a bit more.
Deleted.
Ftse and Dax have now got above the FMOC announcement level
and I wanted to see how bullish the US is later today.Never give up, never surrender.
Small short Dow at 27000 … stop 34000 … limit 18000
A marker until, we know exactly what we have got.
Never give up, never surrender.
Small short sp500 at 3001 … stop 3300 … limit 2200
Another marker until, we know exactly what we have got.
Never give up, never surrender.
I hope I am wrong about 2019 being a reworked version 2007
If hatman is right, then I will be earning profits soon.
Never give up, never surrender.
The new moon today is having the often see ‘h’ affect.
I have noticed before that when market moves against
the new moon or full moon, those moves can be very
quickly be wiped out.We traders are just tiny parts of the universe.
Never give up, never surrender.
I hope I am wrong about 2019 being a reworked version 2007
If hatman is right, then I will be earning profits soon.
Wow … what I drop that was !
Well done hatman !
Never give up, never surrender.
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