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Thanks hatman.
Yesterday’s s4l on the Dow looks incomplete so there
is a case for spill down today. That has to then be
set against what should be a bullish s1h ‘normal’
today. Hence expect some very tradable swings.Never give up, never surrender.
I bet that swift run to Dow 18030 took out a load of stops
because traders still use big round numbers, plus a bit.Let’s see what the real world / rth wants to do.
Never give up, never surrender.
Good to see you back around hatman,it has got awfully quiet on the pad.ive got a small pullback into Tuesday,then a run up into Friday as well next week…makes sense new ath’s with opex shenanigans.good to be on the same page.
Good to see you back around hatman,it has got awfully quiet on the pad.ive got a small pullback into Tuesday,then a run up into Friday as well next week…makes sense new ath’s with opex shenanigans.good to be on the same page.
Hiya Harry,
Well ya know what happens when everybody is on the same page don’t ya? 😥
I mentioned a couple of days ago, the FTSE daily has a classic bull flag, it’s been forming it for the past week so a break up next week would not surprise. On the other hand………..
looks uber-bullish paps,market looks like its finally got the momentum to clear these stubborn highs,but im in short at 2122 sep futs for a small pullback first hopefully.see you all next week.have a good one!
Yesterday I shorted the pre brexit Dow rth high with a tight stop
and that did not work. Then I shorted the pre brexit futs high,
well near as I could. So my only open position is
small short Dow 18150.Agree the Ftse could target 7000 and we have opex on friday so
unless you are ready with enough margin, don’t short until
we do top out, which looks to be this month.Never give up, never surrender.
Brexit reaction has entered a phoney brexit period but
as with WW2 the troubles are brewing.Enjoy the summer sunshine, have an ice cream and a
swim in the sea. That’s what I will be doing 🙂Never give up, never surrender.
I happened across a chart of the Wilshire 500, did some calculations, and am rather interested to find that the pattern is almost exactly the same as the S&P.
The final run upwards is rather more clear on the Wilshire, with a double top being the exact target for completion of a five wave C. Note the fib ratio which suggests slightly more upside, and probably matches the expectation for 2151/4 area on the S&P.
Looks good to me and we must not forget the risk of a truncation.
The market will not want and would not work if we proceed up to
the top and back down in an orderly fashion.
We should get many traders buying the top, or closing shorts,
or just surprised and confused.Never give up, never surrender.
As the Ftse retraces the ath it has got into a zone
of resistance based on a previous triangle.As we don’t know the critical price within the zone,
let’s use a broad brush area we need to monitor.6500 (0.618 fib) <-> 6750 (0.764 fib)
I have no interest / open position but think that
the brexit vote reaction could be a 3 way move
and we are in the 2nd which when complete
will give a very decent drop.Never give up, never surrender.
Here’s the Bradley chart taken from the Siderograph book. You can see that it caught this latest rally very accurately, and is suggesting a marginal new high around July 19th.
Of course the Bradley often doesn’t work very well, but on this occasion it looks spot on.
My target for SPX is 2151/4, and I have another at 2140.
Looking at the recent SPX action, I can see the possibility of either a) a rising wedge over the next week OR b) an irregular flat for the small 4th wave taking the market back down slightly then followed by a surprise 5th wave up through resistance at 2130.
I’m afraid I don’t have a particularly good track record for FTSE. However looking at the current movements I can see the possibility of a clean ABC 5-3-5 being completed at 6710.
The very high MACD suggests further highs will follow later (perhaps months later).
I think FTSE has decoupled from the US markets – it has the advantage of a falling currency making FTSE companies more internationally competitive (apparently 82% of FTSE earnings come from overseas).
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