It seems to me it makes more sense here to protect paper profits here, hope for a new leg higher, and see how this plays out. With the fed getting more hawkish, will the rally continue? Will the rest of the world printing money continue to force foreign money into equities? Those are bigger macro fish than I can fry. Best Bet is to stay long and look for the next 5% move.
These charts […]
It seems to me it makes more sense here to protect paper profits here, hope for a new leg higher, and see how this plays out. With the fed getting more hawkish, will the rally continue? Will the rest of the world printing money continue to force foreign money into equities? Those are bigger macro fish than I can fry. Best Bet is to stay long and look for the next 5% move.
These charts […]
Currently we have poked our collective head above that daily trend line on top of the March Dow Futures… As we get ready for tomorrow’s un-employment number, its really no surprise. It truly is a coinflip tomorrow as to weather we power on to new highs, or take a cliff-dive, base jump from these heights.
Below is the corresponding formation in the S&P500. I realize most speculators like the S&P, but in my opinion, both indexes need to be watched together.
Currently we have poked our collective head above that daily trend line on top of the March Dow Futures… As we get ready for tomorrow’s un-employment number, its really no surprise. It truly is a coinflip tomorrow as to weather we power on to new highs, or take a cliff-dive, base jump from these heights.
Below is the corresponding formation in the S&P500. I realize most speculators like the S&P, but in my opinion, both indexes need to be watched together.
Do you think people were looking at that lower trend line on this pennant formation in the Dow ? Monday they really go after it to the downside, we posted a fresh 3 month low, then the algo traders caught all the week shorts off guard and ran them out to the tune of 638 points! We could very easily spike above the upper trend line next, with no guarantees the algo traders won’t nail the weak longs and slam it lower after a test of 17,800. Friday’s un-enjoyment report […]
Yesterday morning there was a lot of bearishness about to start the new month. March Dow futures fell to a low of 16,972. Why is this significant? The previous low on the charts had been 16,974 posted December 16th. Ironically, that low sparked a 7-session, 1256 point rally to the record high 18051 on Dec 26th! Once again, the bears got caught watching the negativity and fear by watching too much TV. Today’s high, so far has been 17495 533 points in the rear view mirror. That’s a lot of $ to lose if you were short in the hole for the last 24 hours. […]
Here is the S&P Chart covering the same time period. The October low was 1805. That’s a 1 year low. S&P futures then rallied to 2088.75 on Dec 26th and again on Dec 29th. That’s 283 Handles, or 15.6 %….. In 2 months… This parallels the move in the Dow that I sent earlier. 1980.71 is the 38% retracement of this large move. 50% pullback takes us to 1947.22 62% pullback takes us to 1913. Any one of these “corrections” would not be out of the ordinary. They would be large numbers, yes…. But percentage wise, they would not be out of the ordinary.
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Here is the S&P Chart covering the same time period. The October low was 1805. That’s a 1 year low. S&P futures then rallied to 2088.75 on Dec 26th and again on Dec 29th. That’s 283 Handles, or 15.6 %….. In 2 months… This parallels the move in the Dow that I sent earlier. 1980.71 is the 38% retracement of this large move. 50% pullback takes us to 1947.22 62% pullback takes us to 1913. Any one of these “corrections” would not be out of the ordinary. They would be large numbers, yes…. But percentage wise, they would not be out of the ordinary.
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In October of 2014 we dropped to a low in Dow futures at 15,743. That is a one year low for the index. Between October 13th and December 26th, the Dow rallied 2,310 points… 15% in 2 months. We are at key technical levels which all traders, be they technicians or fundamental traders are familiar with. They may not admit it to their clients, but they are aware of these key pullback levels. 17,170 is 38% Retracement of that 2-month 2,310 point rally. 16,900 is the 50% Retracement of that 2 month, 2310 point rally. 16,624 would give us a 62% retracement. These levels are […]