DOW chart from ALPHAHORNShows WE are right at 78.6% resistance on the dow
and the SPX at 1071 which is what I posted several times
For those who want to know
I bot 1500 TZA at mkt guru
I bot TZA at my LION account
I bot DJVWU
In Other words, the MKT has achieved its GOALS on the UPSIDE
and will NOW work its way into a SLIDE later today and especially Monday
Jay
17 comments:
You can post all the charts you want, but the bottom line is we're flagging still and it can go either way. It looks bullish on the snp 15 min. If it breaks up, we'll go much higher into the close.
Anyone looking at oil? It looks real cheap at these levels and is ripe for a bounce.
x
Pretty tricky market. They're trying to make this as bearish looking as possible while we grind higher every day. Next thing you know we'll be at Dow 11K and wonder how we got there lol
Looks like we go way higher now...parabolic time
Is it a holiday today? This action feels like low volume holiday action with not enough participation. It'll be tough to crack this egg if it is.
nice job Jay...been following your blog for a while and enjoy your model. We are in agreement. Heavily short SDS, TZA, TWM, BGZ...doc
I'm out of all short positions. This market's is not going down. We are just consolidating. Markets don't take all day to drop so something's up here. I'll look to short monday or after the holiday next week. Have a good weekend!
steve
Looks like 1088 still on the table. They're postponing the selloff til late Monday or Tuesday probably. We close flat today big players are done for the week. Sorry no slide today jay.
ty
market is GOING no where
ACTIVY index has BEEN FLAT all day at 66
thats only one tick from its lowest possible level at 33
Power index drops from 500 to 350 at close and lower on Monday
propens index HAD a BIG RUN UP to yesterday at 3020, ending the day Today at 3004
Jay
90 bars hits at close and or open monday- If monday, expect a huge open DOWNDRAFT.
After all that, the market decides to go up lol Good luck bears
Today's close: 1066.63 SPX
Atilla
Did the market forget to show up today? Total waste of my day watching this crap. Glad I'm long. I think we have a base to launch off of now. If my memory serves me, I've never seen the market drop straight from a flat consolidation day like this.
Heres Kemal's take pretty interesting
Kemal_1
The charts are difficult to read right now, if one tries to dissect EW patterns. The EUR/USD chart appears to form a bull flag pointing to 1.51 as the target:
http://tinyurl.com/yjn3k6c
The SPX is in a VERY tricky situation. I am watching two potential set ups.
1. The inverted H&S formation could form much smaller left and right shoulders than what one would think on first glance.
2. A so called leading diagonal (LD) could be forming in the wave (a) position. Right now, the fourth wave would be forming. I give this formation quite some credibility. The final fifth wave should be an acceleration to the 1074 - 1076 area. It could happen end of day OR first thing Monday morning. IF such an acceleration (or gap up on Monday morning) happens, GET OUT as fast as you can.
The reason is that an LD is followed by a very sharp retracement, likely down to 1050. This retracement could last 2 - 3 days.
I don't expect any drop today. Even after the sharp retracement, if it happens, new highs are certain. So the major market direction is up.
Sorry for the noobie question but
how do you guys know the dow wave 2 is gonna retrace to 78.6%?
why not 61.8% with reference to this
http://3.bp.blogspot.com/_tOEUlOjbtCU/SvRYgquamSI/AAAAAAAAAg4/SSGhXCPIRTo/s1600-h/Capture.JPG
thanks for your help in advance!
WElcome NEW members
Thanks for signing in
Jay
Jay, why would you buy tza last Friday if your previous graph shows a target of 1090? Why not just wait to scale short above 1080? That's my plan anyways. I might start above 1075 tomorrow. Futures are green, euro broke higher, and asia's up. Seems like shorting the close tomorrow or Tuesday would be the best strategy.
ptg
Post a Comment