If you fail to plan, Plan to fail
A new high came in 3119. Yikes i missed that one. But we will see what monday bring us. I ll be looking for a pull back here
3100 jumps out as the first good area of support to bring in buyers.
Nil desperandum
SPX is looking extended and overdue for some type of pullback. This would open up opportunities to buy into the market at discounted prices. {image} {image}
Nil desperandum
I am long @ 3105. Keeping the stop close. but i saw the reaction to 3100 and got in with a small position. May ride this for the rest of the week. Not looking to add to this yet.... {image}
I am keeping an eye on FOMC minutes today but don't expect any surprises.
Nil desperandum
{quote} I was out when it hit 3110 from that earlier buy. Going to wait this out and see if we close the gap and drop after that. So phase 1 trade deal is a maybe at this point, so the market is dropping on the reaction. 81% of the market is short I am looking to buy this again. News may fuel out and then the rise back This PA makes me want to buy now, but i would rather wait for the some more news or 3110 to be broken again Price reacted well to the SnR levels on the chart {image}
Also 3100 held up on the 4h and price is bouncing off.
It would seem likely a test of the the recent highs at 3132 will now happen, I will try to exploit this.
Nil desperandum
{quote} Springboard to the next level it seems. I will enter with this pull back and start adding once we clear 3110 IMO.
We have a breakout on the SPX 15min.
Let's see if there is follow through when the US markets open.
Nil desperandum
- #95
- Edited 4:27am Nov 22, 2019 2:19am | Edited 4:27am
- Joined Dec 2009 | Status: Nil Desperandum | 389 Posts
{quote} Markets appear risk on. . . We have a breakout on the SPX 15min. Let's see if there is follow through when the US markets open. {image}
The previous lows and 3100 were retested with a drive down on US market open yesterday. 3100 again held up on the 4h chart. I took the opportunity to add a position although it did feel uncomfortable when prices were rapidly pushing below 3100. All seems calm on the East / West front for now.
3114 - 15 may turn into a new support base if the SPX pushes up into new ATH's from here.
Nil desperandum
Will the market continue to crank on up and scale the wall of fear?
Both Xi and Trumpy are sounding positive regarding the trade deal - At least for now. It seems this big pie is baked into the markets with investors looking on the whole to a positive way forward into 2020. If this deal falls through then undoubtedly we will see carnage / blood letting and a sharp adjustment to the SPX.
Reuters have an interesting article on the possibility for a Santa rally;
https://www.reuters.com/article/us-u...-idUSKBN1XW25D
On the technical side recent activity has been interesting.
Prices have been bouncing between 3100 and 3115 for previous 4 sessions. Each sell off down to 3100 saw buyers entering and rallying up the SPX. This happened on 6 occasions with the most recent bouncing of exactly from 3100 into Friday afternoon.
Most noteworthy is 3100 held up to the negative commentary regarding the trade deal.
The picture forming is of a standard pullback before moving to higher prices IMHO.
I am looking for a break of 3115. In an ideal scenario this new level will then turn support (tradable level) for a move up to 3123, 3133 then possibly new ATH's.
SPX is also becoming extended and a break of 3100 from a negative market driver to form a deeper pullback could also easily happen.
Both Xi and Trumpy are sounding positive regarding the trade deal - At least for now. It seems this big pie is baked into the markets with investors looking on the whole to a positive way forward into 2020. If this deal falls through then undoubtedly we will see carnage / blood letting and a sharp adjustment to the SPX.
Reuters have an interesting article on the possibility for a Santa rally;
https://www.reuters.com/article/us-u...-idUSKBN1XW25D
On the technical side recent activity has been interesting.
Prices have been bouncing between 3100 and 3115 for previous 4 sessions. Each sell off down to 3100 saw buyers entering and rallying up the SPX. This happened on 6 occasions with the most recent bouncing of exactly from 3100 into Friday afternoon.
Most noteworthy is 3100 held up to the negative commentary regarding the trade deal.
The picture forming is of a standard pullback before moving to higher prices IMHO.
I am looking for a break of 3115. In an ideal scenario this new level will then turn support (tradable level) for a move up to 3123, 3133 then possibly new ATH's.
SPX is also becoming extended and a break of 3100 from a negative market driver to form a deeper pullback could also easily happen.
Nil desperandum
Will the market continue to crank on up and scale the wall of fear? Both Xi and Trumpy are sounding positive regarding the trade deal - At least for now. It seems this big pie is baked into the markets with investors looking on the whole to a positive way forward into 2020. If this deal falls through then undoubtedly we will see carnage / blood letting and a sharp adjustment to the SPX. Reuters have an interesting article on the possibility for a Santa rally; https://www.reuters.com/article/us-u...-idUSKBN1XW25D...
Close of the gap and test of 3115 is a likely scenario for today, making 3115 a tradable level to enter long.
If 3115 remains intact as support 3128 then possible ATH's later in the week?
Nil desperandum
