The hunt for green october
September was an absolutely sleep-depriving month to trade... There was almost no point in having a weekly strategy as every day was basically whipsaw back and forth. I most went day to day (no point in posting day trades) and eeked out some green, but tbh it wasn't worth it.
I think we're in for a treat for october though. Today might have seemed bearish but it's all a ruse. There are a ton of stops in the 2935 - 2920 area and I think the algos are going to go hunting for them in the upcoming days. It'll be scary but this is the time to go long. With trade talks about to start again you can bet positive rhetoric about progress and goodwill will be all over the news. Futures will be pumped and bears late to the party will be squeezed.
Make no mistake I'm bearish the overall market, but you simply can't pass up opps like this. There is massive support below so watch for capitulation tomorrow or thursday. One thing to note is that if we bounce immediately from where we are to 2985, it's probably wave E of iv (an expanding triangle). I would not trust that move and sell that bounce. Only when we make a lower low here in the upcoming days and see signs of capitulation and the algos shaking the weak hands loose do I think the index is poised to make a run upwards, possibly to new ATHs.
Also planning to long GOOG, CRM and short GLD for the first half of Oct. Anticipating a take profit around Oct 10-11 as I can't imagine any real progress being made on the trade front.
I think we're in for a treat for october though. Today might have seemed bearish but it's all a ruse. There are a ton of stops in the 2935 - 2920 area and I think the algos are going to go hunting for them in the upcoming days. It'll be scary but this is the time to go long. With trade talks about to start again you can bet positive rhetoric about progress and goodwill will be all over the news. Futures will be pumped and bears late to the party will be squeezed.
Make no mistake I'm bearish the overall market, but you simply can't pass up opps like this. There is massive support below so watch for capitulation tomorrow or thursday. One thing to note is that if we bounce immediately from where we are to 2985, it's probably wave E of iv (an expanding triangle). I would not trust that move and sell that bounce. Only when we make a lower low here in the upcoming days and see signs of capitulation and the algos shaking the weak hands loose do I think the index is poised to make a run upwards, possibly to new ATHs.
Also planning to long GOOG, CRM and short GLD for the first half of Oct. Anticipating a take profit around Oct 10-11 as I can't imagine any real progress being made on the trade front.
Note
Note the importance of the area immediately below as support... if this area breaks we'll see 2820 in no time.Note
Wow what a slaughter... and no signs of capitulation or mass short covering yet. The good news for bulls is that we're wildly oversold. Typically at these momentum levels a bounce is imminent. Upside target is now basically limited to gap resistance above at around 2920. I'm expecting probably another lower low either overnight or tomorrow and if there's signs of mass volume + short covering, buy and hold until 2920.Note
Been on vacation and actually dumped all my long positions last week. Now looking to enter short. I think SPX has one more moonshot attempt at 3000 left, but not gonna chase it on the long side.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.