I will buy this trend to scalp if vol stays high...
The gaps on the rally have laid the foundation for this market top.
This was something I was looking for a couple weeks ago. Friday saw a lot volume but ultimately we ended with a sell off and a bearish setup that screams we are breaking this current corrective wedge to the downside. The target if we break the neckline at 24200 is 22600 which lines up nicely to what a possible downward channel structure would look like going forward.
This looks very nice and orderly now. We should bounce from this area, maybe testing a bit lower but not all the way to the bottom of yellow fib. Then we come up for a perfect looking H&S :).
Yesterday was flat , not today..
So many things happening in this area. Our new shorter term downtrend and uptrend are converging. The blue line is the markets current "trend" and price action has been reverting to this trend for several years. We also have heavy resistance coming from the top of our long term price channel which we just bounced off of.. It will be very easy to trade this, be...
After today we have moved into a zone that will see a lot of resistance if the price moves up. The rallies will be getting sold but our downtrend will remain support. We should continue to move down into the bottom zone of our current retracement channel. I have been scalping by buying when the price hits our downtrend and selling the rallies which I believe will...
Prepping for tomorrow. My bias is to the downside, my target is 2700, at which point can we should bounce hard off of the yearly low and into the FOMC.
Careful we might pop here. Getting cradled.
If this doesn't make you super bullish on gold I dont know what will... Every 300 dollar breakout increase in price for gold over the past 20 years has been preceded by the same formation and we are just about finished with the same pattern and we will have a breakout from 1300 to 1600.
SPX day trade for tomorrow.
think we are gonna break this? economy is actually shit, looks great on surface but america is deteriorating.