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Bquat's Account Talk
- Thread starter Bquat
- Start date
Whipsaw
Market Veteran
- Reaction score
- 220
Bquat
TSP Talk Royalty
- Reaction score
- 577
Senior moment early wake up. Had coffee and breakfast already. Now 5 AM here. Stock futures are continuing sideways movement in a low base and possible bear flag. So possible more downward movement.:worried: S&P 500 Futures Live Advanced Chart
Well I know I had some possible buy levels on my chart yesterday but the downward movement was increasing it's pace as the morning continued. I did not really see any hesitation on any of the moving averages which concerned me. As you get to longer term moving averages the hesitation should be longer. Matter of fact the only hesitation we got was at the one percent down mark waiting for user input and after that it slowed and bounced back as selling dried up. Well I'm slightly bearish and may not enter unless the 20 day is recaptured. Anything less than that my just be a DCB until we continue down.
Well I know I had some possible buy levels on my chart yesterday but the downward movement was increasing it's pace as the morning continued. I did not really see any hesitation on any of the moving averages which concerned me. As you get to longer term moving averages the hesitation should be longer. Matter of fact the only hesitation we got was at the one percent down mark waiting for user input and after that it slowed and bounced back as selling dried up. Well I'm slightly bearish and may not enter unless the 20 day is recaptured. Anything less than that my just be a DCB until we continue down.
Bquat
TSP Talk Royalty
- Reaction score
- 577
We got the bigger move and I guess the trend must be up. Now did the bottom of the gap act as resistance or was it the 20 day? Also is the channel good again or is this just a DCB:
Bquat,
You have drawn lines in the chart that clearly show where the points of resistance to a continued upward move are. I remember that some days ago, 1885 was also a very important line of support/resistance. Both the bottom of the gap as well as the exponential (EMA20) have presented resistance. SPX has yet to clear the simple (MA20) at 1879.07. I suppose that we will need to see on Monday increased money flows and momentum into stocks to sustain the upward move. Any thoughts as to whether this move will continue for some time?
Bquat
TSP Talk Royalty
- Reaction score
- 577
I'm not expecting to get to 1885 but many are disagreeing with me. I was surprised by the strength of the bounce. With options expiration week over maybe some of the volatility in the market will go down and we may see more of a sustained move in one direction or the other. Now that were in the doldrums of summer, you'll see movements in the morning session and slight drifts up in the afternoons as traders get off there laptops and enjoy the summer.
