tsptalk's Market Talk

[tsptalk]

I am just dying to get in and want good clear information and thoughts here.

The time to buy is usually the day you are no longer dying to get in.

There's some truth to that, but it depends on the fall-out on Wall Street. Are the bulls really done? The gaps are filled and we may just need to see some short-term puking levels before it snaps back. Maybe another 200+ points will do it - since we are in a bull market. I don't know yet. If we were in a bear market it would be a different story. Doing my analysis now.

 

[FireWeatherMet]

The time to buy is usually the day you are no longer dying to get in.

I gotta remember that one!

 

[tsptalk]

Possible Nasdaq support / targets...

 

[tsptalk]

The small gap from that last post (almost) got filled this morning on the Nasdaq, but the big one still looms.

 

[rktect1]

I'm already moved to the S fund this morning but may pull that plug by 10:50

We shall see. It has been years since I have been above the S fund. Of course if this is a falling knife.........

 

[law87]

I'm already moved to the S fund this morning but may pull that plug by 10:50

We shall see. It has been years since I have been above the S fund. Of course if this is a falling knife.........

\

gotta ride that memorial day train man...I wouldnt jump till next friday.

 

[tsptalk]

The SPY is making a beeline to the open gap, but there is some potential resistance near this morning's high, which is the bottom of that "F" flag trading channel, and the bottom of the gap.

 

[law87]

The SPY is making a beeline to the open gap, but there is some potential resistance near this morning's high, which is the bottom of that "F" flag trading channel, and the bottom of the gap.

Nasdaq Gap still hasnt fill yet...so much decision, I was going to jump today but its 1210 ET when I saw the clock. OTOH I think thats the only chart that still have a big ol gap at 5925...weird

 

[tsptalk]

The morning is starting out with a fill and spill. The gap was "almost" filled and then it started to pullback. Getting some resistance at the top of a gap is not uncommon, but will it last?

The bulls have the momentum now and it could be a bullish cup and handle formation, but old Slim sees a pattern that he thinks is troublesome...

 

[tsptalk]

The morning is starting out with a fill and spill. The gap was "almost" filled and then it started to pullback. Getting some resistance at the top of a gap is not uncommon, but will it last?

OK, the "almost" is now a fully filled gap. That was a nice comeback from the early push back mentioned above. Now the tough part begins and which direction it turns now may tell the short-term future. New highs or resistance at the top of the gap?

 

[nnuut]

I like slim but he doesn't post often, I think tomorrow might be a good day to go 100% G, we will see.

 

[tsptalk]

The S&P is again struggling as it reaches for the new highs. It's early but the buyers don't seem too eager yet. That could change since we've had 3 big up days in a row and some profit taking is expected.

The small caps are stalling so far this morning (10:17 AM ET) at the the descending resistance line and trying to hold above the 50-day EMA.

 

[nnuut]

I like slim but he doesn't post often, I think tomorrow might be a good day to go 100% G, we will see.

S Fund is in the GREEN I might stick it out, still have 2 IFTs.

 

[tsptalk]

It's trying... It did a nice job of holding the 50-day EMA. Just needs a nudge from here...

 

[tsptalk]

A promising start for the small caps this morning as it has broken it's downtrend. Holding that breakout into the close would be big.

The Transports are up nicely today too, but no breakout yet and still below the 50-day EMA...

 

[tsptalk]

A promising start for the small caps this morning as it has broken it's downtrend. Holding that breakout into the close would be big.

It's starting to buckle a little with 2.5 hours left to trade today, but remains above the 20 and 50-day EMAs.

 

[rktect1]

It's starting to buckle a little with 2.5 hours left to trade today, but remains above the 20 and 50-day EMAs.

1207.64.

Not bad, right?

 

[tsptalk]

Yeah, it climbed back nicely...

 

[tsptalk]

More positive action from the Transports with oil down 5% on the day. It moved above its large bear flag breakdown level, and back above the 50-day EMA.

 

[tsptalk]

:scratchchin: hmmm... I didn't even notice that open gap created yesterday on the S&P until just now.