tsptalk's Market Talk

[RealMoneyIssues]

Quick trip to the bottom of the bear flag. Big gap overhead, however.

Dreamer... it could take months to fill that gap... or days

 

[tsptalk]

Quick trip to the bottom of the bear flag. Big gap overhead, however.

Dreamer... it could take months to fill that gap... or days

Or fill the same day.

 

[tsptalk]

Boy, this chart got ugly in a hurry. I suppose that means it can improve just as quickly, but the downside target for this broken bear flag would be in the 9300, to as low as 8600, range.

 

[wavecoder]

You know the market is crazy when it's moving 2% a day and you're like 'that's normal' :nuts:

 

[tsptalk]

That's true, and why sometimes we need the type of day that makes investors say "get me out at any price!" It doesn't feel like we're there yet.

 

[James48843]

Boy, this chart got ugly in a hurry.

Just remember- BEAUTY is in the eye of the beholder.


Now, I keep thinking that SOMEBODY loves an ugly mutt too.....

 

[tsptalk]

Wow, that looks a lot like my dog... without the tongue thing.

"wire haired" terrier.

 

[James48843]

I'm thinking the next solid support level in the S&P 500 is down around 2550.

Today's action shows there isn't a lot of support here- just slipperyness.

No Santa rally in sight.

 

[clester]

I'm thinking the next solid support level in the S&P 500 is down around 2550.

Today's action shows there isn't a lot of support here- just slipperyness.

No Santa rally in sight.

February lows are definitely in play if we get a below the more recent lows. We are not oversold via RSI so I don’t think time yet for a bounce

 

[jonfresno]

Just remember- BEAUTY is in the eye of the beholder.


Now, I keep thinking that SOMEBODY loves an ugly mutt too.....

Hey, leave the pooches outta this, they love us and you know how WE look....

 

[clester]

Futures down again tonight. The S&P will probably test 2603 soon but I'm guessing on the February lows 2532 will get tested. Thats a good drop from here. I am considering trading in RWM (inverse Russell 2000) as it has already broken recent lows. I've not traded what is basically a short trade. Its a little scary but I think its a good trade for Monday depending on how much we are down at the open. I need to figure out a good entry price. Any thoughts?

 

[tsptalk]

I think if it closes below the bear flags then expect the bears to keep the pressure on for at least a couple / few more days. Otherwise if it can reverse a bear flag breakdown and close above support, that will be a good sign that it's over.

 

[nasa1974]

So much for a Santa Rally

 

[tsptalk]

We've seen most of the major indices break to new lows this morning, but they are trying to climb back. the close is still key.

The Nasdaq is outperforming with Apple trying to lead the reversal.

 

[wavecoder]

Not sure how much of a believer I am in that reversal candle on the S&P, it was all lead by the nasdaq. Financials and small caps made new 52 week lows. Biotech did look decent but that sector seems to just have a mind of its own.

 

[tsptalk]

Strong open! Another trade headline? The bears should try to make an attempt to sell this. Let's see if the bulls have enough to hold on.

 

[tsptalk]

Most of the indices have filled the morning's opening gap...

The lone holdout is the Nasdaq, which is still slightly open...

 

[tsptalk]

Stocks are obviously rebounding this morning. They haven't been holding well of late, but they had become very oversold this week. Here's a few things I'm watching today...

The dollar is dipping helping the situation. The failed breakout could be the catalyst for stocks since the rising dollar has put a lot of pressure on stock prices since late September. Watch the bottom of that channel. If it breaks perhaps we'll get a real rally in stocks that holds.

The High Yield Corp. bonds are up but nearing the EMAs that have held them back in the recent past. There was a higher low so far this month, so that's a positive.

The 10-year yield is finding a little support but the 200-day EMA is just overhead and could be resistance, although there is an open gap near 2.98%.

 

[tsptalk]

Dow's up nicely, but Nasdaq and small caps are lagging, and breath (adv / dec) is negative. :suspicious: <-- suspicious.

 

[tsptalk]

Small caps are outperforming today after lagging badly on Thursday. But notice that it is still below that parallel channel's support line, which may now act as resistance.

The S&P 500 tested its channel support line again this morning, holding so far. Closing above that level seems to be key for the bulls. A break below on a closing basis, and it could become resistance.