tsptalk's Market Talk

[tsptalk]

This morning's rally has nearly filled yesterday's open gap, and is back testing that dreaded make or break 2800 area.

 

[tsptalk]

The small caps filled it's gap. Now the upside could get a little tougher. There is another gap near 1380, but it will have to get back above the 200-day EMA to fill it.

 

[tsptalk]

Gap filled, and sellers stepped in...

 

[shitepoke]

Tom...was 200 day on SPX breached/wall at end of day
EJJ

 

[tsptalk]

Tom...was 200 day on SPX breached/wall at end of day
EJJ

It held as support yesterday, but if the futures hold where they are now (S&P down about 21.00) the SPX will open below it.

 

[tom4jean]

It held as support yesterday, but if the futures hold where they are now (S&P down about 21.00)the SPX will open below it.

More fuel for the fire down...

https://thehill.com/policy/finance/446272-dow-plummets-after-trump-announces-new-mexico-tariffs

Sent from my Pixel 2 XL using TSP Talk Forums mobile app

 

[tsptalk]

S&P didn't quite fill that open gap from March. Is that yet to come today?

 

[tsptalk]

You won't see this on the S&P 500 chart, but the S&P futures were down sharply and filled a large open gap already. It may have been better to see similar action on the S&P to get some capitulation from "normal" investors, as opposed to futures traders.

S&P at the open...

Be wary of the strong open.

 

[tsptalk]

You won't see this on the S&P 500 chart, but the S&P futures were down sharply and filled a large open gap already. It may have been better to see similar action on the S&P to get some capitulation from "normal" investors, as opposed to futures traders.

Be wary of the strong open.

That's better...

 

[tsptalk]

We're starting to see some puking indicators getting hit, especially on the Nasdaq 100 (NDX).

uke:

 

[SoonerCaniac]

I wish there was a way to "Like" a post without actually liking the contents.
We need an "Appreciate the Info" button :laugh:

Losing money is getting old!

 

[tsptalk]

 

[tsptalk]

I wish there was a way to "Like" a post without actually liking the contents.
We need an "Appreciate the Info" button :laugh:

I know what you mean. I feel that way about that Celebrity RIP thread. Tough to like a death announcement, but appreciate the forum member letting us know.

 

[tsptalk]

On a day where every rally in the S&P and Nasdaq are being sold with large tech stocks being the drag, we are still seeing green in the small caps and Transports with an hour to go in the trading day.

New intraday lows are not a good sign in the S&P and I don't think the last hour will be too quiet. More likely either a melt down or big positive reversal, or both.

 

[tsptalk]

This big rally has the S&P already recapturing its 200-day EMA, which is big plus, but now it's testing other key resistance levels. 2800 has been a major pivot point, and the 2815 - 2820 level is next. The 100-day EMA is also near 2813.

 

[tsptalk]

 

[tsptalk]

The indices are giving back morning gains, but I think it's too early to say it's a failed rally. An open gap was created at the open and this is so far just some backing and filling. I suspect some that missed yesterday's rally may start buying again today before the day is done. If I'm wrong and that descending resistance holds, the market will be in trouble unable to follow-through on a huge oversold rally. But, let it breathe for a bit here before panicking.

 

[SoonerCaniac]

Copper is not having a good day, and from what you teach us Tom, that makes me nervous that this rally will be very short-lived. HYG is flat now after a healthy morning rally. We shall see.

 

[tsptalk]

Small caps are sure struggling since hitting the 20 and 200-day averages...

 

[tsptalk]

The Mexican tariff announcement sent the S&P up to the 50-day EMA... But can it close above it?

https://www.cnbc.com/2019/06/06/stock-market-wall-streets-rally-is-set-to-slow.html