tsptalk's Market Talk

[tsptalk]

Not the best looking chart formation for the NasdaqQ 100, but as long as that 50-day EMA holds, it;s the bull's ball.

 

[tsptalk]

"Stealth gap" filled (red), 50-day EMA trying to hold...

Bear flag forming, so that's the battle - bear flag vs. 50-day EMA.

More: https://www.tsptalk.com/mb/blogs/tsptalk/5286-tsp-talk-fed-dovish-but-investors-take-profits.html

 

[tsptalk]

The Transports are now positive and on pace for another new all time closing high if it holds.

 

[Bullitt]

Great observation. While some are saying to buy more tech on the dip, it's pretty clear where money is going.

 

[tsptalk]

Besides the most obvious, here are some red flags this morning...

 

[rangerray]

I was betting against all of that :laugh: How many times has this market done the opposite of what we might expect this year? So, now I suppose I'll wait for an oversold bounce, assuming there's one around the corner.

 

[tsptalk]

The breakdown was certainly a good possibility with those bear flags, but I too was hanging onto some technical support (aka, hope) that the 50-day EMAs and support lines would hold.

 

[nnuut]

I think I'll stick this one out, contrary to my better sense. Damn the torpedoes!:1244:

 

[tsptalk]

Gold and silver also feeling the pain with the dollar up almost 1%...

 

[tsptalk]

Monday's open gap was filled (blue), although the orange box could be one of those "stealth" gaps. It's the gap between Friday's close and Monday's high and they may need to meet, although they are as self fulfilling like the fully open gaps.

The gap near 3380 remains open (red).

 

[Bullitt]

10 of last 13 candles black. Heavy distribution in the markets is probably makers unloading all those stocks they purchased to offset the massive call buying.

 

[tsptalk]

With big tech sagging today, the Equal Weighted S&P (-0.02%) is outperforming the S&P 500 Index (-0.45%) so far this morning. But both have the same problem -- Support, once broken, can turn into resistance, and the 50-day EMA is in the way right now on both.

 

[tsptalk]

Nice little lunchtime pop, but watch 3270 - 3274 area as possible resistance.

 

[tsptalk]

Early observations:

The good: Small caps and the Transports are leading strongly on the upside.

The bad: High Yield Corp Debt is down, and the market doesn't usually like that.

 

[tsptalk]

The S&P jumped the 50-day EMA at the open but the 20-day EMA is holding it back right now, like it did several times earlier this month. That's today's next obstacle.

 

[tsptalk]

It's all about the dollar lately. S&P vs. UUP...

 

[tsptalk]

The futures were up sharply during the debate. I saw +21 S&P points + 9 fair value, but they went negative shortly after it was over.

Sent from my SM-G930U using Tapatalk

 

[tsptalk]

It looks like a bullish flag right now, but that 50-day SMA is still in the way. And that open gap is right there for the taking if the bulls can't break this out.

 

[tsptalk]

The chart in the prior posts shows investors optimism that a stimulus deal is ready to be made, because if it isn't, as I posted in another thread, the airlines are on the brink of of massive layoffs. The pivot point is here today.

 

[tsptalk]

An intraday breakout above that 50-SMA is happening this morning, and the open gap near 3380 looks to be in play. The bulls are hungry this morning, but will congress give them their fodder?