In this video I discuss my argument for a re-visiting of the daily 100 and 50. This comes at an odd time because not only do we have earnings expectations that could be expected to be poor, but heading into mid-term elections, what if the script changes? Bullish on the short-term into the mid-terms? You bet! Let’s discuss the possibilities and the probabilities.
In today’s video I discuss how we are on track to hitting the infamous 50% retrace to the /ES level of 3838.5. Fibonacci is one of my favorite things and I think today’s close proved that we should at least tap it a few times next week with all the implosion and explosion of earnings volatility.
For possible large moves it can be useful to do Fibonacci work in log space. Let’s explore what that means.
Bears are starting to reaffirm their grip on this market, and unless some magical low is made in the next few days, FedEx seems destined for lower prices.
The theme remains the same across many markets, but the speed of those themes may be getting ready to accelerate. Let’s look at a few of the clouds on the horizon and what their implications may be into the November expiration.
This video is more of a diagnosis of what it means to close back down below 3700 for today with one last day left in the week of trading. Yesterday’s low was 3677 so I actually love the argument of stepping into buy this with a bullish target of +3700 for tomorrow.
In this video, I discuss my thoughts on the progress up to 3838.5 which is a 50% retrace from the August highs. We are well on our way for a repeat heading into November and I’m thinking the rally could just be starting up, as there is a fresh new squeeze on the /ES daily chart.
It seems to me the market is going to drift upward, but the path is unclear. And while we could look to play the bullish side, I think the bigger move will be down once the SPY and its Daily 50 SMA meet.
The general idea of what I see the market doing right now is drifting upward to meet its Daily 50 SMA. I am not sure of the path, but I think they will converge on each other, and that will setup the next major direction which I believe will be new lows. Let’s watch and see if the bear flag plays out in such a way.