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Re: Stock scream room

Posted: Wed May 13, 2020 8:48 pm
by pmward
buddtholomew wrote:
Wed May 13, 2020 8:01 pm
Funny, I was glued to SPY during that time as well and noticed a couple attempts to breach and hold below that 279 number. Low was 278.96, Close 281.60.

Been watching GDX for a good entry again after 35.20 sale.
Yep, important support levels like $279.13 rarely give way easily. The best chance the bears have to get and hold below there is to try to gap below it tomorrow morning. We will have to wait and see what happens. If they starts closing some candles below $279.13 then the bears are actually scoring some points and doing some real technical damage, something they have been completely unable to do since March 23.

Re: Stock scream room

Posted: Thu May 14, 2020 4:46 am
by Vil
pmward wrote:
Wed May 13, 2020 9:26 am
Double top's do not exist until they set a lower low.
Yup, I am bit too quick and a bit of looking ahead (which obviously is my mind drawing dragons in the air), indeed crossing of the confirmation line is pending... Have struggled with some reversion trades in the past due to that (entering too early), promise I will not do that in the future ;D

We had a nice -2.xx% gap in EU, has gained a bit since then but still it smells a negative day. Let's see, though its nice to see again the pros going against the prevailing trend shortly after market opening and betting against ..

Re: Stock scream room

Posted: Thu May 14, 2020 8:44 am
by Vil
pmward wrote:
Wed May 13, 2020 8:48 pm
Yep, important support levels like $279.13 rarely give way easily.
Its 278.34 now, listening to L'Inverno / Le quattro stagioni (Vivaldi) - that makes the moment even more dramatic ahahah

Re: Stock scream room

Posted: Thu May 14, 2020 10:12 am
by pmward
Vil wrote:
Thu May 14, 2020 8:44 am
pmward wrote:
Wed May 13, 2020 8:48 pm
Yep, important support levels like $279.13 rarely give way easily.
Its 278.34 now, listening to L'Inverno / Le quattro stagioni (Vivaldi) - that makes the moment even more dramatic ahahah
Yep the bears not surprisingly did the gap thing I mentioned last night. They even got an hourly close below $279.13 which really does weaken that level a bit. But so far the bulls have pulled us back above now, and are going back for that next important $181 level. Watch how it handles that $181. Usually the market does one of two things in this scenario. It either goes up close to $181 and then just hangs around doing nothing, this is a bull flag which basically is building energy to break back above $181 which would put the ball back in the bulls court and set the stage for a late afternoon rescue rally. Or it goes up to $181 and quickly turns back around and goes back down, which keeps the ball in the bears hand and sets up yet another test of that now weakened $279.13 level into the close. The hourly chart is very important right here.

Re: Stock scream room

Posted: Mon May 18, 2020 12:49 pm
by dualstow
Maybe it won't last but my losses are rapidly evaporating.

I have no regrets about not panic-selling.