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Potential Support is in play with the WL1 and the CL. P!
Technical analysis of BAC's chart indicates strong levels of resistance at 18, and 15.25, the latter of which has just seen a completed double top in the past few weeks This indicates that we should break lows and test lower, 9.9 and 8.27 (more significant) supports are supports we could test. let me know what you think
The following are catalysts to drive increased volatility to support my potential case of a right shoulder before breaking down back to 1800's. VIX megaphone breakout Fed FOMC meeting today 06 / 15 / 206 Potential Brexit on 6/23 - 6/24 World Market Selloff (Especially the nasty bear wedge break in Deutsche Bank and new NIK225 lows) Bitcoin Ramp US news of...
...guess where it stopped? Learn Action/Reaction & start for free: mytradingcoach.teachable.com should be a no brainer... P!
So as you guys & gals know, i was ultra short biased on the S&P. But there are times when i have to admit that my thinking was not how the reality evolve. i'm sitting here and watching this chart, and i see that there is strong support. The two scenarios on the chart give you the idea from the perspective of the A/R framework. I'm patient, waiting for something...
Looking now at the chart, we notice there could be a potential retracement to at least the 2070 area within a couple of days.
Could the DAX mark the path? Check out my previous post P!
Yes, i could be dead wrong, as everybody else too. But to me, it's not a question IF the ES will tank...more a question of WHEN. When i see the last closes (pink area), my neck hair shoot straight up to the moon and i think, what else can i sell in my household, to invest in this short §8-)) ...don't take it too serious - it's nothing more then my opinion, which...
As it turns out, patience pays ... . If you were patient enough to wait for price's challenge of the downward sloping yellow channel's upper bound here (I thought that presented the best risk reward } and took an appropriately scaled short entry, kudos to you (it happens to also be coincident with last week's high, so there's a confluence of resistance, both...
Since topping out on 4/20 at 2111 and change, the S&P has assumed a downward trajectory as indicated by the yellow channel, a short EMA (8) (shown in red), and a long EMA (34) (shown in green), also putting in a series of lower highs and higher lows. The general notion is to trade in the direction of the prevailing trend (down), so my tendency would be to short...
In addition to reacting off the lower and upper bounds of the 3/24-Present Channel (shown in purple here), watch for price reactivity to the channel's midline (shown in blue). On several occasions, price has either retreated from the midline on test from below or bounced off of it on test from above (red arrows). Given the fact that the purple channel has an...
The hardline (flat) provides strong support. The softline (upslope) provides weak support. I still believe it is a long until the upslope line gives way. We may experience another low test in 2050's, but I would not bet on it.
It's my first day back in a while, but that also is a hard line.
I allow myself 2 shots and I've given 2.5 points already. That's a hard line at 2088. Long 2088.25, Stop 2087.
I see the line at 2096 as a contrived S/R. Same with what's at 2100. However, at this time, it is safe to move the stop up a couple ticks to 2088.5. That's first. Second, I set the first Profit Take for 33% at 2101 because of position management rules. Third, when and if 2101 comes in and my position size is reduced, I will move my stop to breakeven 2091.
Risk 3 points for a trip back to 2100 and beyond
Vix back to mid 12's where it was last market peak..then it dipped to upper 11's and took off..This may be early but its a heads up to catch a 1 to 3 month vix/market cycle...I'm neutral at the moment laying in wait ib a daukt to take vix products long..for a cycle.