A gap up on the minute chart for S&P. Rare stuff these days

My trades are in the green for last two days!

We have Trump threatening to veto the temporary spending bill unless the $5B is allocated. Plenty of negatives to climb a wall of worry while everyone is distracted. I'm in...let's roll!!!!

Reverse H&S formation on the SP 5 min chart
Neckline is around 2482....

MNGA coming back. What an awesome entry. Was net free but couldn't pass up grabbing boatloads down there.

ROKU looking to show a hammer bottom

Needs one last push to break up for a decent gain into close

*****

I got 60K coming at the end of the month - I am missing an opportunity. Hope you folks are buying now.

Stocks on sale.

Farmer @ Johnsongrass, TX said:

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I got 60K coming at the end of the month - I am missing an opportunity. Hope you folks are buying now.

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Wish I had more cash to use right now too, damn the luck

SoupNazi2001 said:

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You will have plenty of chances to buy lower stock prices.

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Rather jump in now. I index only. My appetite for risks in single issues (if that's what you mean) ended a long time ago. I was lucky in the dotcom era and couldn't take on enough risk, owned many individual issues, made a killin' and got out before the drop....just damn lucky and I'll never forget it. Kept working from 40 to 56 for something to do. Since dotcom, it's been indexes only.

BABA with the HUGE volume..

oldarmy1 said:

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Hadn't posted much earlier because I was setting up entries. Remember that small gap at 2466 on the S&P. Once we hit that and flashed down almost immediately after that's when I was pulling the trigger. If you are now long you want to see 2466 hold today.

CHART ACCIDENTLY TYPED 2166. HOPE NO ONE JUMPED OUT OF A BUILDING ON THAT!

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So S&P spiked at the close to finish above 2466. The way that happened could be a trap for technical traders. The waiting is a killer.

Picked up some RTN down from recent $200+ to $157. $114M contract from Navy. Markets bounce and it will give RTN an additional push on a rebound to $175 easy for exit/hedge strategy

https://seekingalpha.com/news/3418635-raytheon-wins-114m-contract-u-s-navy

NKE with a beat on both lines, finally some good news.

Question from the novice observer.

Most agreement on here was to trade with the primary trend - basically short the market or whatever name you are following. I see several of you buying in looking for a counter trend bounce. What signal are you keying in on to make that trade? Is it just instinct that is telling you a bounce will come or specific trading action?

Brian Earl Spilner said:

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Stocks on sale.

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Haven't hit the bottom yet IMO

If we break below 2300-2350, what is next resistance level where this could get very ugly?

There was around 8mm contracts sold on 15m futures bar yesterday....that is enormous volume. You guys throwing darts are braver than me, especially if you are longing for a huge trend play. Why not wait for some volume confirmation... Nothing on buy side has come close to what it selling, yet. Volatility will likely die out through holidays a bit, so I guess theres that hope of a melt up rally as sellers go on vacation.

leoj said:

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If we break below 2300-2350, what is next resistance level where this could get very ugly?

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It is already ugly. There are lots of small resistance areas down to 2100 back in 2015. Resistance levels tend to fade away with time. 2300-2350 is a level on the lower long term uptrend trend line started in 2009. I would be surprised if it breaks that level, but I will let the market talk. I bet the odds are for a big rally off that trend line if reached.

Yes, meant supports.

Bought SPY 249 calls expiring tomorrow looking for a quick bounce. Only 1 contract for $75 so no real loss if it doesn't gap up early.

Ragoo said:

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Bought SPY 249 calls expiring tomorrow looking for a quick bounce. Only 1 contract for $75 so no real loss if it doesn't gap up early.

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I like it

SoupNazi2001 said:

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drill4oil78 said:

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leoj said:

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If we break below 2300-2350, what is next resistance level where this could get very ugly?

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It is already ugly. There are lots of small resistance areas down to 2100 back in 2015. Resistance levels tend to fade away with time. 2300-2350 is a level on the lower long term uptrend trend line started in 2009. I would be surprised if it breaks that level, but I will let the market talk. I bet the odds are for a big rally off that trend line if reached.

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I assume you guys mean support levels on the downside and not resistance which is on the upside. Support levels mean more in bull markets than bear markets. In bear markets they tend to break easily just like resistance is knifed through in bull markets. While imperfect you can look at the VIX, spikes north of 30 that last awhile can produce bounces as well as getting to stretched below the 200 day MA (currently 10% below). Also these down waves tend to last 30 trading days or so sometimes more. This one started at the beginning of December. There are extreme levels of all of these that happen though especially in the 00 and 08 bear markets. For example I think the VIX hit 70 in 08 and we were over 30% below the 200 day MA but banks were failing, etc.

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Your right support levels ... resistance to down drafts and they are weak support levels because of years since they were formed. Also, I generally use 17 trading days for these selling waves before a decent bottom occurs (ie the selling wave in Oct.)and a decent rally of any significance happens. Today was day 11 since the start of this big down draft. We may have 6 more days, but you can have one or two up days in these waves, but that is about it. I doubt we have a significant trading bottom until after the 1st of the year and hopefully the next upswing is a bear market rally of significance before the final swoon.

leoj said:

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If we break below 2300-2350, what is next resistance level where this could get very ugly?

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Nobody knows. If they did, they would get you to subscribe to their newsletter.

Fair enough, was just inviting some speculation really.

leoj said:

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If we break below 2300-2350, what is next resistance level where this could get very ugly?

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~2100 maybe?

OA_02 said:

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Question from the novice observer.

Most agreement on here was to trade with the primary trend - basically short the market or whatever name you are following. I see several of you buying in looking for a counter trend bounce. What signal are you keying in on to make that trade? Is it just instinct that is telling you a bounce will come or specific trading action?

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I traded for a bounce today because we will retrace on this move at some point. There were two good reversal patterns and two good higher lows after that. I closed it out pretty fast though.

Triple witching hour on Friday. What's the expectation?

Mattis news going to hit pretty hard????