For those saying QE is why the market went up and now that they stopped, it will drop or remain flat:

Please help me understand that. That is one area that is confusing to me. I hear people say it but don't see any data to support. I have heard one person say that it didn't help the market. His argument is that the banks just sat on the money and didn't do anything with it. If they sat on the money, then the growth had to come from elsewhere. How did individuals or companies buy more or profit more from QE?

For are the guys who will be trading after this next resistance break. The play (not definitively) is to watch for the next leg down, look for an entry point to buy a resistance bounce? I understand that is pretty broad, but that seems like the next play based on my learning to this point. New channel lines will be established and we could get another period of channel trading?

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Oldarmy, what are those levels for tops and bottoms you just mentioned above?

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Not sure I understand what you are asking. I only posted when the markets had topped. They topped at highs back in May but my analysis didn't come together until late July. I do not know the bottom and never claimed to be able and predict a specific number or valuation. I simply say I will be able to tell you when the bottom had been reached and I will enter back in mass, posting such in real time for El Chu to see.

I'll post that for free for everyone but El C must pay me a $99 fee.

I think he was talking about the top and bottom of the current channel we are in (about to break out of).

What are you talking about? I posted a detailed trade in real time with charts. I also posted my entry point in my last S&P trade. And I said I was taking a flyer on Cisco last night.

I always try to end my posts with "in my opinion" because I don't know. I'm making an educated guess based off information I have now and prior experience.

I don't daytrade much anymore. More than anything, price action and volume is what I rely on and without my trading platform, it's hard to do at work.

I do swing trade monthly options though. Most night I try to review charts and key price levels to use a reference. It's easier than daytrading because I could have the trend right, but I don't have to be perfect on the timing like with weekly options.

So basically in my mind, where in a channel from 1820-1880. That's why yesterday I thought getting short at 1880 would be good entry. 1820 will be protected, think about it, we're at 2 year lows in a once in a generation bull market. The longer we hang around it though I think it breaks.

Too much downward pressure in my opinion and we go to 1780. After that I think 1730 where I become a huge buyer and go back to 100% stocks with my cash.

I hope I don't come off as a dewsh but sometimes when you're trading and you're right, it's better than sex. You can't help yourself.

Even removing 5 years of high PE surrounding the dotcom bubble and the high PE in 09 housing bubble aftermath, the average S&P PE since 1990 is 19. We are currently at 20.

Add those years back in and avg PE is 23. We are at 20.

And it's definitely not once in a generation bull market.

Last 3 bull markets in the last 20 years have been 227% (94-00), 87% (02-07), and 158% (09-15).

09-15 we tripled on the S&P from top to bottom. But the point is, its a key level and will break and looks like it's starting as I post

I'm traveling and not at my computer. Would one of you traders mind pulling up 2 charts and add trend analysis. First chart 2009 to present with channel trend lines. 2nd one May to present channels.

Obvious rising wedge that was broken.

Getting more volume here. Maybe a new leg down.

on the minute chart...strong bull candle followed by and even stronger bear candle.

We've had 200-400 point range bound days but when support gets broken you get what I call these "flash" events at the broken direction. Day traders trading technicals see the break and pile on top the instituional volume for a fast ride down. Most of them are already out now so its up to general market action from here.

it's been very orderly though. yeah, support was broken but there wasn't much volume with it. what am i missing?

Will you technical analysis guys please tell me if now is the time to buy the gold miners? Are they breaking out? I'm not a day trader but rather am looking for a huge move in gold due to world governments horrendous financial and policy mismanagement.

Dan, why 1730? Whats special about that level for you? Why not lower?

Here is, IMHO, a low risk trade i just took:

I just shorted the S&P minis at 1813.75... we have been in a very tight range for the last 2 hours. This can lead to a sharp break. I have a stop at 1818, so 5 handles of risk. I will take some profits @ 1806, and I will move my stop to break even if the it moves below 1809

Pretty violent move from 1,810..

Yeah, it bounced pretty hard.

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UAE Energy Minister: Opec ready to cooperate on cut --WSJ via BBG

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Now there's ya a market driven event

This was because of OPEC?

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This was because of OPEC?

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Yup - Oil jumped $1 and is tapering back off

Part of me thinks this was a setup for huge dump tomorrow

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Dan, why 1730? Whats special about that level for you? Why not lower?

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1737.92 was the S&P low in 2014. Typically previous lows can act as intermediate support.

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this move wouldn't even technically reach bear status if 1730 holds since 1707 is the 20% mark.

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Dan, why 1730? Whats special about that level for you? Why not lower?

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1737.92 was the S&P low in 2014. Typically previous lows can act as intermediate support.

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this move wouldn't even technically reach bear status if 1730 holds since 1707 is the 20% mark.

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Exactly, I see a much longer and drawn out bear market. Now certainly there is a technical trade along the way since we are talking 12+ months of trend down.

Good time to move to cash & sit on the sidelines?