LOYAL AG said:

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This won't be a popular opinion but I think we see continued decline to 3678 ish in the S&P. The Fib drawn here is from the late October dip because it's the most recent pronounced dip we've seen. From this we broke 23.6% today and after flirting with the 50 dma since last Friday we finally broke it today. I could see tomorrow being pretty benign but I think next week we threaten 3678 before we see a reversal.

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Love using Fib and also without just to compare. Its the fastest quick thing with a tool built in IMO. Check this out which does it apply or not don't know. May it is all just be voooo doooo.

When I draw a parallel line to the lower longer term ascending channel line, using the low point 10/30 as its foundation, today's intersection would have us touch 367.8 on SPY. That also happens to be within fractions of the Fib level you've highlighted. Same math or calculation probably which is above my pay grade. I just like getting the story from fancy simple pictures.

Lose this area and well....I will have to find another technical indicator to break. 10% pullback puts us around my lowest horizontal line FWIW.

Thanks for confirming and agree on the concept

oldarmy1 said:

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Remember guys, major corrections nearly ALWAYS ends with a major capitulation flush on volume with a V recovery. Watch for the acceleration into it and you can get a jump start into the recovery.

Even with all my hedging my accounts aren't immune to these severe corrections. Generally Fridays continue selling off and then Monday flushes and reverses. That is the conventional wisdom based on that being the case for whatever the reason. That said I would watch volume and acceleration in case it happens tomorrow.

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OA - What period are you watching for the volume/acceleration and potential for reversal?

Should I be watching SPY multiday 1, 5, 10 minute or hourly?

In

FJ43 said:

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LOYAL AG said:

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This won't be a popular opinion but I think we see continued decline to 3678 ish in the S&P. The Fib drawn here is from the late October dip because it's the most recent pronounced dip we've seen. From this we broke 23.6% today and after flirting with the 50 dma since last Friday we finally broke it today. I could see tomorrow being pretty benign but I think next week we threaten 3678 before we see a reversal.

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Love using Fib and also without just to compare. Its the fastest quick thing with a tool built in IMO. Check this out which does it apply or not don't know. May it is all just be voooo doooo.

When I draw a parallel line to the lower longer term ascending channel line, using the low point 10/30 as its foundation, today's intersection would have us touch 367.8 on SPY. That also happens to be within fractions of the Fib level you've highlighted. Same math or calculation probably which is above my pay grade. I just like getting the story from fancy simple pictures.

Lose this area and well....I will have to find another technical indicator to break. 10% pullback puts us around my lowest horizontal line FWIW.

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Someone else posted yesterday that 368 is the weekly 21 EMA as well, so I too think we go down and test at least 370 if not the 368 level. I used a bit of my cash yesterday and will be cautious this morning and see if there's and PM value

FJ43 said:

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fastgreens said:

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Uhhhhhhhhh.... what's going on with the ask price on EGOC????

Is this real? E*Trade showing .0533

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Often at close you will see huge gaps between bid/ask ending values. Especially on these type pink sheets.

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thinking OTCs don't trade in the pre-market - correct?
so, not 'real' imo

FJ43 said:

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fastgreens said:

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Uhhhhhhhhh.... what's going on with the ask price on EGOC????

Is this real? E*Trade showing .0533

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Often at close you will see huge gaps between bid/ask ending values. Especially on these type pink sheets.

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Stocktwit from 2/25 had me freaking out a little lol

absolutely
thanks FJ

QQQ struggling to hold the 38.2% retrace
still a bit away from Model T

Anyone buying Tesla on the dip?

QQQ

Wowzers that volume.

Really key area here for the Qs. Added a quick Fib for you from the high to yesterday's low. Look where we are compared back to Dec, Nov, Oct and Sept.

All eyes on Qs IMO.

Stocktwits is the devil, LOL. Every time I visit stocktwits (way too often) I undoubtedly get worked up, anxious and scared. Avoiding stocktwits, it's full of dumb$&@es, including myself.

So many trolls...

FJ43 said:

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SPY - Its early and premarket but we are at the Model T between yesterday's high and low right now. Several tests of it so far on the 5 minute.

If the bulls take back today it will more than make my day.

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I think today keeps the downtrend with a hard reversal Monday. Hope it happens today though.

thinking if the QQQ can get to the Model T
might be a spot to hedge w/ SQQQ

mazag08 said:

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FJ43 said:

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SPY - Its early and premarket but we are at the Model T between yesterday's high and low right now. Several tests of it so far on the 5 minute.

If the bulls take back today it will more than make my day.

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I think today keeps the downtrend with a hard reversal Monday. Hope it happens today though.

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I agree. We either need to flush thru 370 with a v bottom or we need to close around there so the bulls can decide over the weekend if they are ready to deploy.

WELLLLLL

clinto said:

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Anyone buying Tesla on the dip?

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Is the pope Catholic? I wouldn't be surprised to see ol Cathie Snake Charmer Woods to have bought some more.

/ES climbing steady since 3AM, even the gigantic down candle on payroll getting bought back. Smells like a fakey to me. YOLO SPX puts?

McInnis 03 said:

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/ES climbing steady since 3AM, even the gigantic down candle on payroll getting bought back. Smells like a fakey to me. YOLO SPX puts?

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They just swung it 35 pts in less than 20 minutes.

oldarmy1 said:

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Remember guys, major corrections nearly ALWAYS ends with a major capitulation flush on volume with a V recovery. Watch for the acceleration into it and you can get a jump start into the recovery.

Even with all my hedging my accounts aren't immune to these severe corrections. Generally Fridays continue selling off and then Monday flushes and reverses. That is the conventional wisdom based on that being the case for whatever the reason. That said I would watch volume and acceleration in case it happens tomorrow.

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So did it just happen then? This buy up is not stopping.

40 pt rally in 20 min with volume to trump all volume.

Spy minute chat in pre market is a rocket....

I'm NOT saying this is it, but this matches what OA was referring to with escalated volume and a "V" recovery. Is it possible for recoveries to happen PM?

oldarmy1 said:

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Remember guys, major corrections nearly ALWAYS ends with a major capitulation flush on volume with a V recovery. Watch for the acceleration into it and you can get a jump start into the recovery.

Even with all my hedging my accounts aren't immune to these severe corrections. Generally Fridays continue selling off and then Monday flushes and reverses. That is the conventional wisdom based on that being the case for whatever the reason. That said I would watch volume and acceleration in case it happens tomorrow.

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