Everybody's stressing about whether 280 breaks. Who cares? The real support is $2 below it at 277.50 where the H&S target and 50WMA converge. Take a look at how many times it's bounced from this MA. If we gap down tomorrow into the sub 280s, I'd gladly buy at the 50WMA as I think that'll paint the low for the week and sell the .382 retrace to 284.
Might have to wait until next week though... today's drop felt kinda bear-trappy w/ FANGs in the green and semis barely selling off.
ETA: Oh and look at how this bullish Gartley sets up as well. The .786 retrace (where the gartley reversal zone starts) is precisely where the 50WMA is. This 277 -> 284 trade is looking juicier and juicier...
Might have to wait until next week though... today's drop felt kinda bear-trappy w/ FANGs in the green and semis barely selling off.
ETA: Oh and look at how this bullish Gartley sets up as well. The .786 retrace (where the gartley reversal zone starts) is precisely where the 50WMA is. This 277 -> 284 trade is looking juicier and juicier...
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All you gotta see is how chips are reacting to today's selloff to know where this market's headed in the next wk... If there was truly any fear about trade, semis would be getting taken to the shed. Get ready for a corrective wave in semis in the next couple of weeks. SMH might tap 96, but c'mon look at XLNX/INTC... green on a day like today.
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If you missed the dip don't worry, we'll inevitably get a late afternoon profit taking flush or a gap down tomorrow from futures manipulation by funds that missed the dip today or were too scared to pull the trigger. Minimum retest of 278 I think, perhaps lower.
Friday -> Tuesday we're gonna be stupid green though.
Friday -> Tuesday we're gonna be stupid green though.
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Feels like we can still paint a lower low in the next couple of days... QQQ has a little smidge left to give, as does SMH imo.
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Something's up... algos have stepped in to buy at a completely non-descript level above the 50WMA not on any trendline or fib level. Volume is up and money looks to be flowing in.
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Right on the balance point right now between 280 and 278. All action since yesterday afternoon's surge indicates bulls are pulling out all the stops to defend 278. Likewise I"m sure bears will be selling hard at 280. If we break 278 I think we're headed to 274.50 (gap fill and measured move from 289). If we break 280 we'll probably see a short covering rally all the way to 284 my original PT.
Given that this was a thursday (typically a weak day for equities) and that we opened AND closed above the median line of the large schiff pitchfork... I'm leaning bullish for next week.
Given that this was a thursday (typically a weak day for equities) and that we opened AND closed above the median line of the large schiff pitchfork... I'm leaning bullish for next week.
