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Friday, February 8, 2019

Another Market Top Identified; Another Feather In My Cap

I don't have much time to write this morning, so I'm going to try to make this one, as brief as possible. The market is pivotal, and opens in 40 min. My twitter account is back up. Follow me @3Xtraders, for live up to the minute updates, and the best technical charts on the internet.  

To confirm the identification of the most recent market top, and the market reversal, which I predicted a week ago, see the chart below.  and alerted to on my LinkedIn, see the chart below, and the final target marked wave "(E)".


You can see that target was taken out on the (updated) chart below, and I've added a red arrow to show where support broke. 

 This $SOX trade highlights the need for a multiple monitor setup, and I only have 3 larger monitors at my disposal. This is one of the reasons I wasn't watching $SOX on Wed., and why I'm asking for
 donations to fund a new monitor setup. You can find the PayPal link to "Tony's Public Charts", if you're interested in supporting the cause.

 As far as the broader market is concerned:

The market is somewhat pivotal here, but the bullish trend remains intact.

1. The $VIX broke out on the 5 minute chart, and above the 200 day ma, before coming back down at my red line. Let the $VIX be your guide: a $VIX below the 200 day #NoFear. b. $VIX above the 200 day = more moderate market jitters.
 c. $VIX breakout to a higher high than we saw yesterday, fear, and loathing. d. If the $VIX does break higher, I don't expect it to go above 18, but if it does.... 19 becomes our next red line.

Using the $VIX to measure fear in the market is one of the secrets to my success.

2. Watch the 200 day ma on the DOW. This is also a pivot point. It tested yesterday, and held, and I believe it will do the same today.

I'm out of time.
GL, Traders