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Monday, February 3, 2020

Market Update 2/3/2020 - Rallying Off Friday's Revised Target

I only have a half hour, before the opening bell rings, but the charts continue to work like a charm.

Friday the market sold off further than expected, but I was able to come up with a downside target early on.

$SPX pattern identified 11 AM Friday morning: Down-turned triangle pattern (seen in blue). This is the chart from my public charts area. Find the link to the public charts in the side menu

Of course my call after taking out that target, going into Friday's close was to reverse to the upside, which we're already seeing in futures markets.

 The $VIX was sold at 19.99 on Friday - no coincidence! - so the bulls are still in control.

 As I blogged last week, I've never seen the $VIX close at the highs of the month, ever, and this information alone is worth the price of admission.

CNBC claims the market closed down for 2020, but that's simply not true, and they fail to even mention the $SPX bounced off key supports at the 50 day moving average.

Bloomberg felt it was necessary to claim that "damage has been done to the ($SOX) chart, when the person who does the charting over there, can't even draw a proper trend line.

$SOX also bounced off the 50 day, and a key FIB target, and this isn't obvious to the woman who calls herself the@TheChartress? Smells like a bear trap, propagated by the financial fake news, because the alternative explanation is that these people are totally incompetent! 

I've added a couple $SOX charts to the public area, on Friday, and I think you'll get the most bang for your buck in 3X leveraged bull SOXL. 

Continue to watch my twitter page, for up to the minute technical charts, and analysis. Following me at twitter isn't enough, as I pointed to in the previous 2 blogs; you have to look at my page in order to review all the tweets....

Good Luck this week

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