$SPX 3595 is looking pretty good to me. It's a good psychological target, and we've become increasingly over-extended - to the downside, over the past week, or 2.
We're also less than a month away from the Nov. election, and only a little over 6 weeks away from Thanksgiving, and that means we're already moving into short covering season. Everybody, and his brother seems to be short at this point, and the bears are pretty full of themselves, and that sets up for another rip roaring rally....
Here I am, up at 2:30AM Chicago time, Tweeting the ES1 futures action:
Market futures rallying off a new recent low. Traders are up early this morning! pic.twitter.com/ckE99li7Qv
— Veteran Market Timer (@3Xtraders) October 11, 2022Looked like this a few hours later, breaking out....
I could see the pattern, before I even drew it - a down-turned triangle. Indicative of some kind of bottom
Market Futures breaking out... blog update in the works. Also watching #Oil and #energy #ES1 $SPX #SPY pic.twitter.com/xzOwXPTSQA
— Veteran Market Timer (@3Xtraders) October 11, 2022
Edit - Updated 9:45 AM. $SPX futures continue to trade into an apparent bottoming pattern
Tweeted
As far as timing: I think there's a good chance that yesterday's light selling volume, was a retail bear trap, but we'll have to see what today brings.
Key technical Support
Of course the financial msm could point to key technical support, but more often than not, they prefer to make up reasons for the market, being up, or down. Every day it's, Putin, Energy crisis, The Fed, as the market is walked down to the next technical target.
Yesterday, we continued to see some shakeouts in certain sectors, like $SOX, which I mentioned in yesterday's update. Funny, after I mentioned it, I heard it reported several times.
I see exactly what's going on. I know what the technical target is, on $SOX, and tech and the rest.... that's why I took profits in $SOXL, and half a dozen other long positions, last Tuesday. Not the easiest thing to do....
Tomorrows trade
The trick is going to be, staying long, once we can confirm a sustainable rally, because what has continued to work up to this point, is to, "buy the dips, and sell the rips".
Energy and Oil Day 7
7 days since I put the warning out....
That didn't stop the fast money from driving the energy sector to even higher recent highs on Friday.
I did reveal an oil chart yesterday which shows a slight breakout of a down-turned channel.
#Oil broke out of the channel last week, not that that's a big deal, or anything pic.twitter.com/qM8N3E9CCQ
— Veteran Market Timer (@3Xtraders) October 10, 2022Oil overshoots all the time.
The Icing on the Cake is that Jamie "Dimon's Dire Warning", as being telegraphed by CNBC; exactly what I expected to see, when I checked to see what the enemy (the financial fake news) is up to this morning!
After you've been doing this as long as I have, you will also learn not to trust the likes of Jamie Dimon, and co.
Maybe once I'm a gazillionaire I'll have the same smug look? idkThink of Jamie Dimon, as just another mouthpiece the federal reserve, trying to talk down the economy. See this Market Watch calendar (linked): Dozens of Fed people lined up every day, to say the same damn thing! BTW Wed. 2PM FOMC Minutes
Take Care, and good luck AA
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