Markets did a gap up and then a good reversal into close with a flush to 1220 on SPX.
Amazing - as this was my original target for the pullback I mentioned last week ( pullback to SPX 1220-1230 ) I were expecting , so what I did on this move down is to add to TNA position on the way down to average down ,, right now TNA 43$ currently underwater but holding all position.
I believe that the pullback is done now and the next major rally to 1270+ is about to start.
1. The VIX is below daily MA200 ,, we wont flush down as long VIX is BELOW it. VIX needs to break above MA200 to get any kind of panic selling, until then just a pullback.
2. TRAN made a perfect 50% fib retracement from the last rally we got - this is a very good spot for a pullback target before next rally higher.
3. There is still the very nice potential inverted head and shoulders pattern in the SPX with left shoulder at 1220 , head 1150's and right shoulder now in at 1220 -- either way this pattern IF we break neckline at 1270 is suggesting MUCH higher levels in markets -- just saying keep it in mind....
4. I think EUR/USD will hit 1.3$ as a short term bottom before next rally starting ,, watch EUR/USD around this level. Its VERY VERY oversold now ,, and at least a bounce is to be expected.
Conclusion:
Its time to be very bullish here as many people got bearish on the last moves down ,, remember its OPEX week and we gonna see wild swings up and down like we had ,, first up 200 points , then down 200 points,,, wild swings, perfect if you daytrade.
sqns, what happened to it will it recover, i holding from 3.80
ReplyDeleteCan please comment on sqns, is it wise to put stop at today low 2.41
ReplyDeleteTook a loss in SQNS
ReplyDeleteYour Calls are terrible. The timing is off resulting in opportunity loss on the bear side n losses on the bull side. Being bold n front line the market makes you look like a genius when it turns in your favour. Other than that this is just a game of poker you are playing. Besides just your inverse head n shoulder patterns don't u also look at other signs? Obviously last friday there was a daily sell cross n breadth indicators were overbought. Yet you made a flip call and turned bullish just based on inverse head shoulder. That pattern hasn't yet to be confirmed. Please be a responsible trader and dont make unnecessary bold calls without market confirming.
ReplyDelete