Thread: FogSailing's Account Talk

From Tony Caldaro: ..."some important levels to watch. For a breakout to continue the uptrend SPX must exceed pivots at 2444 and 2446. For a breakdown, to join the NDX/NAZ, and potentially enter a downtrend SPX 2416 and 2406." Here's a graphic of what some of the analysts are thinking.

Screenshot 2017-06-17 05.19.31 (2).jpg

FS

But for the days when we had more IFTs. So we had chop suey last week. Can't say I'm surprised by today's action. Expect SPX to close at 2452 today. I think it's a bull trap myself. It has been a long time since we had a correction. Expecting turnaround Tuesday to be a pullback of some kind. Even if the correction was like that of of late 2015 into early 2016, which was a 15% drop, that would take the S&P 500 back to its longer term upward trend line which is around the 2100 level. Here's a graphic:

Correction2017.jpg

FS

Look at the w4500 this morning. Down 2% at the open and been there since.

And transports actually went negative at one point. Not good indicators for this bull to be sustained.

That is crazy strange Mcglives. RUT and DWCPF are hitting at +.6 as I write this. Appreciate you comment. I haven't been looking at Wilshire for a while.

FS

Good analysis FS. I'm thinking bear trap as well...

Call me crazy, but I don't see anything bearish about that chart. I think 15% is asking way too much right now.

Originally Posted by JamesE

Call me crazy, but I don't see anything bearish about that chart. I think 15% is asking way too much right now.

The graphic just sets the range. Not predicting it goes there, but it sets the probable parameters. Also, I expect the downside to unfold over time, not a big one off event.

I see this more as a "trend" change. I still see us in a bull market.

FS

Anybody feeling that EUPHORIA today. I think we've seen this movie before..

groundhog-day.jpg

FS

If SPX breaks under 2444, potential for bounce at 2439 else 2416 is likely next pivot. We'll watch and see how things go today.

FS

Originally Posted by FogSailing

If SPX breaks under 2444, potential for bounce at 2439 else 2416 is likely next pivot. We'll watch and see how things go today. FS

S&P closed at 2437.03. Your thoughts???