Thread: tsptalk's Market Talk

The 50-day EMA was successfully tested in early trading. That tends to happen on the first test (buy limit orders, etc.), but with the gap still open near 2940, I wouldn't be surprised to see another test later today or in the coming days.

Looks like the small caps will need a strong close to keep from closing below all of the key moving averages.

Stocks are getting a nice boost on the final trading day in September, but oil is not rallying and the energy sector ETF is still in some technical trouble after the Saudi oi attack pop and drop. The questions is, can stocks rally if oil is not coming along for the ride?

I don't remember an ISM report turning around a market like this today.





Jobs report on Friday.

Originally Posted by tsptalk

Wondering why stocks just reversed down?

US manufacturing survey shows worst reading in a decade

https://www.cnbc.com/2019/10/01/us-m...-a-decade.html

The 2nd gap was filled this morning (blue gaps are filled), opening another above near 2940 again (red). There is another tiny gap left open from August near 2885, but may not be significant, except it would get filled if the 200-day EMA gets tested...

Too early to call a bottom, but it's not a surprise to see a bounce at the 200-day EMA on the first test...

Will this pattern continue?

Drop to test, hold, and rally at 200-day EMA

Gap up above the 100-day EMA a day or two later

Hit the 50-day EMA

Wash, rinse, repeat?

I don't know if this will be a repeat of August, but if so we may have reached a temporary peak. It could be different this time, but there is also an open gap below 2920 that will want to get filled eventually.

That didn't take long. One gap filled (blue), another opened (red).




More: https://www.tsptalk.com/mb/blogs/tsp...sted-held.html

Originally Posted by tsptalk

That didn't take long. One gap filled (blue), another opened (red).




More: https://www.tsptalk.com/mb/blogs/tsp...sted-held.html

Let's hope we fill the red gap today. Market has been open less than 30 minutes and down 1.44%.

Drill(drop) baby drill!

Originally Posted by tsptalk

That didn't take long. One gap filled (blue), another opened (red).




More: https://www.tsptalk.com/mb/blogs/tsp...sted-held.html