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Double Secret Resistance Cleared. Next Sop, 4600 10/26/21

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OK, that was a typo, but I liked it and decided to go with it. 😁

If you don't think bears are in trouble here. Think again. I'll start with a 5 hour bar chart on the S&P bear fucutures. This high base breakout has a measured move target of 4800. 

The good news is that I don't think it will get there today. 

The bad news is that the last line of defense is 4605. That's the last double secret resistance area. Beyond that abandon hope, all ye and youses who enter here. The gates of bear hell are open.  tvc_0b17b05116a3d65071577c56bf973e9d.png

 

So let's downshift to the hourly bars. The 5 day cycle projection is 4590. But the way is clear to 4600. Should get a pullback from somewhere around there, but sport is coming up fast. They would need to break 4575 to get anything at all going on the downside. 

tvc_e160789490de586aa4435a64db8048ef.png

This is just the intraday look. For more: 

Stocks Look Ready for Another Liftoff

More Sells Than Buys in Screen, But I Added Two Buys This Week

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I guess it is a good thing that fundamentals do not matter to us technical trading types. Otherwise, we might look askance at trillion-dollar market cap Tesla, with its whopping choice of four EV models and five available exterior colors. GM and Ford on the other hand, global ventures with a dizzying array of models, engine technologies, and options from which to choose, have market caps of $84 and $64 billion respectively. 

As long as I'm in a mood today, can anyone explain why crapvision.com breathlessly reports on Cathie Wood's every move with fawning adulation? Has anyone looked at that Ark Invest's key holdings? They don't look all that innovative or cutting edge to me. But then again I'm an idiot.

Pretty obvious that the older I get, the dumber I get. Would have hoped for the reverse by now, but no such luck. 

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Bulls are taking no prisoners. Heavy bear casualties reported on the frontlines. 

5 day cycle projection 4620.

Run away. Run away. 

tvc_ec930287a455f95c14223cf5fe38eae0.png

It's just a flesh wound. 

Bring out your dead anyway. 

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2 hours ago, PullMyFinger said:

I guess it is a good thing that fundamentals do not matter to us technical trading types. Otherwise, we might look askance at trillion-dollar market cap Tesla, with its whopping choice of four EV models and five available exterior colors. GM and Ford on the other hand, global ventures with a dizzying array of models, engine technologies, and options from which to choose, have market caps of $84 and $64 billion respectively. 

As long as I'm in a mood today, can anyone explain why crapvision.com breathlessly reports on Cathie Wood's every move with fawning adulation? Has anyone looked at that Ark Invest's key holdings? They don't look all that innovative or cutting edge to me. But then again I'm an idiot.

Pretty obvious that the older I get, the dumber I get. Would have hoped for the reverse by now, but no such luck. 

You're just not godly enough. Repent now!

Or forever hold your codpiece. 

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Little did I know when I designed the Capitalstool logo that it would predict the direction of the market for the next 21 years. 

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Because I think Sunday was the site's 21st birthday. 

It's like Christmas. Nobody knows when Jesus was born, but everybody believes in Christmas. Even the Jews and Chinese. It's the day all we Jews go out for Chinese food. 

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Ya know, I'm starting to think that being a stock market anal cyst is just like being a realtor. You only need to know two phrases to be successful. "It's a good time to buy, because it's going higher even from these lofty levels", and "It's a good time to buy, because the market is down." 

And you know what? With a rare exception that maybe lasts a month or so, that has been on the mark for 12+ years now.

Like I said, I'm in a mood today. At least I'm godly enough to keep going long most every day. 🤡  Made my weekly target and it's only Tuesday, but man do I feel dirty and like it is undeserved. Shouldn't be this easy. Therefore, I'm heading to the beach. Maybe we get a brief directional change today or something.  Catch y'all tamara!

 

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