DrStool Posted April 19 Report Posted April 19 A big overnight selloff has been reversed in the early morning hours, half way through the European trading day, and 2 hours before NY opens. The ES 24 hour S&P futures have returned from a knife plunge, back to unchanged since the NY close. The selloff resulted in a 3 day cycle low. It also broke the potential positive divergence in hourly oscillators. While they've since turned upward, the lack of a positive divergence usually means at least a test of the low, or lower low ahead before a tradable low. So I would be on the lookout for that late today or Monday. A test of strength is dead ahead with a resistance convergence on the hourly chart in the 8-9 AM hour at 5005. If they clear that, then it should be onward and upward. If they turn tail at that point, look for that test of the low. One More Rally To Go For moron the markets, see: Warning Signs Abound, But Ignore Them for Now April 16, 2024 Swing Trade Screen Picks – List Shrinks With Good Profits April 15, 2024 No More Downside April 15, 2024 Back to the Gold Old Days 4/9/24 April 9, 2024 March Withholding Tax Collections Actually Stunk April 5, 2024 Banking Data Says This Is Last Hurrah for Stocks April 3, 2024 The End Is Not Nigh March 26, 2024 Markets Create Money, Money Talks, Markets Listen Etc. March 12, 2024 If you are a new visitor to the Stool, please register and join in! To post your observations and charts, and snide, but good-natured, comments, click here to register. Be sure to respond to the confirmation email which is sent instantly. If not in your inbox, check your spam folder.
Takachi-1 Posted April 19 Report Posted April 19 Pundit Press is now touting the gold run...... time to exit for their shellacking so as to pick it up cheaper later.
DrStool Posted April 19 Author Report Posted April 19 I'll have some more beans Mr. Taggart. I think you've had enough! One More Rally To Go
SiP Posted April 19 Report Posted April 19 Its time to sell gold? Too hot? Netflix earnings are not good enough to hold the market. Some technical indicators point out to end of this shallow correction. It will be interesting to see how the situation develops over the next week.
SiP Posted April 19 Report Posted April 19 SMCI lost 20% today. 40% from peak. Wow. So the higher for longer started kicking? Eventually?
DrStool Posted April 19 Author Report Posted April 19 20 minutes ago, SiP said: Nvidia - 10% On 4/18/2024 at 2:29 PM, DrStool said: Mystery chart of the day. This was the final triggered sell list from my screen of Wednesday's closing prices. 1
SiP Posted April 19 Report Posted April 19 Biggest sellof for nasdaq since October 2022 (weekly). Sp500 since March. Biggest drop on NVidia since.... 2020 in pandemic. Ugly. But..... Next week looks very good. Big names Meta, Microsoft, Alphabet Tesla, Intel and many more from mag7. Could change the trend. I would close nq shorts next week if I had them hahahaa I'm all IN since Jan 2024 in oil, energy, copper and some metals. The Q is also whether to take some chips off the table.
DrStool Posted April 19 Author Report Posted April 19 19 minutes ago, SiP said: And April suppose to be good because of tax Bahahhahaha April isn't over yet. In some years the response to the buildup of liquidity is delayed by several weeks. The liquidity influx has just started. Warning Signs Abound, But Ignore Them for Now
SiP Posted April 20 Report Posted April 20 Lee, come on. It's gonna be 22nd April this Monday. April sucks. Biggest correction in stock since many months. I think we should get some up phase next week if we don't get any new bad news from Middle East and earnings from bigtech Meta, Google, Microsoft will be good. The big q is - how the phase will look like. If it's just sideways then... Be prepare to see 4500 in spx.
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