Yesterday the futures ended up down 1.5 S&P 500 points. However, with the amount of net sell volume the futures had, the futures should have closed down approximately 10 points. When there is lots of net selling and the market either go ups or goes down only slightly, that is usuallly a sign of a market bottom. I will be keeping an eye on futures on Sunday night to see if the futures bounce or not.
I don't think 1220 is the bottom. 1220 was a huge psychological level and 1220-1240 was a major resistance zone for a while. Barring a false breakdown, if the market moves much lower than where it's at now, there's nothing stopping it until 1170.
"I don't think 1220 is the bottom. 1220 was a huge psychological level and 1220-1240 was a major resistance zone for a while. Barring a false breakdown, if the market moves much lower than where it's at now, there's nothing stopping it until 1170."
You could be right. I am still short and will reamin so until a "bottom" has been confirmed which in my view has not happened yet. I just posted this thread because the market for the first time in a week is easier to push up than to push down. This happned every time the market puts in a bottom. However, as I said, it is still to early to say that a bottom has been put in.
Actually, 1208 (50 DMA) may offer some support. Regardless, this is a scalper and day trader's market. Too risky to hold beyond the technical levels. We're trading at technical levels in a market driven by fundamental (and random) news.
"Tom, do you think being option expiration on that day, it would have skewed your analysis?"
That is very possible given that many option writers hedge themselves using futures. Therefore, at option expiration, thay need to take off the hedge by closing out their futures position. However, with that said, when a future is bought or sold, the market should move up or down by a certain amount and when it does not, it sometimes signals a market top or bottom.
"Just the fact that you say you have a perfect market system tells me you are a f'in idiot......"
Haha. Given that is is 8 for 8 so far (for over a year's period) I would call that perfect (so far). Whether it will be "perfect" for the next ten years nobody knows until it happens or doesn't happen. But then again, I did not say or predict that did I? Sounds like you are just jealous because you don't know what you are doing youself in the market.
You should try to figure out how to be a better trader yourself rather than criticizing/insulting others on the board that are better at it than you are. But just like i said, stupid is what stupid does.
"You can look at all the minute to minute crap you want, but I would say we are closer to a top than bottom."
Haha. You can call it crap all you want but the model has not produced a false buy/sell signal (8 signals in all) in over a year period that I have had it. If you can find another way to predict the future movement of the market that is better than perfect than my hat to you. However, you are probably just another joker on this board that criticizes anything he/she does not understand. Just remember, stupid is what stupid does.