Apple stock has a tiny bit higher to go before it bumps its head on the ceiling. If it breaks through, it will take some good force to do it. Otherwise, you can allow it to come down a bit lower before hopping back on.
Obviously, this only applies if you are a short-term trader.
The Nasdaq market has bumped its head on the ceiling. If you are managing risk, it's time to take some of the QQQ or TQQQ or Nasdaq stocks off the table.
If it breaks through to the upside, that would be something else. I doubt it though.
The Nasdaq market just hit its head on the ceiling. It should drop lower from this level unless it breaks through which I doubt since the market has been bouncing back and forth perfectly on the resistance points as of late.
The SPY (market) has a tiny bit higher to go before it will also bump its head on the ceiling.
I'm curious to see when we will actually break through from this tight trading range.
Again, let's see how we close today.
The SPY is at a minor resistance point. I would expect it to go a bit lower to the stronger resistance point which is incredibly close too before it bounces. Some could argue that it is already at the resistance point.
The Nasdaq market has further to fall...just a little more. Then, it should bounce higher off resistance.
The market has been zigzagging almost perfectly at the resistance points as of late. Sooner or later, it will break through either way. I doubt that we'll keep bouncing off resistance especially because it's such a tight range.
When we get closer to the resistance points as we are now, I find that it makes sense to move onto the sidelines or shave off profits or slowly box in your positions. If you are short QQQ or TQQQ, you probably have one more day or so to ride it lower before it bounces off the resistance point.
Things will get interesting once we finally break out of this range. I would be careful in this market especially when a veteran like George Soros doubles up on his short. Even if the market really tanks next year, when it tanks, most folks will be caught off-guard just like I was this Jan2016.
It's great that you were short today. That was definitely easy to see based on the charts.
Sorry folks...if the market indexes hold this level, the SPY is inching closer to hitting a ceiling. The market may sell off tomorrow or the next day when it does actually hit. The Nasdaq market has room to run a bit higher...moreso than the SPY. It too will bang it's head later.
So, in other words, enjoy today's rally and maybe a little more rally tomorrow if the market retreats a bit today. If not, then keep in mind that the resistance points are near except for the QQQ's.
Again, this only applies to short-term traders. Also, resistance points can be broken. It's just smart to let things run until we get closer to resistance points.
The Nasdaq market is doing exactly what it was supposed to do today. It bounced off resistance. We may have to give thanks to Buffett but even without his news, we were poised to bounce higher today on the Nasdaq at the very least.
I guess you got out at a good time. TQQQ should bounce soon. It's facing a tough resistance point and I doubt it will break through on the downside.
A profit is a profit is a profit.
It looks like we have improved from the lower levels from earlier. The Nasdaq market only has a tiny bit to go before it will likely bounce higher. If SPY continues to hold, then it will bounce higher prior to going lower again.
The resistance points are very close on both sides right now except for the Nasdaq market which is pretty clear. We should see a bounce in the QQQ's soon unless we break through on the downside which I don't foresee.
We better hold at this level or higher by the end of the day. Otherwise, the market is doomed.
To be honest, even if the market bounces, it would still bump its head on one of the resistance points.
If you had to take a position, hope for a bounce back from these levels today. Otherwise, go short the market and stay short. The small bounces will be sold off if again we break this level.
All retail seems to be getting clobbered these days. It's likely due to folks buying from online retailers instead like Amazon.
The stock market is about to hit it's head on the ceiling and it should drop lower soon. There is minor resistance on the way down to help it pop again unless it falls through.
I would lighten up if you're a short-term trader that is long the market.
For me, the charts tell the story. I try to maintain a trade until resistance points are near and then the market either breaks resistance or bounces the other way.
For instance, the charts clearly showed that oil was going to head lower today but then when it hits resistance soon which is pretty strong, it will head back higher. We're not too far from resistance. It could happen today or tomorrow or this week, but when it gets there, more than likely, it will pop back higher unless it breaks through on the downside.
Again, just like your strategy, my chart readings don't always pan out, but it's a great way to know when the likelihood of something happening is greater.
The SPY short a couple of days ago was very clear since it had fallen below a good ceiling of resistance. If we turn higher today and tomorrow, it won't be long before little points of resistance will have to be broken to keep the rally going. There are way too many resistance points to the upside after a little move up.
All this is just short term chatter if you are a long-term player.
One of my favorite strategies as of late is to find an industry that has tanked to the ground and place a long-term 3X ETF bet on it. NUGT worked out well recently. It's time to exit though.
We broke down through a key level today. Unless we close at or above this level, there's only minor support below. If that is broken, we will see more downside until much lower.
The sell in May...go away thesis may be in play already.
Bad timing. I know you have to go with your indicators, but you should have shorted a couple of days ago.