Comments on: Near-term Stock Market Outlook

By: aturchin

aturchin — Tue, 30 Oct 2018 06:47:20 +0000

Agreed wasn’t happening yesterday. Should have been clear on my wed-fri time frame. Sure looks like we’ll get to 2790-2820 this week before the next leg down.

By: rsotc

rsotc — Mon, 29 Oct 2018 23:56:11 +0000

In reply to aturchin. Catching up on my notifications now. In hindsight, we can say that a run to the 61.8% retracement, at least not today, was not in the cards. If we bottomed today, I would say that there might be a decent chance of a run up to the 2816 area but that would be about the high-end of where I would expect a bounce from today's low to go. Should we continue much lower before this downtrend is over, that would reduce the chances of a bounce going that far IMO.

By: aturchin

aturchin — Mon, 29 Oct 2018 14:26:33 +0000

Randy, I can see this running all the way to 2816 spx which is the 61.8% retracement of the run so far. also other support resistance there and my fib projections from the move up from fridays levels also takes us there. Can you see it running that far before the reversal down?

By: InlineSixx

InlineSixx — Mon, 29 Oct 2018 13:24:02 +0000

Looks like this morning is going to be your typical 1st round of a championship fight. A lot of analyzing and feeling out but no one will be taking any big swings.

Thanks for the advice once again Randy.

By: rsotc

rsotc — Mon, 29 Oct 2018 13:20:20 +0000

Regarding that /ES 60-minute chart above, I had inadvertently left out a secondary downtrend line that comes off the October 19th reaction high, capturing the tops of the reaction highs since then & coming in right around where /ES was trading when that screenshot was taken at 8:36 am EST today. A breakout above that minor trendline would roughly coincide with a break above the yellow downtrend line on the SPY 15-min chart above.