Comments on: QQQ Testing Gap + Trendline Resistance

By: rsotc

rsotc — Fri, 04 Oct 2019 15:49:59 +0000

In reply to jrandhawa. Covered in the video that was just published. SPY is still a little shy of the top of its Aug trading range around 294 with /ES coming up on the top of its comparable Aug range as well, key levels to watch but as discussed in the video, we probably won't have any clues as to whether this is just a snapback rally within the near-term downtrend off the Sept 19th highs or the start of something more.

By: acotten32

acotten32 — Fri, 04 Oct 2019 14:48:53 +0000

XLK coming back in… looks like it may not stick!!! Phew.
Oh, well… maybe not.

By: bryrune

bryrune — Fri, 04 Oct 2019 14:35:13 +0000

I think this is all a big bull trap too and here is the trap that I see 1) china is off this week so there was certainly going to be some downside and fewer gold investors to make a clear signal with gold. That will reverse next week(ish). 2) the china meeting is next week I likely see both sides getting something that they want; both sides declaring victory and that will create a sustained rally in the market until after the 2020 election. The market will have a nice pop after Trump handily defeats Warren, which will be followed sometime in 2021 by the start of a recession that will correct all the hopium that the market has been shooting up (hang overs suck and this is going to be a nasty one the kind where you wake up the next morning and ask who pooped the bed). 3) Unemployment despite having worse then expected numbers is not bad 3-4% is still considered full employment and money is still cheep so companies can still make payroll.

like you said RSOTC the economy is an oil tanker it will take some time to finally make it’s move down and I want to thank you for helping me navigate my little row boat around this monster.

Cheers

By: jrandhawa

jrandhawa — Fri, 04 Oct 2019 14:28:36 +0000

RANDY PLEASE POST SPY OR SPX TOO IN YOUR ANALYSIS.TIA

By: malejandro1972

malejandro1972 — Fri, 04 Oct 2019 14:14:39 +0000

it is insane how upside down things have gotten.

By: snp

snp — Fri, 04 Oct 2019 14:13:38 +0000

some body get the bus off randy

By: rsotc

rsotc — Fri, 04 Oct 2019 13:38:56 +0000

Cleaned up a few typos in this post as I was rushing to get it out before the opening bell. I also wanted to add regarding those weekly candlesticks that barring an unusually large positive or negative close today, which I don't anticipate, we're unlikely to get any definitive clues from the weekly candles as they are in very close proximity to the recently broken uptrend lines: Too close to say with confidence that the breakdown is unlikely to prove to be a whipsaw signal & likewise, just far enough below that it would take 3% or better rally in QQQ & XLK today to close today's candles at a level that would be a clear recovery of the trendlines.

By: Flanny3

Flanny3 — Fri, 04 Oct 2019 13:36:45 +0000

personally think it will be bull trap to remember…