Comments on: Stock Index Futures Approaching Support

By: BenjaminDancer

BenjaminDancer — Fri, 02 Aug 2019 18:55:02 +0000

Any thoughts on holding TQQQ into the weekend?

By: Hoperush

Hoperush — Fri, 02 Aug 2019 16:39:53 +0000

Unrelated : but BGG was a swing potential idea and looks like it broke the support at 9.23 , correct ? No longer hold this one?

By: rsotc

rsotc — Fri, 02 Aug 2019 16:21:31 +0000

In reply to PNWwolf. I posted a bounce target for /ES above which you might use to add back some or all of your shorts if hit as well as SPY 294. However, it might be best to wait to gauge the nature of any bounce as it could go beyond that. I just finished recording a video update which is uploading now & my thoughts, and some levels to watch, are covered in detail in that video.

By: PNWwolf

PNWwolf — Fri, 02 Aug 2019 15:53:43 +0000

@ rsotc My apologies. Shorts.
Took profits but kept core positions. Looking to game the bounce as well

By: rsotc

rsotc — Fri, 02 Aug 2019 15:26:48 +0000

In reply to PNWwolf. Re-enter what?

By: rsotc

rsotc — Fri, 02 Aug 2019 15:26:31 +0000

Keep in mind that the bigger picture (not just minutes or hours like the analysis above is focused on) but the outlook for the coming days & weeks has become increasingly bearish today as I have solid breakdowns now confirmed on SPY, QQQ & XLK. Additionally, most or all of the FAAMG stocks have either recently broken down or are doing so today. Therefore, barring a big reversal & stick-save into the close today, we're looking at some pretty solid, high-probability sell signals on the major stock indexes, the tech sector, semis and many of the market-leading stocks.

By: PNWwolf

PNWwolf — Fri, 02 Aug 2019 15:25:17 +0000

@rsotc Good morning Randy. Where would you look to re-enter?

By: Charlie1

Charlie1 — Fri, 02 Aug 2019 15:22:52 +0000

In reply to snp. markets will never be stable again unless they shut down twitter...lol

By: rsotc

rsotc — Fri, 02 Aug 2019 15:22:02 +0000

In reply to snp. Yep. TVIX hit that 18.66 resistance/target that I posted yesterday at the same time /ES hit the 2914 support.. a very logical & objective spot to book profits on or reverse a TVIX trade from long to short for active traders.

By: Jim

Jim — Fri, 02 Aug 2019 15:20:57 +0000

Thanks Randy.

By: rsotc

rsotc — Fri, 02 Aug 2019 15:19:22 +0000

In reply to avka81. Thx for pointing that out. I just added that TL to my SPY chart.

By: snp

snp — Fri, 02 Aug 2019 15:18:23 +0000

In reply to snp. tvix $1.10 down in 15 min. from 19

By: rsotc

rsotc — Fri, 02 Aug 2019 15:17:46 +0000

In reply to johnv. I already reversed to long & although I am trading /NQ & looking for at least a bounce back to the 7812 area. If I were long /ES I would target just below the 2955 resistance level which I just added to the updated /ES chart below. You could also just tighten up stops if/as it approached that level & let it run for a possible ride to the 2961 R level & possibly beyond. G-luck! https://www.screencast.com/t/e2c5L8Qa

By: avka81

avka81 — Fri, 02 Aug 2019 15:12:21 +0000

Hey Randy if we bounce from 2900 level that will confirm a trend line since December 2018. I’ve been watching it for a while

By: rsotc

rsotc — Fri, 02 Aug 2019 15:11:46 +0000

I should have added that although a reversal if/when /NQ, QQQ, & SPY hit those support levels which are only slightly below (less than 1/2%), the fact that /ES has already hit support & so far, has held that 2914 level like a champ, means that we could very well reverse here as quite often, it is the first of the $SPX or the $NDX to hit a key support level that triggers the reversal, with the other index following suit & reversing just shy of its comparable support. As such, I've decided to reverse from short to long here at /ES 2914 (even though I'm trading /NQ). R/R seems favorable enough,even if we do get one last thrust lower before the reversal comes. If it doesn't, I may stop & reverse back to short although I will most likely stop out first & then assess the charts before adding any shorts back but again, long for now after reversing /NQ at 7769.

By: johnv

johnv — Fri, 02 Aug 2019 15:08:20 +0000

@rsotc if/when it goes can you provide a bounce target for ES? Or is that 2940

By: snp

snp — Fri, 02 Aug 2019 15:06:46 +0000

agree. tvix finds a ton of price at 19 -19.20