Comments on: Swing Trading Ideas & Market Analysis 10-31-23

By: rsotc

rsotc — Tue, 31 Oct 2023 19:24:47 +0000

In reply to devnat. SPY sitting on the 20-month EMA as I type after briefly undercutting it so far this month. Once that clearly goes (SPY prints a monthly close below it) and QQQ does the same (a bit above it now), that will be another check mark for the longer-term "still a bear market" bearish case.

By: rsotc

rsotc — Tue, 31 Oct 2023 19:22:47 +0000

In reply to ajp17. 60m & daily charts override the 5m charts plus, QQQ just fell to & bounced off its 200-day EMA with only a slight 1-day undercut & close below it. Plus, many of the market-leading stocks & sectors also falling to & holding or bouncing off key support recently. I'm not looking for new highs in the market, just gaming a reflexive oversold-bounce-off-support on the days leading up to the soon-to-be monumental & long awaited/much anticipated Fed pause (and ultimate, pivot).

By: Mikeflegel

Mikeflegel — Tue, 31 Oct 2023 19:09:23 +0000

Sure many stocks are at support but many more have broken and or headed lower. A pop tomorrow with the pause. But the future is still in question. What if this is a. Like the chart of nineteen sixty two. Art cashin.

By: devnat

devnat — Tue, 31 Oct 2023 18:57:53 +0000

Randy, you used to show a long term chart (20 month? avg) where every candle stick was a month… you have not done that in a while and with the given drawdown, where are we now in the chart?

By: ajp17

ajp17 — Tue, 31 Oct 2023 18:18:05 +0000

I’m seeing bigger and bigger negative divergence on the QQQ 5m chart while it is also running into 351 resistance. S&P and Nasdaq have both broken both 200 day MAs although Nasdaq is regaining the 200 simple today. SOXX (the canary) is also well below both of its 200 MAs. Yet, you sound very bullish right now… are you thinking the indexes are going to regain the 200s this week?