Clicky

US Stock Market Reversal Appears Imminent

Looking at where prices are in proximity to the apex of this wedge, I'd say that if the US markets are going to break down & start moving lower (still favored) the breakdown will either occur today or no later than tomorrow morning. With that being said, prices are so close to the bottom of the wedge that it would only be prudent to wait for a breakdown before initiating or adding short exposure. Horizontal lines remain potential downside targets with the 202 area as the preferred target on the SPY at this time.

SPY 60 minute Nov 4th

SPY 60 minute Nov 4th

0
Nov 4, 2015 9:45am|Categories: Equity Market Analysis|Tags: , |7 Comments

7 Comments

  1. jim November 4, 2015 9:54 am at 9:54 am

    Same time frame for the QQQ short?

    0

  2. rsotc November 4, 2015 9:59 am at 9:59 am

    Yes, although what I’m watching on the Q’s are a set a roughly parallel uptrend lines comparable to the 60-minute uptrend line on the SPY (I recently posted that chart in the Trading Room & I believe the front page using the 30-minute time frame). However, the Q’s have been stronger that the SPY and still have a little more downside before testing or taking out the upper-most uptrend line. Once/if those lines break, the odds for a correction will sharply increase.

    0

    • jim November 4, 2015 1:18 pm at 1:18 pm

      Thank you very much for the chart and commentary .

      0

  3. rsotc November 4, 2015 10:02 am at 10:02 am

    Here’s the QQQ 60-minute Jim:

    View post on imgur.com

    0

  4. alicn120 November 4, 2015 10:20 am at 10:20 am

    Hi Randy, Is it possible to show your work on a live chart like stockcharts.com ? This will be easier to follow when the trend line is breaking up or breaking down.

    0

  5. rsotc November 4, 2015 10:29 am at 10:29 am

    @alicn120 I do have a subscription to stockcharts.com which I use mainly to post the links on the Live Charts page but to be honest, stockcharts.com has about the worst interface of any charting program that I’ve ever used. I find it extremely cumbersome & time-consuming to change the annotations on the charts, flip between various time frames & ticker symbols, add & remove the various indicators that I use, etc… There just isn’t enough time in the day for me to use stockcharts.com to look at & quickly annotate as many charts as I do using TC2000 & some other programs which, unfortunately, do not provide links so others can view those charts live. With that being said, the Live Charts page is in need of updating so I may remove some charts & have considered adding a few live 60-minute charts of the major US indices or tracking ETFs like SPY & QQQ.

    0

Comments are closed.