In a time of uncertainty. In a world gone mad. One stock formation stood out as clearly as a shadow-puppet on a cloud: The S&P 500 3-month chart is forming a Brooding Affleck Stubby-Ear Batman Top:
1820 was the Ebola-Low of October 2014. 1812 was the intraday low on January 20th. Any professional investor who claims to not be aware of those levels is either lying or bad at their job. For our purposes it doesn’t matter which. There are no non-chartists when stocks crash.
Below 1800 is nothing but air and regret down to 1708. A close below 1708 will be an Official Bear Market. There will be a TV special.
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Jeff, the charts are wonderful artistic displays, but the clarity of your messages are even better. Quick question for you. Barring another miracle, it looks like we will close below 1850 and the lowest close we’ve seen in a while. Do you think we go below 1800 if close at the levels we’re currently at?
I ask this knowing full well you have absolutely no clue, and if you 100% knew for sure, you would charge for this information, but I respect your opinion. Thanks!
Tbh I don’t know who is buying anything now. We’ve closed more or less balls-on 1850 for 3 straight days. Nothing is a bargain until we have an earthly idea where rates and oil are going. That makes the easiest direction down w/ occasional face-rippers just to keep everyone honest.
Makes complete sense. Because of that 1850 close spot being tested so often this week, that was my reason for asking about that. Large uncertainty (I preempt that with large because nothing is ever certain) will always drag the markets lower. Thanks again for the response.
Actually IMHO there is a VERY strong Fibonacci Support at SPX 1755ish which I still think was the True Top of the Market. Anyway, I would expect that be the next major resting point, if and rather when we break that (cuz of course bubbles always pop), we should fall fast and hard to SPX 1503ish…until our bottom at SPX 577ish.
What’s with this damn AMZN buyback?
hi. i own powerful machines. i pushed the max sell button around 2:30pm then pushed the max buy button five minutes later. did everyone enjoy that?