Going to pretend I said short in my last post
I don't understand these new tools on TradingView. I'm trying out a bunch of their forecasting drawing tools but the ones that are like, generated bars seem like static nonsense. Like the bars pattern and ghost feed. Does ghost feed account for volatility? A drawing of say, 5% change in the next 30 days would probably result in similar bars whether you're doing it on SPY, TSLA, or MCD. And bars pattern doesn't draw past the live bar, so what are all these bars based on? They seem mostly higher than the actual price on that date...
Anyway, (rant over) we were looking for an upward deadcat bounce before heading to $415 and then Powell opened his mouth and everything was colored negatively. Good earnings have thus far seen their price gains erased and then some within days. (Mostly banks and a few large tech so far) So obviously we chose the opposite route, which was to dip unbelievably lower until the apocalypse was upon us. No but seriously, we've hit that $415 and now we're seeking our original target of $440, when the SPY was around $436 I believe.
And what's up with that forecast tool curve? It doesn't make lines from point A to point B that are in the least bit convincing. Pretty much I think it just slants at the speed of pi and if the price exceeds your target before the end of the line, it turns nice and green for you. Ugh, just ugh.
Anyway, it could dip lower and hit $413 (already did) and be on an extreme streak and go for $408 for no reason at all if it wanted to but its the end of the month and we've got 2 Fed meetings to go where we'll go absolutely bully when the result is 'nothing will happen', Santa Claus rally, and a look forward to Q1 when EPS is expected to bounce back -- they solved that UAW strike right?
Anyway, I'll be running doom and gloom situations as we go to parse for any bear market setups because short of that, we're super overdue for a bounce.
Anyway, (rant over) we were looking for an upward deadcat bounce before heading to $415 and then Powell opened his mouth and everything was colored negatively. Good earnings have thus far seen their price gains erased and then some within days. (Mostly banks and a few large tech so far) So obviously we chose the opposite route, which was to dip unbelievably lower until the apocalypse was upon us. No but seriously, we've hit that $415 and now we're seeking our original target of $440, when the SPY was around $436 I believe.
And what's up with that forecast tool curve? It doesn't make lines from point A to point B that are in the least bit convincing. Pretty much I think it just slants at the speed of pi and if the price exceeds your target before the end of the line, it turns nice and green for you. Ugh, just ugh.
Anyway, it could dip lower and hit $413 (already did) and be on an extreme streak and go for $408 for no reason at all if it wanted to but its the end of the month and we've got 2 Fed meetings to go where we'll go absolutely bully when the result is 'nothing will happen', Santa Claus rally, and a look forward to Q1 when EPS is expected to bounce back -- they solved that UAW strike right?
Anyway, I'll be running doom and gloom situations as we go to parse for any bear market setups because short of that, we're super overdue for a bounce.
I usually try not to tell you what to do -- too crowded there. I'll point out what price points/trends/patterns the pros are looking at and let you interpret what that means for your portfolio.
I'm going to say it needs to punch through $417/$419 and stay there tomorrow to keep the bull train going, otherwise bears will have another leg of fun