Last week here I wrote “For next week, if SPX stays below 1872, then assume all bounces should be sold and price is likely headed to 1850, and then near or below 1812.” Furthermore, I posted the open interest for SPY which suggested a close over 185 by Friday. Somehow, both things worked out even though […]
Last week here I wrote that we were likely to bounce, but also to make a lower low. Both did indeed take place. The question now becomes have we bottomed or is there more downside to come and if so, how far? A look at how oversold the market is: 20-day highs went below 5% which […]
Last week here I wrote that the most likely scenario based on the evidence was a period of consolidation and/or pullback. Based on the open interest I also discussed the drop that would likely happen if we breached the 210 level on SPY more than once. Both scenarios played out and now we find ourselves threatening […]
Last week here I wrote “I took a look at every bullish weekly MACD signal cross since March 2009. In each of the 10 instances, the market continued to make higher highs the following week 100% of the time. Furthermore, in 9 of 10 instances the market also closed higher to end the week. The one instance […]
When you take a step back and just look at how the markets are trading, it’s actually humorous. For instance, first thing I noticed this morning when we were selling off were the financials were holding up. The only thing I could think was WTF? No one really knows what the F* is going on, […]
Bulls Should Curb their Enthusiasm Next Week
Last week here I summed things up with: “Currently, the market is near or already oversold and likely to bounce soon if that has not already begun late Friday. Should price immediately go lower it will become even more oversold and not a place to initiate shorts.” Furthermore, I discussed that the open interest suggested that the […]
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