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fair go, the failure to break through the blue rectangle was crucial for further downside. Now looking for resistance (sellers to step back in) and the most likely area is just before the red 29400 de

That is the 50% retrace for  the Dow and S&P. 

Interesting S&P daily shaping up 👇

Posted Images

8 minutes ago, dmedin said:

And ... back down it goes

What happens on market open?

Overnight orders are processed, many are profit taking, plus new orders are entered onto the system hence there is always a period of whipsawing before real direction is revealed so it pays to wait for to dust to settle before deciding. 

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8 hours ago, Caseynotes said:

Trump news conf at 7pm today.

Old doddery-head-man-baby will remind us all how wonderful and strong he is and what a great fking job he's doing 🤣  

Edited by dmedin
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15 hours ago, Caseynotes said:

Late surge on a Friday afternoon, sure sign of bullish confidence;

 

Bummer.  I went to bed early on Friday because I was so fking depressed and coudln't stand it any more.

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Short Covering Can Only Take You This Far, Now Show Me The Money (1500 Gmt)
Call it a "rally of hope" or the normalisation trade, a whopping 35% jump from March trough and more than $15 trillion in market value addition and no inflows into equities does raise a lot of questions.

Citi suspects that the sharp rise in stock markets has been driven by a closing of shorts. Its Risk Positioning Monitor shows that recent moves higher in equities have been accompanied by significant short covering.

Barclays also believes the bulk of the rally was triggered by short covering.

Both banks say most of the short covering is now over and any upside from here will need new longs to be established and/or inflows.

"Continued equity market upside is thus contingent on real money buying going forward, which we believe could happen soon if macro and volatility conditions continue to normalize," Barclays analysts write in a note.

 

From IG's Reuters news feed

Edited by dmedin
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11 minutes ago, dmedin said:

The indices are powering on through Tabitha, surely they are going to retest their ATHs soon.  (Listen to me, pretending to know what I talk about 🤠 )

No reason why not if the economy is turned back on. Next major resistance level for S&P is 3138 (monthly R1 and previous high March).

Edited by Caseynotes
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59 minutes ago, Caseynotes said:

No reason why not if the economy is turned back on. Next major resistance level for S&P is 3138 (monthly R1 and previous high March).

The Nikkei is well through that level and I am short with a price alarm at 22,626. Lets see.

JPN225Daily.thumb.jpg.acd430c3136975258bc7435d795617a5.jpg

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11 minutes ago, dmedin said:

The Nikkei is even further advanced, why short?  Overbought?

NIKKEI-Daily-2020_06_02-13h00.thumb.png.18dc0aec33718f12d0eacef18af527a9.png

 

I think it is overextended in the last 10 days as it approaches the 31/01/2020 low. Of course I may be forced to hedge some of the position.

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4 hours ago, dmedin said:

Nikkei has a window to close, up to the 88.6% 😻

NIKKEI-Daily.thumb.png.eef130963a9ebfe5980c256122b0a170.png

 

I am still actively managing a short on the Nikkei. I closed out half when it traded below levels I sold at. My plan at the moment is to double up with a tight stop if it approaches the high and hedge if it if goes through the high. Alternatively I will just scalp on the long side for a different index.

 

JPN225M15.jpg.7892cd1a4bb1e4e2505de05f9ccdb67b.jpg

 

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The S&P 500 - representative of the American economy :D

The five biggest S&P 500 members – Alphabet, Apple, Amazon, Facebook and Microsoft have gained 15 percent so far this year, while the remaining 495 companies have fallen 8 percent.

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