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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 👇

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8 hours ago, dmedin said:

Looks like we're got months of more-or-less sideways price action to look forward to, boys and girls.  Lots of false breakouts and money to be lost :) 

Slow and painful torture

DJI-Daily.thumb.png.81a906297004689d772e1eb96365ef79.png

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23 hours ago, dmedin said:

Looks like we're got months of more-or-less sideways price action to look forward to, boys and girls.  Lots of false breakouts and money to be lost :) 

:)

 

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On 07/07/2020 at 11:49, dmedin said:

Looks like we're got months of more-or-less sideways price action to look forward to, boys and girls.  Lots of false breakouts and money to be lost :) 

:)

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On 07/07/2020 at 11:49, dmedin said:

Looks like we're got months of more-or-less sideways price action to look forward to, boys and girls.  Lots of false breakouts and money to be lost :) 

 

:)

1928077763_WallStreet_20200708_18_26.thumb.png.ae9c951ca7a6bce8bfc625b68964d1f0.png

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39 minutes ago, Kodiak said:

VIX still high for some reason? (same level as in December 2018)

Despite this sideway chop

 

 

 

Ah yes, Zero Hedge - a source of constant negativity.

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Surely the day is fast approaching when stock markets will close for good and humanity, under a single world government, will organize production along centrally planned lines :)

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The danger now is that investors are stampeding into yet another cross-asset rally ripe for a violent reversal. This tendency for markets to sway suddenly between extremes highs and lows is increasingly a feature of modern trading.

 
 

Bank of America Corp. strategists have a term for this: Fragility. They reckon high-fragility events are kicking off five times more frequently since the global financial crisis compared to the decades from 1928 onwards.

https://www.bloomberg.com/news/articles/2020-07-08/wall-street-fears-market-fragility-in-23-trillion-stock-frenzy

Edited by dmedin
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23 minutes ago, dmedin said:

Ay, me too, Tom Bombadil, me too.  😼

Always start with a look at yesterday's candle, the colour, ohlc. Expect continuation of colour, if blue expect resistance (yesterday's high) to be challenged (the low if yesterday's candle red) continue with the continuation bias until the daily pivot is overcome.

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