The market doesn't go straight down, and it is definitely oversold on the daily. Futures are down big already but they gapped down AH, and futures gaps always close.
My best guess is a scenario similar to Feb 2018, we get a big gap down tomorrow, and reverses in the morning to at least fill the futures gap. Then again, who knows, maybe they'll just fill it tonight.
A lot of the bellwether stocks look like they finally have topped out, I don't see the market making a new ATH at this point, probably some sort of H&S pattern on the bounce up later this week. Drew one up for kicks and giggles.
Things are starting to look very bearish.... SPX is once again below the level where I dumped the index fund out of my 401k back in April (remember that? lol).
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Futures are down 30 pts, but that's already quite a reversal because it was more than 67 points lower than close couple of hours ago. I'm guessing 20 -30 pt gap down, a little weakness at open, and a reversal.
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Futures now down 15 pts and rapid rising. Might wind up with a flat open at this rate.
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LOL, already flat now. Guessing we head up tomorrow considering futures already did a 67 point reversal.
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I know it basically hit my target already, but I think there's a high likelihood that SPX closes the gap from yesterday morning. No short positions right now.
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Not sure which way this is going, mostly cash right now.
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China decided to prop up their currency and talk with Trump in Sept.... more pumptardedness on unwarranted optimism? Maybe another melt up, certainly the SPX gap needs to close
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Futures down 20+ pts since close, we'll see if we get a bounce back or a tank tomorrow.
If the market tanks again, we'll be oversold again on Thursday with a positive MFI divergence.
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Still remains a possibility, we'll see what happens Monday.
@hungry_hippo, night is long a lot can happen hope it goes up so i can short again
hungry_hippo
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@Shortatwill, it will go up again, the question is how far? If you;ve got ideas, please share...
hungry_hippo
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@Shortatwill, told you it would bounce, that's just the way the market works. It's start heading down again in the next few trading days, possibly a reversal tomorrow...
Shortatwill
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@hungry_hippo, yeah.. i sold my calls kinda early and got puts so still keeping them for next week
hungry_hippo
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@Shortatwill, there's your next leg down. I expect a gap down Monday and an up day Tuesday. SPX never gaps down 2 days in a row without filling the gap, so keep that in mind.
DaddySawbucks
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@hungry_hippo, Yep. 7/8 gaps fill eventually... short any rally IMO.
hungry_hippo
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@Shortatwill, bouncy bounce, market never goes straight down unless there's a war or Bernie gets elected.
Shortatwill
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@hungry_hippo, yea I bought calls yesterday so worked out for me then I got puts over 289 spy sold for a quick %10 those too before pump up again. My only position right now is tesla calls. What if elizabeth warren gets it :D