Is this a “stick a fork in it” moment. The S&P fugutures (ES) say “Maybe.”
Big help, I know.
Just another mealy mouthed, double talking, forked tongue Wall Street con artist.
But let me say this about that. I am not a crook. I’ve… earned… everything I’ve got.
Which is nothing.
Now, I’ll also say this. If this selloff sticks around for 3 hours, we’ll have a huge downside gap on the S&P. If that sticks all day and the S&P closes below 4649, it would be a breakaway gap from a huge top on the hourly chart. The conventional measured move target would be 4530.
Regardless of that, the 5 day cycle projection is currently, 4600, which has already been hit in the overnight session. Ordinarily, that would at least be tested. If it’s broken, oh boy. Fed would probably announce emergency QE on Sunday night. MUAHAHAHAHAHAHA! MUAHAHAHAHAHAHA!
Or this could be just another BTFD moment. That would be indicated if the S&P finishes the day above 4649. Then they’re gonna bounce around for awhile.
As you can see, we have a little crash channel working. The market needs to clear 4625 at 7 AM to break it. At 9 AM, it would only need to get past 4600. Its downslope is around 25 points every two hours. So as of the usual 10:30 turn time any price above 4587 after that time would break the channel.
Finally something to get excited about. Of course, nobody is here to see it. A stealth crash opportunity if there ever was one. Just imagine the chaos on Monday if this sticks.
Looks like I got a few things right in the last few Liquidity Trader reports.
Czesc and do zobaczenia!
Reason to Stay Optimistic on Gold
An Explosion of Sell Signals in Swing Trade Screens
Underweighting the Negative Signs
Beware- Debt Ceiling Uncertainty Darkens the Outlook
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