Loading ...Sir Chartsmaster, any update on your crash scenario?
We touched 4402 on the S&P today.
Above 4395 is bullish zone, as per some chartists.
Do the bears still have a chance to clench this back? Or, are the bears in control and intraday and intraweek swings like this week’s do no matter?
On March 8th and March 14th S&P had significant lows, but the low of 4114 made on February 2022 is still not violated.
On the other hand “momentum” analysts say the momentum is still bearish.
What gives?
How are the canaries doing?
Thanks in advance for you insights and (hopefully) updates.
GL
Its leg down in the bear market is over. It’s in rally phase now. My objectives are up around 4660. It should take a few weeks to get there. Until then I have put my shorts on the shelf. Working the upside
Thank you for your inputs, Sir Plunger.
So, if your target for the current rally to stop at is 4660, it means that you are not in the camp of new all time highs? 🙂
Are you looking to add (or have already added) any beaten down names that you can share?
Thanks,
GL
Bear market started Jan 3rd. As you know the high flyers peaked early last year. I am trading the upside using 3X ETF UPRO etc since they provide good liquidity and can use stops. I may buy some oil oil and gold stocks and canabis. But that’s about it. Looking to reshoot when the time comes.
I wasn’t asked. But that’s OK.
The question is an important one.
And I do have an opinion. The same one I’ve had for months now.
To revisit, was the decline a W4 in the bull? Or W1 down in the bear?
Opinions in the EW world are quite divided right now. (Bulls see 5200!)
My charts are quite strongly supportive of the POTENTIAL for W5 in the bull.
As yet, though, I have no confirmations. Mid month turns are challenging that way.
The only hitch for me is the potential for what I call a crazy ivan.
Where the momentum reverses on a dime. That would be a surprise.
But if we are in the Bear, surprises WILL be to the downside.
Of course, if its still a bull, they will be to the upside.
Flip a coin here pending more clarity.
Sir Pedro,
Many thanks for your reply and thoughts.
I called out Sir CM in my post-title as he had been calling for the crash quite regularly.
No disrespect intended for any and all of the valuable posters on this forum.
GL
The crash scenario was a possibility but the canary never broke down. It kept me from going short except for a very tiny call position on an inverse ETF. TDG has led on this rally and I will keep watching it to see what happens next.
my $0.02 not worth much but – looking at yield curves converging – I’m long major banks counting on an imminent bailout (a pre-emptive one sort of like response to C19). It won’t last long but it’s coming I think. If they don’t do a pre-emptive bailout (massive QE/Stimmies), this stk mkt ship will sink and the last refuge of contentment among the sheep will disappear and the NWO transition will suffer a huge blow – the time is not yet ripe for complete and utter misery.