Quote:
Originally Posted by Vanity
Trading range:
Upside: 1305 or 1316 (could see pullback at either of the two), but the highest I'd put this rally is at 1330. I really think the correction is due. Everything is way overbought, and tomorrow's rally is going to push the overbought status off the registered range  Bullish signals coming in on shorts I follow, so, Can't time the markets dead on, so getting the correction in-or-around a week is good enough for me.  *fingers crossed*.
Downside: 1250 or 1255. A lot of put options are camped there. Thats about an initial 4% pullback. Enough for a correction upwards, but we've been down as low at 1074 so it's not a stretch of the imagination by any means saying we'd definitely be back there again. |
Said exactly 1 week ago we'd be in for resistance at 1316 (surprise, surprise, SPX closed dead at 1316.00) and this is an est. within 4-10 points away of my market top predictions of 1320-1330. Futures tonight agree with me, fingers crossed they keep up throughout tomorrow.
Quote:
Originally Posted by Hisam135i
agreed i dont see a top yet
Attachment 634833
EDIt: sorry for the small font on the charts |
I see a top.
If you look at the chart, we haven't been at overbought levels like this since July 2011. In fact, we're more overbought than July 2011, recording the most overbought status in recent markets to-date.
Likewise, we're in the same "it's all okay. Everyone relax. We can ignore the 350 million richest people in the world (Europe)" phase.
Every time VIX is this low, it takes some Redbull and flies like Icarus to the sun. And everyone must remember, everytime before a crash we've had, the market sentiment was usually Bullish. It's the only way you accomplish "fire-sell offs" as it's meant to be "by surprise". A Crash isn't a crash if everyone is expecting one. And it just so happens we're in extreme Bullish sentiment over all of WallStreet atm, just like how we were before Jul 2011, 08, and 09, and October 31st 2011.
