Monday is crucial to my plan. If the 10/13 low does not hold I will agree with all the doomsday stuff out there. My work is not pointing to 12/30 as a yearly high OR low. Mistress Market will reveal which soon, and I will trade accordingly.
Technically we have the potential to retrace the entire rally of Thursday. Tactically it could be delayed because of OPEX next week.
Strong buying at the open into 3712 is met with heavy and persistent selling, triggering a Cover Signal below 3629 and a Sell Signal below 3614. An S/T Sell Signal at 3614.
Sentiment is still very bearish and a rally of 500 points from 3502 level is underway. This will probably only the first leg of a swing up to new highs.
All trends down but position unknown.
Market makers in OPEX week next week: " I think we need a bigger hammer for that one " If the price pattern I am seeing materializes, big fucking VIX geyser into Dec will follow, Thursday was very bearish for intermediate term, bears purged like no other day. I will have the confirmation by next week’s OPEX.
As before: classic Bear Market momentum profile in key Stocks. Data suggest things can get worse – until a climax is reached. Then every day on here someone calls a new Bull Market. Said it before: patience.
3250 will be the low of the bear market and it will come next year.
Some of these comments fit with one of my recent comments which was made before the market hit 3500 and reversed:
It seems uncertain when the crash will take place but we have a couple of these traders now suggesting a possible crash low in December.Higgenbotham wrote: Tue Oct 11, 2022 7:32 pm One possible scenario I see is that the market actually does bottom soon, rallies enough to make the buyers appear correct, then crashes when the coming low is taken out, probably after this month.
