The S&Ps didn’t quite reach the ‘D’ target of the reverse pattern I used to establish a tracking position ahead of last week’s stunning fall. The shortfall is bearish, since the way the downtrend obliterated the 3096.68 midpoint support on the way down gave the move a high probability of achieving D. We’ll give bulls the benefit of the doubt for now, since short-covering on Friday appeared likely to goose the index even higher this week. We’ll also set some alerts to trigger a ‘mechanical’ short at the red line or perhaps the green. Its purpose would be to give us a handle on trend strength as SPX works through Hidden Pivot levels of lesser degree. I’ll consider the initial tracking position as having been closed out on Friday. The profit on 400 shares would have been around $80,000, assuming the last 25% of the position was covered on the close.
SPX – S&P 500 Index (Last:2954)
Posted on March 1, 2020, 9:54 pm EST
Last Updated March 8, 2020, 4:12 pm EDT
- March 7, 2020, 3:05 pm
Anyone after three years not understanding the likes of Trump has no business analyzing the market moves. Your acceptance of a stable genius doing massive harm to this nation on a daily business puts you and your bias in the fanatic category. A cardboard figure would do more good for this nation than what we currently have. Incompetence, corruption, exposed extortion, 2,000 former prosecutors, Federal Judges condemnation of Barr seems to roll of your back as inconsequential. But according to TRUMP we have no problem here with the virus. he was more concerned with the stock market and his own and the result is in.
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It’s painfully clear that, Gary, that you haven’t grown any new brain cells since the last time I allowed you to post in here. Should I embarrass you by reprinting your posts concerning how Michael Avenatti, your idea of an American hero at the time, was going to bring Trump to justice? RA
R