SMC Update 11-23-21

11/24/2021


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brian1469
brian1469

Thanks Peter looks like we could be getting more downside projections with the sell off this morning

agattman1566
agattman1566

Peter, When you have paid subscribers who are relying on you for important inputs regarding the market and your webpage goes down, you wake your tech guy up to fix the problem. Tech guys are on call to handle problems that arise. Your line that your commentary will be saved for history when it finally is put on the webpage is not why people are subscribing to your service.

Peter Eliades
Peter Eliades

agattman1566 said:

Peter, When you have paid subscribers who are relying on you for important inputs regarding the market and your webpage goes down, you wake your tech guy up to fix the problem. Tech guys are on call to handle problems that arise. Your line that your commentary will be saved for history when it finally is put on the webpage is not why people are subscribing to your service.

You are absolutely right, Agattman, and I decided to do that. But as it turned out, it was a problem with our website host that was recognized and finally remedied although I am not happy with how long it took them to do it...

arcon00224
arcon00224

Thanks Peter, hope your travels to Arizona are going well and have a great Thanksgiving. No worries about the tech problem - we can't always expect a nightly update from you every night of the week, holding our hands etc!

nimishtrading263
nimishtrading263

Peter, I respect you as you are my elder and my father figure. It's in my culture. You guide us whenever you can. That's what I always cherish. Thank you, Sir.

elchico714622
elchico714622

Wow looks like the downside for nasdaq was invalidated

Optimus
Optimus

elchico714622 said:

Wow looks like the downside for nasdaq was invalidated

Which timeframe did you see the invalidation? On the daily chart, the NDX still shows a downside projection for the second shortest offset. Also, the NDX made both a lower-high and a lower-low when compared to yesterday so the downward trend is intact. But, this is a momentum driven market, another move up would not shock me. I prefer for the market to let off some steam first.

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elchico714622
elchico714622

Optimus said:

elchico714622 said:

Wow looks like the downside for nasdaq was invalidated

Which timeframe did you see the invalidation? On the daily chart, the NDX still shows a downside projection for the second shortest offset. Also, the NDX made both a lower-high and a lower-low when compared to yesterday so the downward trend is intact. But, this is a momentum driven market, another move up would not shock me. I prefer for the market to let off some steam first.

From the video he had nasdaq marked at 15366, said if we got above that it would invalidate the downside… got up to 15370.. didn’t check the chart was just looking at where market was closing. Might not be invalidated.

Optimus
Optimus

elchico714622 said:

Optimus said:

elchico714622 said:

Wow looks like the downside for nasdaq was invalidated

Which timeframe did you see the invalidation? On the daily chart, the NDX still shows a downside projection for the second shortest offset. Also, the NDX made both a lower-high and a lower-low when compared to yesterday so the downward trend is intact. But, this is a momentum driven market, another move up would not shock me. I prefer for the market to let off some steam first.

From the video he had nasdaq marked at 15366, said if we got above that it would invalidate the downside… got up to 15370.. didn’t check the chart was just looking at where market was closing. Might not be invalidated.

Got it. Thanks for clarifying. So, I went back and reviewed the video. It was at the 5:00 minute mark when he said that the downside projection will get invalidated if the futures (NQ) get above the red line which was above the 15400 area for today, November 24th. (15400 is the area he was moving his cursor around). You can also look at today's date on the x-axis and cross-reference to the red offsets above in the chart. However, since the projections were on the futures, NQ may still get above the red offset before the market opens on Friday. Let's see.

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