SMC Update 8-30-23

08/30/2023


Comments (58)
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brian1469
brian1469

Thanks Peter I also started thinking about the September top. Tomorrow is a big day on the monthly candlesticks if we can get back up to support I think we could go back to the all time highs in September.

If we don't I'm looking more for us just to fill the gaps from the Fitch downgrade which would hit with the 12/13 projections.

Tomorrow most likely would have been a down day with the PCE coming at 4.3 but since Powell already told us the number I could totally see this vacation market running it higher and not paying attention to it.

Over all the actual data is turning negative in the job market which tells me we are nearing the end. Continues claims will be another hint on that tomorrow

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ericoh792283
ericoh792283

Omg 😆 Peter thinks he’s been doing a good job…leading his bear friends to lose their shirts and pants. 😝 yes Peter no one is right all the time, but not a lot of people continue to make mistakes and doesn’t own them. Continue to be bearish when major indexes like SPX and NDX telling us ATH is coming. Lol. Why are we even talking about IWM???

Ken12341429
Ken12341429

Blue moon tonight. Don't just look at the trees, see the forest. My 49 years as a professional trader is betting a disastrous fall. Tomorrow, next week, who's knows. Next 90 days is a different bet. The dogs are barking.

ericoh792283
ericoh792283

The moon, the sun, the wind, 69 years cycles, vix, Venus and Jupiter, all gonna cause crash of life time!

fast3777
fast3777

The SPX is almost right up against it's trend line that runs right through George Lindsey's bump and run and we're at day 26 of the 1929 and 1987 analog. 27 to 28 days. We are close to a top. The more bulls or sheep to be sheared the better.

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daniel039209
daniel039209

Peter, how is it that you invented this software, have been doing some form of this for 40 years and guys on here who have been following for 3 weeks are putting the accurate projections of the market out there?
Also, maybe try to understand the market cap of IWM 2000 stocks versus NDX 100 stocks. Leading stocks lead, that has been happening since 1802. It seems so easy to dismiss the upside but embrace any hint of a downside projection.

Why is it, seriously, that you fight the trend of the market? And get a little kernel of something; the VIX, Mr HUssman, 400 day moving averages, speed resistance lines, NOW it is the Russell that has your full attention as showing the end of the stock market. How exactly have your observations been beneficial to this audience? Are you LONG now? Do let us know. Not one shot on this earth has being short been the "good stuff" this year. I love how you call AI " artificial UNintellegence" What would you call a service, that actually projects the OPPOSITE of what transpires, week in and week out? NOT complaining, trying to understand the mindset of how everything from any era tells you that the market is" like 2000 top , maybe 2008 top, maybe 2021 top" . Its NONE of them, fyi.

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daniel039209
daniel039209

I am shorting the QQQ today from 377-379. All the sudden bullishness after a 5% move in 4 days is a short NOT a new buy. Period

daniel039209
daniel039209

kwmurphy2939 said:

I'm done with Elliades. The funny thing is I have a framed picture of when I won the CNBC National Investment Challenge in April of 1993, and on that same page in USA Today is a picture and interview with Elliades whose large picture is shown. Frankly I can't stand to look at it anymore so I am taking it down. Not much else to say. August 1 was an extremely important high and though many may suggest we're going above there, I highly doubt it, in any index. If I'm wrong, only the Dow and soon. Good luck to everyone.

I hear you and feel you, kwmurphy. frankly, a DISservice has been done, and now Peter has significantly higher projections. after all is said and done, the market is generally going up, like his trendline from 1974 shows... best of luck to you

XXSPOWER127
XXSPOWER127

LIKE I SAID

HIGHER.

It's easy it's Labor Day week

Sheep 🐑 where is that you tube Monkey 🙈 guy ? Bahahhwahhhwahh

XXSPOWER127
XXSPOWER127

LIKE I SAID

HIGHER.

It's easy it's Labor Day week

Sheep 🐑 where is that you tube Monkey 🙈 guy ? Bahahhwahhhwahh

fast3777
fast3777

This fractured market is in the topping process, The Banks have topped and Mastercard is in it's final minute wave up...Market's are exhausting themselves and the analog is setup. 55 trading days from the July 27 ES top is October 12th and the SPX should decline to 2250 -2000 level. A historic decline.

fast3777
fast3777

The BKX banking index topped on July 27th the same day as the ES futures. The BKX did one wave down and now in a wave 3 down. The market is totally near exhaustion here. We are in a liars economy. The truth will be revealed.

fast3777
fast3777

Look like the Dow cash is impulsing down, If so the decline should continue and I look for the first minute 5 down. Banks topped July 27th and are leading the market down.

brian1469
brian1469

Peter I finally took the plunge and got the software so far it looks amazing.

For people on tradestation is the only way to zoom in pushing the button bottom middle then surrounding the area you want?

Also what is the SPX symbol on it? Nevermind found it starts with $

Wow I can see this helping my short term futures trading. If you guys are interested I did it by just putting $20 in the account. I plan to still use my TOS account to make the actual trades. I have been using that for over 15 years and have Brian Shannon's software for Anchored VWap on it so I will still make all trades on that. But if you are like me and have watched Peter use the software on the video's it is simple to pickup.

I also took a short RTY at 1912 this morning. I see this as one of the best ways to short the regional banking system instead of options through KRE which have way to high implied volatility.

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John_cash9154493
John_cash9154493

End of month jam job. We will see what next will bring.

fast3777
fast3777

Put a fork in it.

fast3777
fast3777

Japan from it's August top did one down and a large A-B-C up to a .62 pct retrace now should resume it's cycle wave down.

arcon00224
arcon00224

what confuses me about most of the arguing and disgruntled people: why so vocal?

why not just stop paying and do something else?

It's bizarre. I've subscribed to a handful of different trading services over the years, and I've never seen such a vocal disgruntled group of freely paying subscribers as I see in here with people like xxxsmallpenisnopower and EricIwriteLikeADirtyimmigrantFromPakistan792283.

Or that guy pouting that he's ending his subscription (nobody gives a fuck dude) and also in the same post bragging about winning some dumbass trading award (from cnbc of all places) back in like ... the early 90s. It''s like a bad rerun of another Adam Sandler movie. Who gives a fuck dude about your award, nobody does.

Post some winning trades in the format: " buy/short xxx at price yyy with stop at zzz " and I'll be the first to suck you off if you're good

The truth is that none of you are making a fortune and that's why you're here complaining non-stop. Hell, start a trading service with good ideas and I'll be the first in line to subscribe to your service. But, truth is, you guys have posted nothing of value, you just bitch.

xxxsmallpenisnopower asked me why I haven't posted anything, he doesn't seem to remember me. That's exactly right. I don't even feel the need to post stuff other than a simple thanks to Peter for posting stuff. If I don't like Peter's stuff, I simply click that 'cancel subscription' button. Very simple, folks.

Also, the markets are lower than they were 19 months ago. that's not a bull market. it's been a sustained sideways movement of chop for many months now, similar to gold or natural gas does for years at a time.

Check out Bradley Cowan's website, buy his books, they're great. http://www.cycle-trader.com/cycles.htm

https://www.youtube.com/watch?v=PdmE-Ga0f5s

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fast3777
fast3777

BTC impulsing down....hold on boys and girls. We will see if it starts to crash.

daniel039209
daniel039209

arcon00224

please, give us a break., You were dead to rights negative/short/making fun of a few that were NOT UNDERSTANDING Peters " sell sell sell" especially after a consolidation of Gigantic NDX SPX rally.--or for 19 months? You probably been short all year following Peters advice And your mini attacks on people or how they type, along with all the very ugly cursing words, Peter might kick ya out bro. THis is a safe space to debate calls that are clearly questionable. Todays ULTRA BULLISH projection, and if you read this, i said SELL SHORT PERIOD"
helpful hint , dont be a douchebag

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