SMC Update Week Ending 8-11-23 Recorded 8-12-23

08/12/2023


Comments (8)
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fast3777
fast3777

The market as a whole is correcting the first leg down in AAPL/NDX with AAPL finally with a small bounce. The trend is decidedly down and this counter trend mess when it fails. This market will break the 50 sma and head for the 200. IMHO

fast3777
fast3777

Btw, The NDX has a large falling wedge,and it should thrust lower down out of this wedge because of extreme weakness. Thus in a 3rd wave down which should carry it back to the base from where the C wave started.

daniel039209
daniel039209

did i hear " cascade, waterfall"? we went from NDX down 40 to up 140
will wait to re short failures near 8 dma and 21 dma. OR the day, peter doesn't say " cascading, waterfalling, or snowballing DOWN" 0 for 54 now on that informal count

Just rewatched and it is really presumptuous to scroll cursor from 15,029 to 14,525 for possible Monday outcome. and lower and lower for Wed/Thurs. Its so one sided biased , it is almost impossible to be the "lightning striking". How about put in ' HOW HIGH WE CAN bounce?" to the 10 dma? Upper end of continuum? nope, just toggle down some 500 points like that is a typical day..

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fast3777
fast3777

You have such a fractured market with a example such as BKNG at ATH's. This market elevation is mostly dark pool buybacks. But the Banks are starting down and so is BTC....so if it continues it's only a matter of time before the 50 SMA is taken out and moves rapidly toward the 200 day. This market cares only about the Bond market.

fast3777
fast3777

Pulled the trigger on some VIX calls today. I still think this market will break soon. The calls are November

daniel039209
daniel039209

Did the “ Hussman Observation” leading to 8.9989% plummets go the way of the “.VIX has done this 3 times in 39 years” more plummeting ? Only to NOT AT ALL crash down but never to be mentioned again ?? Is this primary strategy ; calling for cataclysmic selloffs ? since October 2022, seems exactly that. 10 months running now.

fast3777
fast3777

daniel039209 said:

did i hear " cascade, waterfall"? we went from NDX down 40 to up 140
will wait to re short failures near 8 dma and 21 dma. OR the day, peter doesn't say " cascading, waterfalling, or snowballing DOWN" 0 for 54 now on that informal count

Just rewatched and it is really presumptuous to scroll cursor from 15,029 to 14,525 for possible Monday outcome. and lower and lower for Wed/Thurs. Its so one sided biased , it is almost impossible to be the "lightning striking". How about put in ' HOW HIGH WE CAN bounce?" to the 10 dma? Upper end of continuum? nope, just toggle down some 500 points like that is a typical day..

The only way I look at this drop is in the SPX500US futures on a 2 hour chart which has created a parallel channel down. I think we should top at 4503 -4507 tonight. If it does start down tonight it should break the 50 in this leg down. It all depends on BTC,UST,DAX and Japan. That's what I see...no recommendations, but downward channels are usually bearish. Good luck

rickjendz64
rickjendz64

fast3777 said:

daniel039209 said:

did i hear " cascade, waterfall"? we went from NDX down 40 to up 140
will wait to re short failures near 8 dma and 21 dma. OR the day, peter doesn't say " cascading, waterfalling, or snowballing DOWN" 0 for 54 now on that informal count

Just rewatched and it is really presumptuous to scroll cursor from 15,029 to 14,525 for possible Monday outcome. and lower and lower for Wed/Thurs. Its so one sided biased , it is almost impossible to be the "lightning striking". How about put in ' HOW HIGH WE CAN bounce?" to the 10 dma? Upper end of continuum? nope, just toggle down some 500 points like that is a typical day..

The only way I look at this drop is in the SPX500US futures on a 2 hour chart which has created a parallel channel down. I think we should top at 4503 -4507 tonight. If it does start down tonight it should break the 50 in this leg down. It all depends on BTC,UST,DAX and Japan. That's what I see...no recommendations, but downward channels are usually bearish. Good luck

It's only a pullback. When did this become your site??

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