Well, finally there’s no more sentence about “78% chances a green close tomorrow” which I’ve been saying for 5 trading days. And it turned out that 7x% is not something that I could simply doubt with some other reasons.
Also I consider this morning’s gap down as the end of the firework trading setup.
As for tomorrow, except still overbought, I have no idea. Just I noticed that $CPCI is very high today at around 1.7, recently this kind of high readings happened after a series of down days and led to a series of up days thereafter. I cannot show the chart now as the CPCI chart doesn’t read correctly on www.stockcharts.com until 7:30pm ET.
Sorry, just got reminded that both SPX and VIX were down today which means 9 out of 12 times recently, an up day tomorrow.
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Thank you, Cobra. Today, VIX SPY both closed red. Does this mean a up day tomorrow?
ReplyDeleteOh, yes, thanks. It means an up day tomorrow.
ReplyDeleteI appreciate your market view and good work. How many trading days are in your short term trend, intermediate trend, and long term trend?
ReplyDeleteShort-term may just a few days.
ReplyDeleteIntermediate-term may last several weeks/months. I mainly use chart 0.0.3 as the buy/sell guide.
Long term takes years. Chart 7.3.0 is the guide.
thx. ding
ReplyDeleteYour indicators are both enlightening and agonizing... only agonizing because I've been scaling into a short position for several days. Good stuff, thanks for the posts.
ReplyDeleteIsn't there another failed fireworks setup on 18th of May?
ReplyDeleteMay 18 setup had plenty of time to get out with enough profit, so I don't think it's a failed setup.
ReplyDelete