Market failed at 27,000 again, what now?

Okay, welcome back everybody! Well, couple of things here, first of all, everything’s okay here. I had a lot of business travel this week and then had some weird hiccups with a canceled flight where we had to drive across the country all night long basically because our flight got canceled into the evening and there was nothing that was gonna stop me from getting to my little girl’s soccer tournament. So, a lot of little crazy travel escapades this week. So, with that being said everything is great here. Dow 27,000 though, not so great. If you’re bullish what we’re looking at is, of course, the same area I’ve been telling you all this time we keep testing that area. We have not broken through 27,000 pull back to it and taken off. It’s had a couple of attempts had another attempt here this week where we went and tried to push up Briggs it was on the docket for this past weekend for this weekend here and nothing’s come of it. As of right now, we’re sitting here Sunday morning we’ve got distribution bars above us now once again reaffirming Dow 27,000 as resistance. S&P; 3,000 as resistance. As the SPY 300 level as resistance so that we haven’t broken through any of those areas so it trades up in these areas continue to remain aggressively long. They’re not going to be more conservative trades until such time as we push through those levels, push back up, pull back, and then start to take back off, but we do continue to go ahead and test these levels over and over and over again. So, more aggressive longs are going ahead and trading up here. Me? I’m always willing to go ahead and put tests feelers out up in these areas as well.

So, what I’m looking at right now is, can we push back up here above pull back and take back off? Right now though, it is resistance and so both long side and short side trades are still very much in play once 27,000 is support only 3000 is support only on the S&P; then I’m gonna really only gonna focus on long side but, in the meantime it’s gonna open up trades on both sides of the fence just watch out when your earnings are being released right now. So, as we go ahead and look to what’s happening on a weekly basis we actually locked in a distribution bar on the weekly basis. So, what you really want to do is we want to get above the high of this bar. If you’re bullish, like I am I love to see the market go ahead and get above that level and because that could lead to Dow 30,000 if we can actually push through the high of last week and then retest the 27,300 – 400 area I’ve been telling you about here this band then that could be very, very good for the bulls which is why I’m looking at these bigger plays and will it still be bullish but right now you can see those areas are not support just yet. They are still resistance. So, if you’re looking for a conservative play, the best thing to do is sit on the sidelines right here to see what happens. The Russell went ahead locked in an accumulation bar on Friday. The S&P; locked in an accumulation bar on Friday but make no mistake Thursday was distribution. So, you have some back to back areas there. You really want to watch the closest out of this bunch. The cast of characters is the Russell with that accumulation bar there and trying to gain some strength I really want to see the Russell pierce back through the high here. That could take us right back up through 3,000 on the S&P, and 300 on the SPY and make another test for this whole area. So, like I said we’ve got breaks, got rejected here this weekend so we don’t know how the S&P; Futures is going to open up overnight and whatnot. Frankly, I don’t really care. I’m still looking at the bigger picture with this whole thing and this is one thing I want to leave you with before I actually look at a couple of the markets with you is we’re making higher lows here and we’re retesting – look at the distance from here to here how long it took to test and get rejected. Then, look at the distance from here test and then get rejected but then over here even sooner test then get rejected but then right back up. So, you’ll see the cycle here is getting faster and faster where it’s going back up is and we’re making the higher lows. So, like I said, that’s why overall I want to say bullish until such time, so right now those trades on both sides of the fence above 27,000 I’m bullish only and then until we kind of break down here I’m not gonna worry too much about being bearish only. So, that’s kind of a general gameplan there. I’ve been asked though a lot about Gold every time it seems like the market goes down 100 points, you’re like “Gold! Gold!”, okay, so, here’s my position on Gold and just so you guys understand, my ITP Indicators here my institutional Indicators had fired off there all through the summer with a lot of green bars, these double green dots, That’s what I’m really looking for is the double green dots. That means numerous of my strategies are coming together so statistically to have an extraordinarily high probability of success. I also like to see things like, what we call, throttling here, the dual momentum, so, a whole series. You’re talking countless tools and strategies of mine it’s like what we could refer to as “Rob in a box” firing off together. Okay? Great. That’s what I want to be involved in something like Gold, okay? But right now you’ll notice that basically, we’re blue. So, we’re just neutral here. We’ve got no double green dots, no double red dots for a sell, we’re just neutral as could be. That’s sitting on dead money and so I’d rather be out of the trade right now than be in the trade. So, I’ll be looking for a new breakout or a break down to like the double red version of this so, the opposite of this effectively sell-side before doing anything with Gold. So, right now you know if Gold was purchased way down here and you’re a betting person you want to go ahead and see if you might resurge, fine! But, otherwise for any other case if you brought it up in anywhere in here just you’re sitting on dead money or if you bought it up here you’re sitting on a loss. I would rather keep my money at that point dry and to the sidelines looking for the next opportunity from my perspective. So, you’re not in already a well-positioned trade in Gold. I’d wait for a new breakout breakdown let’s go ahead and get a whole new series of indicators firing off giving me that super huge statistical probability of success there, okay?

So, we’ll leave it at that for this weekend I hit you guys with enough and we’ll be doing multiple videos here throughout the week to keep you up to speed as we go and look at different markets. Certain stocks, Goldman Sachs is kind of basing right now. Walmart’s still up at that 120 level I told you about before. Home Depot did push about the key levels I told you so that’s off into the 137 almost 138 area right now, but we’ll give you some updates on some of those things in some of the videos to come here. The key thing is where the market is as a whole right now so watch that Russell. Watch S&P; 3,000, Dow 27,000, the NASDAQ, can it get above the accumulation bars set from Friday and Thursday’s high? Watch those different levels, gang, very closely. Which will really drive your trading and short term investing strategies for the weeks to come and again this week we’ll get several videos out for you, alright? So, have a wonderful night and it will look forward to seeing you here in the exciting trading week and see you tomorrow morning! Take care, everyone. Bye-bye!

Leave a comment!
Read previous post:
The Market Bulls Had Hope And It Paid Off. So What Next?

Okay, welcome back everybody! Well, another wild and crazy ride on Wall Street this week. We certainly told you last...

Close