@DaddySawbucks, futures red but we'll see what Europe does
CJS04
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Take a peek at the dow. A thing of beauty. Now let’s drop like 10k points over the next several months.
hungry_hippo
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@CJS04, no chance it drops that much, it should hit 50DMA and possibly down to 200DMA. I play stuff day to day anyways.
CJS04
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@hungry_hippo moving averages are not something anyone goes by. Just recognize that. Only retail traders that haven’t learned charts. Just being honest
hungry_hippo
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@CJS04, then why are you looking at SPY? It's all about futures trading anyways.
CJS04
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@hungry_hippo, I dont day trade.. I look at SPY and QQQ because they almost have clearer trends of the indexes over the last 12 years .... I use it as a gauge. For example QQQ has a very defined chart. I see a head and shoulders forming if you ask me... which mean a very substantial drop coming up .. probably by August into the fall
hungry_hippo
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@CJS04, you don't believe in moving averages but you believe indices will do chart patterns?
It's just a game of futures pump and dump. Check out ES1! and NQ1! instead.
Your target for the Dow is way too steep anyways, that puts it well below pre-COVID levels and that won't happen because of dividends. Only reason why IBM and MMM are up so much.
CJS04
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@hungry_hippo I use US30, SPX500USD and Nasdaq. But I prefer spy and qqq since they are essentially the same. Go on a weekly time frame and follow the trend and there is very much a trend for 12 years. To see Spy shed 1/3 makes total sense fundamentally, performance wise and chart wise. It does not take it to covid levels or make lower lows. It fits the trend and I think you will see fits the pattern that is developing. If you are a day trader it probably doesn’t matter to you. You will get roasted a few times and then catch on. To longer term investors who look at the longer term trends they will be patient and wait. I think if you start with a blank chart and go on a weekly time frame you will see a much different way of thinking. Day traders tend to think the market just has dips I’ve noticed time and time again where the longer term investor sees things much different. We are all doing the same thing but I guess the different time frames paints a very different picture. Those who day trade couldn’t comprehend the last two corrections / bear markets while the investors said yep. It’s about time. Things made no sense. Not saying anything it’s just what I’ve noticed when I talk to day traders.