After carefully reviewing all the charts and the Pivot Trend System, I keep my original view that the close of 5/4 (SPX 907, XLF 11.73, IYR 34.64) is a closing top for at least short term.
The Pivot Trend System so far provides me a very good guidance on market moves (like yesterday's short signal on IYR at close). However, it could be wrong if market goes up from here another over 5% (on SPX). I can not rule out the situation of another big up day coming soon at this moment, though it looks unlikely to me. So a proper stop will be set along with any trade.
My trade plan for tomorrow is:
If market opens with a gap up tomorrow, I will place some heavy short positions this time. Otherwise, wait for the next high points to load short positions. If market opens with a serious gap down tomorrow without any meaningful bounce (considering bulls' action today, no bounce is also unlikely to me), I would miss this shorting opportunity rather than chasing lower.
For now, I am flat without any positions, but set a limit order on SRS AH to see whether it will be filled. As always, I will post my real time trades/stops and intra-day market comments on this blog. You are also welcome to exchange ideas and market views with me!
Let bears play this time, even though it could be short-term joy only. Good luck, everyone!
Posts
Morning Post 03/03/2025 SPX
3 hours ago
This is really dependent. I still believe that it is possible to test 950, although I personally want this maket down.
ReplyDeleteBecause I do do do think this round of uptrend is really a buble.
ES (SPX E-mini futures) is down hard (-10pt) after 9pm. Some news is out that GM share holders will end up with nothing.
ReplyDeleteMy SRS limit order AH were not filled. Hope that not you guys jumped in front of me after seeing my posts. :-)