sp'60min4 ' retracement outlook
sp'daily5
Summary
The daily MACD cycle is levelling out..finally. Yet, we need to close the day at these levels - and I'm guessing we'll recover by the close.
What is absolutely clear - especially on my bare-bones daily chart, we could drop to sp'1415 by Friday, and that'd do NO damage to what is a very broad..and strong up trend from the 1343 November low.
My best guess..
we churn around until Tuesday, and then maybe..we'll start to see some sort of proper retracement, which should at least break to the 1440/35 area.
So, I ain't re-shorting yet...at least not until late Tuesday morning.
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stock of the day... AMZN
As ZeroHedge noted, now with a PE of over 3000.
Ironically, if AMZN can just post a loss for Q4, it won't have to worry about such high PEs anymore...since it won't have a PE at all !
UPDATE 1.20pm Its getting tedious, or maybe that's just me?
On any basis, we're due to cycle back higher again into the latter part of Tuesday.
Bears abysmally failed to break the key 1398 low last Monday, and it looks like we won't be back under that level for some months.
Back later