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Stock Market Daily Discussion for May 2nd - 6th

Discussion in 'Stock Market Today' started by StockJock-e, Apr 30, 2016.

  1. Gray Wolf

    Gray Wolf Well-Known Member

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    Well, as you can see, I'm hedging myself for either direction. I'm figuring out how the pundits word things so they can explain away either direction and act like they know what they are talking about. :p

    I do like the fib retracements though as they do tend to illustrate support resistance for longer term trends and tend to play out more often then not.
     
  2. Venom08

    Venom08 Active Member

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    I think the DJIA is ready to retest the ATHs at 18350. Could get by the end of May but then we get another solid correction.
     
  3. Talon

    Talon Member

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    Gotta break this little channel first I would think.

    Chart.jpg
     
  4. internationalstocks

    internationalstocks Active Member

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    Invisible hand kicked in. Too many shorts lol..
     
  5. Gray Wolf

    Gray Wolf Well-Known Member

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    I agree on the bounce since it did hold support and closed up but I am expecting the bounce to take a few days to work up to 2100 and will fall short to continue this sideways channel we are forming and the pullback after that will complete a head and shoulders pattern.
     
  6. Baggi

    Baggi Active Member

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    Sorry, just saw this. I was looking at 655 as a double bottom. Bought a 660/665 call spread. I think I'll try and sell on Monday since I've made a dollar already. Don't want to get greedy.
     

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