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for now, for now, it looks like a bear flag. bear flag mostly doesn't work though. My guess is range day today.
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Down gaps this morning were a pure gift to dip-buying bulls. Quick easy fill on QQQ, and IWM a sharp kaboom right up to yest high. SPY is lagging, yet to fill.
Update: hard to tell on various charts, SPY may have gap-filled by a tick, or maybe just fell short...
From David Rosenberg via Twitter:
How ironic on the eve of the “longest bull market ever” the SPX failed at the highs in what was the 6th attempt since the Jan 26th record close. Breadth/volume far below prior peak, when 8 sectors participated vs. just 2 yesterday. Farrell’s Rule #7 at play.
6:18 AM - 22 Aug 2018
Nomura reporting that the generic S/L hedge fund is losing money with the most shorted hedge fund holdings up 5 something % while the most held longs down 2 or so %.
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My fast tick count view looks like a market trying to find a direction.
It appears with Netflix up 10% in three days and the rotation into the speculative sectors that this has been a combination of short squeeze and (conjecture on my part) stock buyback money. That works but only if the rest of the market follows along.
I have the overnight high at around 7:10 AM New York time. Currently my prime candidate for the top of the range with somewhere around the opening print as the bottom, for now.