Not exactly the sharp v bottom of legend but it looks pretty real at this point. Right at the January highs is a good place to bounce. Would prefer to see a re-test, not that little double tap 10 minutes apart. But as they sang, you don't always get what you want.
the rebound looks very strong, so some chances the low was in, i.e. up and up and up, no turning back. But still I'll stick to the usual pattern, i.e. a revisit of the low is required.
Attachments
Like to read more of my commentaries? Please subscribe my Daily Market Report. Subscribers can find all the members only posts HERE. StockCharts members, please vote for me HERE, thanks.
Like to read more of my commentaries? Please subscribe my Daily Market Report. Subscribers can find all the members only posts HERE. StockCharts members, please vote for me HERE, thanks.
Sorry, the ES and we have arrived. Open question as to where we go next today. Volume profile says the up move could easily go to the opening 1 hour range low of ES 2905 before hitting some heavy going.
Next week the Chinese traders are back in force so the first half of the overnight session won't be as subdued. As Pasta Boss posted market is still a couple of weeks away from a revival of it's primary source of cash, buybacks. With the fast run up in interest rates wonder if some boards will demand debt pay down rather than protecting CEO stock sales.
Interesting?
GS “boiling the frog”
It’s not “… the absolute level of the 10Y yield in itself is a key trigger to a selloff, the other catalyst is the speed/rate of the selloff in rates - i.e., the faster the yield rise, the more likely the adverse reaction for stocks…” https://www.zerohedge.com/news/2018-10- ... to+zero%29
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.
Like to read more of my commentaries? Please subscribe my Daily Market Report. Subscribers can find all the members only posts HERE. StockCharts members, please vote for me HERE, thanks.
Like to read more of my commentaries? Please subscribe my Daily Market Report. Subscribers can find all the members only posts HERE. StockCharts members, please vote for me HERE, thanks.