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Don't know what pattern it is, head and shoulders top? Which usually fails anyway.
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Still using this chart which showed the turning point exactly again. Using it until it breaks.
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Sharing research and ideas only, this is not trading advice.
“If people concentrated on the really important things in life, there’d be a shortage of fishing poles.” – Doug Larson
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We may have the range high and low of the day. (range high/low means roughly, not exactly the high/low)
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It is bearish that we have daily swing lower lows. but we don't have a bearish reversal to make it official, today bears need to get one, or it will look confusing like right now, daily trades over 20 DMA and under 50 DMA, Kissing it but not fully reject until we have bearish reversal. so, bears need to close under the open, it should not be that hard when $CPC >1
My comments are for entertainment/educational purpose only. NOT a trade advice.
Newsfeed says managed mutual funds (not index funds) are positioned for a Fed reversal. And why not the Fed has show zero backbone when things break.
Newsfeed also showed everybody is looking at the wrong seasonal chart. Apparently there is a seperate one for bear markets and it doesn't look that hot for November.
Yesterday the folks at Convergent with the fancy software that groups trades by three sizes were saying the small lot traders (us) were the only ones active in the ES and RTY.
Today the pros said the data releases give zero reason for the Fed to back down from a .75 hike next week. Goldman said they expect buyback cash for this round to be about 10% less than last year.
McClelland's S&P 500 Oscillator is once again showing market ready for a sell off. Makes sense, you have to get really over bought for the dry powder for a down side explosion.
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Performance of the top holdings in SPY show the non-techs (dashed lines; XOM, UNH, BRK/B) are leading...
Techs (solid lines) are not so good.
This means either 1) SPY will need to "catch-down" .... or 2) the other 490+ stocks in the SPY must do GREAT to offset all the tech downs
Also as you know: Twitter (TWTR) will be delisted effective Friday after the close TOMORROW if/when Musk, TSLA, completes the deal.
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.
YTD performance of some key sectors shows health-orange, banks-red and smalls-cyan leading.
Will that be enough to sustain the SPY bounce?
[the usual caveat: as with all performance charts, if you change the timeframe you will get a different picture]
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.
Al_Dente wrote:Performance of the top holdings in SPY show the non-techs (dashed lines; XOM, UNH, BRK/B) are leading...
Techs (solid lines) are not so good.
This means either 1) SPY will need to "catch-down" .... or 2) the other 490+ stocks in the SPY must do GREAT to offset all the tech downs
Screenshot 2022-10-27 093240.jpg
Also as you know: Twitter (TWTR) will be delisted effective Friday after the close TOMORROW if/when Musk, TSLA, completes the deal.
Only 5 stocks, yes, just FIVE, were resp. for >50% of the broad benchmark gain last year in 2021. (Apple, Google, Tesla, Msft, and Nvda) - does that work in the opposite direction? (sorry for the multiple facetious comments).
[quote="brokebybernacke2"[/quote]
Only 5 stocks, yes, just FIVE, were resp. for >50% of the broad benchmark gain last year in 2021. (Apple, Google, Tesla, Msft, and Nvda) - does that work in the opposite direction? .....[/quote]
THANKS BOSS
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.
Sharing research and ideas only, this is not trading advice.
“If people concentrated on the really important things in life, there’d be a shortage of fishing poles.” – Doug Larson