This is the deepest pullback since we bottomed. Could be the longs are now covering. Based on the past I would guess we bounce along in a range here at the bottom of the 20 day Average Daily Range low, but it is a pure guess.
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Sorry, less mouth more charts.My feeble attempt at Cobra's measured move boxes. Do note the +DI in blue snake dancing with the -DI in red down in the ADX box at the bottom. It seems that which ever drops below 15 is the looser but at this time the ADX line is dropping down into the 'we have no momentum meaningless noise trading range area'. Maybe we get a Ramp Express when the ETFs (whoops can't type) start their end of the day balancing, assuming the retail crowd put in massive buy orders.
I think the market is reacting to every “leak” about the Tax Plan negotiations
They’re still struggling with eliminating the deduction for state and local taxes (the SALT deduction), as it only screws the high-tax states.
Their goal is some kind of “revenue neutral” bullshit
Somebody will get screwed
Gee I wonder who……….
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.
The channel on SMALLS has morphed into a kind of megaphone (tilted down), where both trendlines slope downward.
“Downward breakouts are quite rare”
“The breakout direction is upward 79% of the time.”
“…partial rises and declines predict the breakout direction...” http://thepatternsite.com/dbw.html
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.
Al_Dente wrote:I think the market is reacting to every “leak” about the Tax Plan negotiations
They’re still struggling with eliminating the deduction for state and local taxes (the SALT deduction), as it only screws the high-tax states.
Their goal is some kind of “revenue neutral” bullshit
Somebody will get screwed
Gee I wonder who……….
The possible reduction in the amount to contribute to 401Ks is also worrying the market....
Al_Dente wrote:I think the market is reacting to every “leak” about the Tax Plan negotiations
They’re still struggling with eliminating the deduction for state and local taxes (the SALT deduction), as it only screws the high-tax states.
Their goal is some kind of “revenue neutral” bullshit
Somebody will get screwed
Gee I wonder who……….
The possible reduction in the amount to contribute to 401Ks is also worrying the market....
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.
Oh No the 3:30 Ramp Express needs a new engine, they can't get it started! At least the traditional mid day melt up was working wonderfully today. And Cobra won't have to say same old same old tonight!
Wonder how the former Target Logistics guy who bets big against the VIX is doing today?
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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.
New to me slang term from Zerohedge article on Chinese volatility
"The developments have left China’s armies of retail investors - nicknamed “jiu cai,” after the leaves of Chinese chives that quickly regenerate - increasingly disillusioned."