i see some supports here, no wonder the market is fighting. a critical time for bulls again.
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lilitulip wrote:Hi, SMH hitting new high, but seems RSI is weekening, what's your thoughts about shorting it? thanks
For you, as I know you, the answer is: why short new high? RSI doesn't mean you should short.
For some experienced traders, SMH bears may stand for some chances, but need figure out the right moment to strike and it's risky.
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just a wild guess since the pullback is way too strong so I think the very first rebound attempt should fail.
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my reading shows this is not a valid break out. it will fail soon. i don't long here.
but overall, i am a little bit "up"-biased now. hope to get a long setup at 1335 area.
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another critical time. a decisive breakdown would be bad otherwise it could be considered as the back test of the previous low before flying away. for now I'm not optimistic about bulls, but we shall see.
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too bad, this is a decisive breakdown therefore confirming a bear flag and therefore the measured move target as shown in the chart below. Not necessarily hit the target though.
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Cobra wrote:funny, we now all know where the target will be.
Cobra, how do u think of market? it go down the 4 days. and now rebouce is so weak? does it mean bull is over in May? thanks
short-term not good for bulls. intermediate-term hard to say now as long as today is green. a red day today would enough make me to call intermediate-term bear.
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Cobra, you were right about the market visiting the lows again. I thought the bounce would last a few more days, but as this is flashcrash anniversery everything went real fast
the rebound this time (if proven so later) would be much stronger, my guess.
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