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05/04/2021 Market Recap

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Cobra
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05/04/2021 Market Recap

Post by Cobra »

I don't know how to read today's pattern: Very first down day on volume surge, bearish, but very long lower shadow, bullish. So Doji plus volume surge could mean either distribution or accumulation, we'll need see tomorrow. As usual bulls aggressively bought every DENT (not even a dip) which at certain point would suddenly stop working and I kind FEEL tomorrow is the time, let's see.
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Cobra
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Re: 05/04/2021 Market Recap

Post by Cobra »

5.png
Proved again it's right not to trust bears even a seemingly downtrend day in the morning.
viewtopic.php?f=2&t=4580&p=294183#p294183
viewtopic.php?f=2&t=4580&p=294190#p294190

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Cobra
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Re: 05/04/2021 Market Recap

Post by Cobra »

On the 2nd thought, we had 4 days of pullback (although just a dent but it's a pullback, cannot be denied) so a volume surge today should mean a sell exhaustion therefore the pullback might be over today. I was too bear biased to admit so in the previous post. This 2nd thought might be wrong as I still FEEL there'd be a surprise tomorrow, but right or wrong, I should interpret what the chart says without a bias: The chart does look favoring bulls, for now.
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JFR
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Re: 05/04/2021 Market Recap

Post by JFR »

SPY 15. Some roller coaster excitement early in the trading day. Pretty good bounce back. Ultimately down only .52%. No doubt the move down got the attention of mutual funds and some grandmas, who might watch the markets and their investments closely. No offence to smart grandmas.

2021-05-04_15-13-38.png
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JFR
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Re: 05/04/2021 Market Recap

Post by JFR »

SPY daily. Personally I would not mind seeing market value drop back to the $390-$395 range of March, which would allow us another nice move up, as well as the move down, of course. Flat for two weeks plus, with a hammer sitting on the EMA 20, and a series of dojis before that. Breakout coming. Pressure both ways.

2021-05-04_15-24-54.png
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Cobra
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Re: 05/04/2021 Market Recap

Post by Cobra »

JFR wrote:SPY daily. Personally I would not mind seeing market value drop back to the $390-$395 range of March, which would allow us another nice move up, as well as the move down, of course. Flat for two weeks plus, with a hammer sitting on the EMA 20, and a series of dojis before that. Breakout coming. Pressure both ways.

2021-05-04_15-24-54.png
Hmm, seems a reasonable target there and a good support.

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ccash04
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Re: 05/04/2021 Market Recap

Post by ccash04 »

[quote="Cobra"]I don't know how to read today's pattern: Very first down day on volume surge, bearish, but very long lower shadow, bullish. So Doji plus volume surge could mean either distribution or accumulation, we'll need see tomorrow. As usual bulls aggressively bought every DENT (not even a dip) which at certain point would suddenly stop working and I kind FEEL tomorrow is the time, let's see.

This 100%, I don't know if I am too bearish but this describes exactly what I am looking at, seems like it should dump overnight and into the morning but probably means rally to new highs.
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JFR
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Re: 05/04/2021 Market Recap

Post by JFR »

Cobra wrote:
JFR wrote:SPY daily. Personally I would not mind seeing market value drop back to the $390-$395 range of March, which would allow us another nice move up, as well as the move down, of course. Flat for two weeks plus, with a hammer sitting on the EMA 20, and a series of dojis before that. Breakout coming. Pressure both ways.

2021-05-04_15-24-54.png
Hmm, seems a reasonable target there and a good support.
True that.
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