From
"It is what it is Department" What a strong reversal week that got everyone wonder are we bottom for real? my answer is
NO. Last time I checked market doesn't care what I think
based on a daily trend following setup we are now entering sell the rip zone until this sell fails will the bulls regain a buy dip coupon on the daily time frame. keep it simple, first thing first.sell signal triggers when RSI < 70
A look at New High and New Low index. from the start of this correction since December, Jan and Apr peaked, we barely brought up HL index of Nasdaq to positive side only to tank back down to new LL. today if we peaked here it will be more weaker than the last two, so I don't see this bottoming is sustained without a pull back and slowly created new high in all major indices.
Intraday trade: Friday we end the day with a positive price action. I am expecting a strong trade to continue until we have a negative price action day.
only price pays at the end of day, What to look to on Tuesday or even a Monday night futures trade. only a trade below 38.2% will get me to think the reversal may start, other then that no sign of weakness to call to beside it is overbought. Good luck and trade well, Time frame of a trade is important. if you are a trader, trade it don't hold on to it. Peace!
My comments are for entertainment/educational purpose only. NOT a trade advice.