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Maybe a triangle here so bias is a little bit down.
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One other note of caution.If by some chance we close anywhere near the 3691 level it would make the weekly candle extremely negative , And since the daily is still on a sell, it is at least possible. In any case, so far the three day window for bulls to rally hard is : Day one ....down!
1) 1 of 3 "double gaps" has now filled with at least 1 at 397 left to fill, there is also one down at the lows according to stockcharts
2) Holiday seasonality is normally bullish. That hasn't materialized but can at any moment.
3) Cycles point to an early morning rally at some point, so doesn't feel like the bears can trend so easily today
4) Interest rates are dropping hard which should provide tailwinds to tech stocks (cannot argue rising rates were bad and now falling rates are also bad)
Dropping in for a bit as I am not traveling today.
Macro picture has changed this week. Atlanta Fed GDP NOW model, as you saw, says recession. Micron says tech is done as expectation for gadget sales (laptops and phones) is falling hard. Interest rates down because market changed the Fed Funds future expecting less up and a much sooner reversal. I am waiting for this very controlled descent to turn into the sort of waterfall crash we had in the 2000 era.
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My, admittedly simple VIX trading rules, just switched to buy dips from sell rallies, for the first time since March. (Blue ema line below Red ) https://schrts.co/yAesIaev
My comments were dictated to me by homie the clown
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.
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.