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"It is what it is department" Market top price action, the mega funds seems to be moving the money out of MSFT and GOOG to somewhere, GOLD or NVDA?, lots of talks they move to the Rut 2000 (IWM), but IWM seems to hit the ceiling also short term, the rotation will continue, once it all said and done the true direction of the major indexe like $SPX will let us know where we are going, for now, other than a daily trend following which is buy and hold, any shorter term trade is No trend, day trade only.
Lets look at topping price action behavior here. on last Tuesday marked the first overlap closed, signaling the end of the up trend is near. market managed to push to new HH after Tuesday with a negative divergence and only to end with a bearish engulfing on Friday closed. If we trade under the yellow high lighted box it will be of no doubt to say that the trend change is at hand, for now we will have to wait to see, if there will be a new HH, I'd like to see a bullish crossed on MACD. if not the selling pressure will continue.
It is a fearful market, this is the reason I am not shy to take a bearish trade in this area.
Swing setup: No trending, last buy failed, next rip will be sold.
Intraday: Friday closed the day with a negative price action, look above and failed, topped with a bearish engulfing on a daily candle stick. I can't get too bullish on this, expecting more weakness into Monday. know your time frame of a trade and trade it well. Peace!
My comments are for entertainment/educational purpose only. NOT a trade advice.