Looks like it as of now as they have lost the 18 daily ma. Bias is down.
Strong support at 4k, but at that point any bounce would likely be sold into quickly. If they test the 18ma tomorrow it's an ideal shorting opportunity. Remember there is a long weekend ahead as well - another wild card.
Good luck!
Strong support at 4k, but at that point any bounce would likely be sold into quickly. If they test the 18ma tomorrow it's an ideal shorting opportunity. Remember there is a long weekend ahead as well - another wild card.
Good luck!
Commentaire:
Today we'll probably continue the sell-off and likely more short interest will come in for the long weekend. Keep in mind, if the 4hr rsi gets quite low and we get to the support levels between 4030-4k, we may have another rally from there - a final push to convince everyone that the market "can't" go down. That Rally would get us to 4200+ and backtest the trendline again. I've seen it before, so I'm keeping it as a possibility. good luck....
Commentaire:
no real conclusions today. We ended below the 18 daily, so bias is still down, but the weekly candle on SPY is indecision again. They came in at 050, a little higher than I expected but close to the zone of support. IWM was strong today and some mega caps as well - like tsla.
