This is why I said I'm bearish for Monday, and not going long over the weekend...
Chart pattern looks incomplete despite NQ being oversold. ES, YM, and RTY did not go oversold yet.
Afternoon rally appeared to be all short covering, every stock with high short interest (W, TSLA, BGS, etc) finished green.
Overlay is 2018 end of year tank made to fit. Patterns repeat.... the other possibility being another pump up then a big tank. Eventually there is another big leg coming I think. Otherwise the pattern just doesn;t look right.
Chart pattern looks incomplete despite NQ being oversold. ES, YM, and RTY did not go oversold yet.
Afternoon rally appeared to be all short covering, every stock with high short interest (W, TSLA, BGS, etc) finished green.
Overlay is 2018 end of year tank made to fit. Patterns repeat.... the other possibility being another pump up then a big tank. Eventually there is another big leg coming I think. Otherwise the pattern just doesn;t look right.
Comment:
EVerything hit oversold on RSI, so we could see a bounce, but I'm staying out until tomorrow.