Dow: Don't Be Silly - Don't Long Until >26,400 Confirmation
Its always interesting watching the perma bulls come alive when there's any single algo bounce; similarly its interesting to watch the perma bears come alive where there's any single algo sell-off.
The game right now is simple: do not long until the Dow surpasses 26,400. If we do not reach this very key level, the market will come down, and come down quickly and fast. In this case, we must surpass the original peak prior to the last few weeks of extreme volatility otherwise the market will continue to remain overall bearish.
Keep in mind that the Fed in the USA is slightly hawkish on rate cuts for September. This will only augment the increased probability of a sell-off in the near-term. Key moves from the ECB and upcoming PMI reports (Australia/Germany/Europe), may even further increase the risk of a sell-off.
Wait for 26,400+ confirmation on the Dow and 2943+ on the S&P for confirmation support on long positions.
-- zSplit
The game right now is simple: do not long until the Dow surpasses 26,400. If we do not reach this very key level, the market will come down, and come down quickly and fast. In this case, we must surpass the original peak prior to the last few weeks of extreme volatility otherwise the market will continue to remain overall bearish.
Keep in mind that the Fed in the USA is slightly hawkish on rate cuts for September. This will only augment the increased probability of a sell-off in the near-term. Key moves from the ECB and upcoming PMI reports (Australia/Germany/Europe), may even further increase the risk of a sell-off.
Wait for 26,400+ confirmation on the Dow and 2943+ on the S&P for confirmation support on long positions.
-- zSplit
Comment:
I tried to warn everyone but people were still bullish from yesterday. :(
