ES at the daily view.
Long story short, I am very angry at Trading View for erasing all my recent trend lines on all 62 charts that I track. An entire month's worth of work was erased as of this morning. Has anyone else faced this issue?
Luckily, I was able to recreate my ES chart by memory. The ES has been overextended for days and finally pulling back. Do I think another March 2020 crash will happen? No, not really. Market internals are heathier now than they were back in late February. Not to mention, there is no great need for cash immediately. The pullback was mainly technical. The VIX and VVIX hit both a trend line and RSI support a few days ago. The overall trend is still pointing slightly up. I'll continue waiting to buy bigger dips or short big VIX spikes when the opportunities arise.
A lot of permabears keep blaming the Federal Reserve for propping the markets up. The Federal Reserve's repo operations seized since July. More over, treasury securities operations were reduced to nearly pre-COVID levels for a few months now. Basically, since July, the markets were largely on their own. So, permabears are really avoiding to confront their bad decisions by blaming the Fed.
Short-term, sideways to bearish. Medium-term, bullish. Until the overall price channel closes days below the bottom, the overall direction is sideways to up. Internally, market breadth is far above the line in the sand between bullish and bearish. Why is market breadth increasing? Simply, the rotation from growth to cyclical stocks began a few months ago and it continues. Meaning, cyclical (non-tech stocks) are finally having their time to shine going into 2021. Higher market breadth means more sustainable rallies. This is why the corrections have been less frequent compared to Spring 2020.
Long story short, I am very angry at Trading View for erasing all my recent trend lines on all 62 charts that I track. An entire month's worth of work was erased as of this morning. Has anyone else faced this issue?
Luckily, I was able to recreate my ES chart by memory. The ES has been overextended for days and finally pulling back. Do I think another March 2020 crash will happen? No, not really. Market internals are heathier now than they were back in late February. Not to mention, there is no great need for cash immediately. The pullback was mainly technical. The VIX and VVIX hit both a trend line and RSI support a few days ago. The overall trend is still pointing slightly up. I'll continue waiting to buy bigger dips or short big VIX spikes when the opportunities arise.
A lot of permabears keep blaming the Federal Reserve for propping the markets up. The Federal Reserve's repo operations seized since July. More over, treasury securities operations were reduced to nearly pre-COVID levels for a few months now. Basically, since July, the markets were largely on their own. So, permabears are really avoiding to confront their bad decisions by blaming the Fed.
Short-term, sideways to bearish. Medium-term, bullish. Until the overall price channel closes days below the bottom, the overall direction is sideways to up. Internally, market breadth is far above the line in the sand between bullish and bearish. Why is market breadth increasing? Simply, the rotation from growth to cyclical stocks began a few months ago and it continues. Meaning, cyclical (non-tech stocks) are finally having their time to shine going into 2021. Higher market breadth means more sustainable rallies. This is why the corrections have been less frequent compared to Spring 2020.