MFI and RSI are no longer overbought, and chart patterns are also inconclusive.
Best bet is to just let Fri and Monday play out and short on Tuesday if the market gets pumptarded or buy the dip if it crashes.
One thing I learned this week is that fundamentals and valuation have absolutely no bearing on the market. It's all momentum and futures pump and dump.
World markets tend to dump on Thu and pump on Friday, so probably opens flat Friday anyways.
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The market usually doesn't move much on Turkey Friday, and Monday will act like a Friday because 401k and pension money won't get processed until Monday. So Monday winds up being Ponzi 401k day.
I think I'm gonna wait until Tuesdya then find something to short
Market is joke, price will go up and down before-market and after hours, then in regular hours it's flat. it's like gambling, you should bet today for tomorrow. any technical indicators doesn't work expect momentums for less than 5m charts, fundamentals as well
FibonacciDiPisa
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@shkspr, agreed, technicals and fundamentals are useless when banks are pumping in billions of dollars...the only direction seems to be up and today was a prime example with a massive amount of sell offs trying to push the price down...and wouldn't you know it, we will probably end up or flat. seems like there are only two directions now: up and flat, and that is just how the government wants it. i thought grand-scale market manipulation was prohibited, but I guess if you own the market and have an army backing you, you can do whatever you want
shkspr
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@wayum999, maybe in last 15min we have a sell-off, it's wired that we have 3 day holiday, most of companies were up 20% in last 2 weeks. and we don't have sell-off. it's ridiculous
FibonacciDiPisa
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@shkspr, yup, they pump it up just before the known sell off, and then it becomes "flat" instead of a proper down...insanity and delusion is what it is
shkspr
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@wayum999, 100% agreed
shkspr
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@wayum999, Just look at the volume in SPY, 3 min ago. just wow
FibonacciDiPisa
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@shkspr, the bid volume was insanely high today so we should be probably in the 3400 range, but there are these massive bottom wicks and somehow juuuust enough ask volume to match and just exceed the bid volume...its not good and setting us all up for a massive disaster bigger than we have ever known I believe
sipiceanu
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This is a great article and I believe the smart money usually keeps an eye on GDP and overall economic conditions, hence why the information in the article is important to know when and why a dip is coming: "For a still vulnerable U.S. economy now in the grips of predictable aftershocks, the case for a relapse, or a double-dip, before mid-2021 is all the more compelling."