Well, ES just broke the lower trendline of this megachannel we have been in. RTY broke support. NDX broke 200DMA AAPL tanking NFLX looks like crap AH
Everything is bearish, but indicators show tomorrow should be a drop and reversal like last Friday. Then again next Monday could wind up like this Tuesday, so no long positions until next week.
Don;t get carried away buying the dip, it's a long ways down, and much like today, expect some whipsaw and complete change of directions.
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Everything is oversold on the daily, but NFLX was severely oversold and went down anyways. Looks like the market will gap down tomorrow, not sure if it will be an exhaustion gap or a breakaway gap.
I have no idea what to tell you if you have a long position, so don't ask. Flipping my puts in the morning and calling it a week. Plan to stay cash over the weekend and figure crap out next week, lol.
Like your idea of open red and recover like last friday...yesterdays drop was 2.5% from the highs so very zig zag..might be ending wave 3 today and kicking off wave 4 up into Monday/Tuesday!Very impulsive drop yesterday...
ForexTrendline
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Awesome idea! Thanks!
mc_speculator
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agreed... closed my damn shorts too early today... arrr
hungry_hippo
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@mc_speculator, left my profits in SNAP puts so I make some money tomorrow
I'm an engineer, that website makes charts look like engineering charts, this website makes charts look like a phone app.
mc_speculator
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@hungry_hippo, haha for sure. i've been using TV forever and have all my stuff here, hard to change now but I have been looking at Koyfin so was curious what you're using.