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hungry_hippo
Oct 21, 2020 6:37 PM

FDAX Update 10/21 

EUREX:FDAX1!180
DAX FuturesEUREX

Description

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Algos buying futures this afternoon because they expect a gap up tomorrow. FDAX went oversold on MFI.

Considering MFI is oalmost overbought on ES1!, I'm expecting a pump and dump tomorrow, so gap up and tank.

Comment

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And there you have it, gap up and tank today

FOr those wondering why the market gaps up even on down days, now you know.

Comment

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MFI is close to oversold again, but it could sell off anyways because who wants to hold stocks over the weekend with lockdowns coming in Europe?

Tough call here, but with this whipsaw market, the gaps fill fill anyways.
Chart PatternsTechnical Indicatorsfdax
Comments
peter_bu
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I don’t think it’s actually only FDAX, NQ is not yet overbought.
hungry_hippo
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@pbuncik, there's no requirement to go overbought before selling off....

Tough whipsaw market
responsibleRhi22794
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Can you please explain in simple language. sorry I dont want to get it wrong. Thanks.
hungry_hippo
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@responsibleRhi22794, FDAX is German index futures. it;s oversold so I expect Europe to bounce up tomorrow morning after today's selloff.

When Europe goes up, they pump US futures too, so gap up tomorrow. That is why the algos are buying futures right now, despite the weak market
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