So it appears people CAN read, lol. So far it makes sense that the Euros dumped the entire Fed pump from yesterday.
Powell said possibility of 75 in July which is not priced in. No reason to pump the Fed, yesterday's Fed meeting was the worst possible outcome.
So in terms of plots, it got rejected by my green line again and testing the purple line. Like I said yesterday, the big question is if the purple support line holds or if this heads to the next green line which would be an acceleration of the tank.
Keep in mind the market is bouncing off line I drew at least a couple of weeks ago..... my lines actually mean something, and you get my charts for free (well except for the one guy that donates on a regular basis)
Powell said possibility of 75 in July which is not priced in. No reason to pump the Fed, yesterday's Fed meeting was the worst possible outcome.
So in terms of plots, it got rejected by my green line again and testing the purple line. Like I said yesterday, the big question is if the purple support line holds or if this heads to the next green line which would be an acceleration of the tank.
Keep in mind the market is bouncing off line I drew at least a couple of weeks ago..... my lines actually mean something, and you get my charts for free (well except for the one guy that donates on a regular basis)
Comment:
MFI is probably gonna hit overbought before teh market opens, which is very bearish
Comment:
MFI touching overbought as predicted
Comment:
If you're still bullish take a look at TLT, like I said 75 in July was NOT priced in
Comment:
Note: I am not going long at this purple line. I think there's a high possibility of breaking it because MFI hit overbought
Also, the other issue I see is that a lot of bulls are now trapped and will be selling the moment they break even or possibly at a loss. Buy volume was really high on futures, indices, and stocks yesterday morning
Also, the other issue I see is that a lot of bulls are now trapped and will be selling the moment they break even or possibly at a loss. Buy volume was really high on futures, indices, and stocks yesterday morning
Comment:
Also note that RSI is not oversold yet even though it's at the purple line
Indicators are still bearish even after this big drop
Indicators are still bearish even after this big drop
Comment:
Indicators are still bearish, I don't recommend going long until Monday.
I might a break next week, don't feel like doing any more bull trades.
I might a break next week, don't feel like doing any more bull trades.
Comment:
My best recommendation for tonight? Cash, lol.
Comment:
Told you so....
Looks to me like it broke the purple line backtested it and is now headed for the next green line down.
I don't expect any good news tomorrow, plus if anything Powell is probably pissy because oil is still headed up along with other commodities. Don;t expect him to help the market, inflation is his biggest concern, and I suspect his buddies are shorting the market
Looks to me like it broke the purple line backtested it and is now headed for the next green line down.
I don't expect any good news tomorrow, plus if anything Powell is probably pissy because oil is still headed up along with other commodities. Don;t expect him to help the market, inflation is his biggest concern, and I suspect his buddies are shorting the market
Comment:
You have to be my age or older to remember the last time a Fed chairman deliberately tanked the market.... Greenspan killed the Dot Com bubble on purpose because he knew it was a bubble