Algos appear to be buying futures because NQ MFI is oversold but the market seems to be selling stocks on any strength. Bond yields rising, garbage stocks all look weak.
I think the next selloff gets ugly for garbage stocks. Technically speaking, my indicator actually says buy, but I'm not buying into this, with the Fed meeting coming up any futures pump is bound to fail. Better to short the pump.
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If the market finishes red with NQ oversold, I think that's going to cause some Asian and Euro firms to turn off their algos, they pumped on China re-opening and ECB "hope". Doesn't mean jack ****, to the US market. Everyone's scared of Powell now, lol.
Chinese ADRs are the only thing that really pumped today.
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MFI still oversold, every time MFI has stayed oversold this long RSI has gone to oversold. Bearish, at least for tomorrow open and morning.
Market whipsaw afterwards probably, lol
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The Asians appear to have shut their algos off, Japan is green (in terms of futures), China flat, only Korea is down but US futures are down. Normally, it'd be flat.
Not that it really matters because as you guys know, teh Euros determine the gap.
Yes selling into any strength. Made bank off puts today would like to hold those gains for one day, lol. Goin out to yard, heh. BTW, this does start to look like a bull flag in an ABC countertrend move, could be a measured move higher coming, safe in cash eh?
hungry_hippo
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@DaddySawbucks, sell half and hold then, I can't imagine they're gonna do another 2% pump on NQ though. Even if they pump, it'll drop quick on the dump. No buyers aside from futures pumping.
Today looks a bit different than usual - futures seem to try desperately to pump Euros. No luck though. Any expectations of how today's session will go? Bottom and then melt-up?
jakslo23
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@jakslo23, sorry, looking at 5m chart the pump duties (or desperate defense) went back over to Euros. Nevertheless, my question remains, thanks for your answer in advance.
jakslo23
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@jakslo23, oh, and it's back to futures doing the pump/no dump. Looks like algos in the USA and Europe take turns today :) Such determination can result in melt up right?
BEJLnis
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@jakslo23, hi, I wish to go up… but I am afraid of going even lower… I am holding longs of ES and starting to be annoyed of what is going on…:-(
jakslo23
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@BEJLnis, I don't hold anything in the current market, fast trades joining short-term directions only. And conservative stop losses to avoid a situation like the one you encountered. Currently shorting, but expecting reversal to long might happen soonish, so you might defend your position, however, there might be more bottom before that happens. Wish you luck.
BTW, this does start to look like a bull flag in an ABC countertrend move, could be a measured move higher coming, safe in cash eh?