Indicators neutral, looks like the MM are pumping futures to wipe out some of teh puts on options day.
Guessing whipsaw day, bulls should be happy that the market regained teh purple line. No idea what happens today though could just be a whipsaw day.
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Futures dropping before open, like I said, you shouldn't be buying until MFI goes oversold
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... and they pumped it back up only to have the market sell off stocks. At least i got the whipsaw part right, but that's an easy call nowadays, lol.
Definitely some sector rotation, crypto and transport stocks look weak. Garbage stocks are not getting a short squeeze on the pump.
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Triple rate hike plus 75 in July isn't priced in, they can pump futures all they want, but no buyers before the long weekend.....
Looks like the premarket pump means nothing.
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Algos can't control the market if there are no buyers
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Oh look, it's a reversal of the reversal of the reversal.
I said today would be a good day to stay cash. Oil took a crap BTW, which is why DJI and SPX aren't rallying. Jerome (Powell) is happy now, lol. (I am gonna use his first name from here on, he doesn't deserve any respect)
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Long or short, I think you need to be patient here and wait for an opportunity. If the market holds the purple line then the next big rally will happen when it breaks out of the green resistance line. That should occur next week.
I plan on buying a few COIN or MSTR puts EOD, just for kicks and giggles because it'll be hilarious if cryptos crash over the weekend again
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As far as bear market trading goes, you don't need to time the bottom, you just have to get in before the big rally. That green line above is that mark.
If the market tanks next week then it'll bounce at the next green line below. Pay attention to the channels.
Also, Euro markets about to close, I think they're the ones pumping futures so more whipsaw coming today
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Looks bullish, though anything can happen over the weekend.
Rolled into a few GM calls, plan to buy MSTR puts EOD as a hedge