We did a video this morning (On YouTube) around 6:30am talking about the 14,000 as it was a piggyback video of the one we did yesterday afternoon ‘live’ as we anticipated that area being touched before the end of the day.
This morning we assumed the market would get some type of relief bounce, even if the CPI and/or inflation numbers were worse than expected. We can see that assumption played out accordingly. We continue to watch the 377 moving average and look for this area 13,970 - 14,000 to be a potential landing zone for capitulation. There is also assumed evidence of a morning star being put in.
Watch for the ‘rip your face off’ movement in the markets. Sooner or later, which we believe is now, market sentiment will be at its highest to the down side and will reach its maximum just as those late to the party finally join.
Could see that 'rip your face off' bullish pressure at these levels. Check the chart! WATCH GROWTH STOCKS!!!!
Nice, I have similar thoughts. Thanks for sharing.
bsdvs23
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@Tradersweekly, I've been stalking that 14,000 level on my videos (in YT like a hunter in the wild, lol. As discussed in there - we really need to see the semiconductors catch a bid since the heavy weights like NVDA, AMD, ACOM, and INTC carry heavily weighted % allocation within the major index. Not to mention AAPL (the biggest of all the weighted %'s in hundreds of ETFs and in the NDX/QQQ, SPX/SPY broke below the 50 day moving average. In fact, on our FB page, I identified (within the important NDX) 55 stocks under the 50 day and 71 under the 200 day. This needs to greatly improve as well as the new yearly lows, which continue to expand day after day. In any case, sooner or later (which I believe we're at or near) the sentiment in the market gets to the point where it is so negative it causes some to throw in their chips or sell right when they should either be buying or 'sitting on their hands' being patient.