Futures down but it gapped down so we all know that gap has to fill.
NQ is also oversold, but I'm not sure if this gap is going to fill until after the Fed meeting. The Terra/Luna/UST gap took 3 whole weeks to fill, and cryptos are once again tanking.
Best guess? We hit the purple line first then rebound back up this week to fill this gap after the Fed meeting. Powell has a knack for pumping the market while delivering bad news, lol.
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I got way too bullish too early on the UST gap last time, so probably going to be a bit more conservative this time.
Please don't ask me when the gap is going to fill, it can be a few hours or a few weeks, we'll see what it looks like tomorrow morning.
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Futures down big now, but remember all US futures gaps fill. Also keep in mind it took 3 weeks last time.
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We have the first crypto lender to halt withdrawals. More contagion ahead.....
A repeat of the UST/Terra/Luna tank seems appropriate now.
Market trading sideways to start, so I sold my put (QQQ 289p exp. 6/13) and took my profit. Possible paper hands, possible good move. Guess I'll see.
hungry_hippo
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@BoomerMo, taking the easy money is always the right move, never kick yourself when you've made money.
hershel613
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Thanks! Personally, I think it’s going to fill tonight. It almost always does. Come tomorrow afternoon we may very well fill Fridays gap on the cash market open. Then we head back down…
hungry_hippo
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@hershel613, the market rarely leaves 2 open gaps on the daily index, so we may see this gap fill tomorrow.
Fridays gap? Doubtful that will fill until after the Fed meeting. Inflation is real news because interest rate is real news. Most of the time news gets attached to market events, but interest rates and tax rates are 2 things that do actually move the market.
hershel613
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@hungry_hippo I hear you man. You’re probably right!
hungry_hippo
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@hershel613, definitely doesn't look like it's gonna fill tonight, 3% down now