Market appears to be melting up, but I'm holding off on calls until I see MFI go oversold. It probably gets there tomorrow.
No idea which way the market gaps tomorrow. Could just be a flat open which is typical after a Tues pump
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Also, BTC appears to have lost steam and no formed what appears to be a H&S pattern, though cryptos don;t seem to like making nice chart patterns.... so who knows.
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My best guess is a flat day tomorrow for a bear trap, fill the gap above Thu then whipsaw Friday.
If they fill the gap tonight, I think the market drops because nobody will chase it.
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The algos are 100% back in control though, they managed to pump NQ 2% on no news.
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Is BTC now a leading indicator?
Anyways, I told you so. No long positions until MFI gets oversold.
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Wow, damn that's bullish, the dip disappeared in minutes, lol.
RTY already filled the gap and NQ is only 100 pts away, so close i could even fill the gap overnight and turn around.
So much for waiting for MFI to go oversold, lol.
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Apparently the afternoon whipsaw was caused by Powell talking about rate hikes. Every time he opens his mouth we get a whipsaw, lol.
Very hawkish comments though, he basically said f the market.
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I'm still thinking inverted H&S because the gap above hasn't filled. Tread carefully....
@Trebor74, market is not supposed to go straight down but at this point it's breaking every rule so anything is possible. 5% down day, lol.
We may start seeing circuit breaker days like the COVID drop, that's when you know we hit bottom
hungry_hippo
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@Trebor74, I now see why you said that. I agree it will eventually get there, just not sure how. Everything else is at pre-COVID price, NQ will eventually get there.
rickyrt
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calls? once upper gap closes then lower gap needs to fill?
hungry_hippo
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@rickyrt, I meant if it doesn't close before tomorrow.
that lower gap may not fill for a while, NQ weekly is oversold.