ES Daily Update

Daily MFI is touching oversold, but if you look at the last drop it went further into oversold. This means RSI could double dip into oversold.

I said this morning the bounce is just a technical bounce. I sad the same on Wed and it tanked Thu.

Nothing good can happen when the market pumps bad news, I think you;d be better off shorting GM or AAPL than hoping for anotehr pump today, lol.

My guess is that this is yet another bear flag and we get one more drop either Monday or Tuesday and then the market turns around. As I typed this, SPX went back to even for the day, lol.

Comment:

One of my followers (don;t remember which one) once told me that sometimes you have to look at the chart upside down. If the market is capable of going extremely overbought in a bull market, then it can go extremely oversold in a bear market.

If anything AAPL has to hit some sort of support and it;s in no man's land right now.

Comment:

Only people buying are technical traders and algos, I doubt retail investors and funds are buying on the bad news. Just more whipsaw, done watching.

We'll see what happens next week, if CPE sucks than CPI will too, and elections coming up. Any rally will be short lived.

Comment:

Going long in a bear market is like shorting a bull market, you need perfect timing to make any money. Be careful out there. No indication for Monday's gap direction at all.

Comment:

MFI still dropping

Comment:

Nothing good will come out of the market pumping bad news, there, I said it again, lol.

Have a nice weekend. Hope for a huge dump Monday and a reversal Tuesday so we can play the bounce.

Comment:

Entire market looks like SFIX on earnings day, shorts covered on the bad news and the next day there were no buyers left. They squeezed out the shorts this morning, Monday could be an ugly day regardless of which way it gaps.

I maintain bearishness until AAPL hits support