We had a good bullish run lasting almost 2 month before ending in a rather brutal sell off last Friday. The weekly bearish inverted hammer candlestick suggests we could have potentially more downside in the coming days/week (unless negated by a rebound that took out last week's high, though the odds look slim at the moment).
However, whether we have turned longer term bearish remains to be seen. For SPX, we have support coming up at around 4170 and in the worst case 4110. I will definitely erred on bearishness should we have a close below 4110.
Similarly for Nasdaq, I will err on bearishness if we have a close below 12900.
This is coming from a swing trader's point of view (not a long term investor nor a short term scalper. Stay safe and do have stop losses in place.
p/s There will always be individual stocks that do not act with the flow of the overall market indices. It is still possible to ignore market noises and trade those stocks if the technicals lined up.
Disclaimer: Just my 2 cents and not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Take care and Good Luck!
However, whether we have turned longer term bearish remains to be seen. For SPX, we have support coming up at around 4170 and in the worst case 4110. I will definitely erred on bearishness should we have a close below 4110.
Similarly for Nasdaq, I will err on bearishness if we have a close below 12900.
This is coming from a swing trader's point of view (not a long term investor nor a short term scalper. Stay safe and do have stop losses in place.
p/s There will always be individual stocks that do not act with the flow of the overall market indices. It is still possible to ignore market noises and trade those stocks if the technicals lined up.
Disclaimer: Just my 2 cents and not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Take care and Good Luck!