So I did an overlay of the area I mentioned early today.
I think the market decides which way it wants to go in the next couple of weeks. Seems like the market wants to pump after the next Fed meeting.
Keep in mind though that Powell tanked the market with rate increases in 2018, everyone should remember the epic tank that caused a 90% drop in SVXY in Feb 2018. Boy if you had puts that day, you're probably retired, lol.
The bear scenario is a tank that send RSI and MFI oversold. I don't know yet which way this one will go, mainly because my favorite garbage stocks are so hammered I think they need to rally a few weeks. Otherwise I run out of crap to short, lol.
I think the market decides which way it wants to go in the next couple of weeks. Seems like the market wants to pump after the next Fed meeting.
Keep in mind though that Powell tanked the market with rate increases in 2018, everyone should remember the epic tank that caused a 90% drop in SVXY in Feb 2018. Boy if you had puts that day, you're probably retired, lol.
The bear scenario is a tank that send RSI and MFI oversold. I don't know yet which way this one will go, mainly because my favorite garbage stocks are so hammered I think they need to rally a few weeks. Otherwise I run out of crap to short, lol.
Comment:
Fed Press Conf is Jan 26th, right where my red arrow starts
Order cancelled:
Both RSI and MFI oversold on my ES1! plot, with positive MFI divergence
Looks to me like it reverses, chart pattern is NOT the same, considering the gap down
Looks to me like it reverses, chart pattern is NOT the same, considering the gap down
Comment:
It reversed