Busted through the lower trend line in green (which means the rally is over), and now dropping below support.
Much bigger drop than I anticipated, but still expecting sideways chop from here. Sold my FLT & NXPI calls this morning (about even), going skiing so I'm out of the market until Monday.
Much bigger drop than I anticipated, but still expecting sideways chop from here. Sold my FLT & NXPI calls this morning (about even), going skiing so I'm out of the market until Monday.
Comment:
Now that we've broken the trendline, I'm done plotting this. Hard to say where this is going, could drop like a rock or go up and retest the trendline, who knows.
Let's face it, at this point it's guess work and gambling. The drop does look similar to the one a couple of weeks ago, so a recovery is not out of the question, and neither is a full tank like last February.
Looking at the charts, it may retest today's bottom only because FAANG stocks like to do 3 day drops. Best guess is gap down and end of day recovery tomorrow for a hammer because it's Friday.
Let's face it, at this point it's guess work and gambling. The drop does look similar to the one a couple of weeks ago, so a recovery is not out of the question, and neither is a full tank like last February.
Looking at the charts, it may retest today's bottom only because FAANG stocks like to do 3 day drops. Best guess is gap down and end of day recovery tomorrow for a hammer because it's Friday.
Comment:
Futures are down over 10 pts already. Appears to be a futures selloff more so than anything else. Though tomorrow is 401k Friday payday, I'm not sure if there's going to be enough money flowing in to counterbalance futures....
I've got some ATVI calls for earnings, and that's it so I'm taking the day off tomorrow. Good luck.
I've got some ATVI calls for earnings, and that's it so I'm taking the day off tomorrow. Good luck.
I've been saying AMZN and GOOGL looked like they want to go down, so does NFLX.