Invalid. That's what the market just said to the bears and their pesky reversal candles.
And on most of the indexes that's true.
Last night we had Asia get the bull party started once they all the sudden saw US indexes on sale and bid us up, and then the Europeans jumped on that train as well. And sure enough. We had a full retrace and then some in SPY, DJI, and NDX had a 2.5% day.
We also had a full court press by the financial media and the analysts overnight and into this morning giving higher price targets for stocks and a buy the dip pep talk on stocks like AAPL. Not to mention Elon's pro gamer move to announce a 5-1 stock split as soon as he saw his stock price starting to break down out of consolidation.
We gapped up but just short of the channel trendline from this local trend we have going on. But have no fear, the bulls are here. And we literally traded directly to the support level we gave up late yesterday. That shit is not random. Maybe i just have incredible luck with my placement of horizontal trendlines but we got there, and literally just chilled for an hour or two. Almost as if the market's were like "Phew, that was close." Also notice how they respected the bottom trendline the rest of the day? But, again they couldn't get enough steam to get to the ATH's. They had three attempts to take this higher and were stymied each time. The bears were even polite enough to not close us below the trendline today. That is a solid 2/3's of the day where nothing was happening.
And on most of the indexes that's true.
Last night we had Asia get the bull party started once they all the sudden saw US indexes on sale and bid us up, and then the Europeans jumped on that train as well. And sure enough. We had a full retrace and then some in SPY, DJI, and NDX had a 2.5% day.
We also had a full court press by the financial media and the analysts overnight and into this morning giving higher price targets for stocks and a buy the dip pep talk on stocks like AAPL. Not to mention Elon's pro gamer move to announce a 5-1 stock split as soon as he saw his stock price starting to break down out of consolidation.
We gapped up but just short of the channel trendline from this local trend we have going on. But have no fear, the bulls are here. And we literally traded directly to the support level we gave up late yesterday. That shit is not random. Maybe i just have incredible luck with my placement of horizontal trendlines but we got there, and literally just chilled for an hour or two. Almost as if the market's were like "Phew, that was close." Also notice how they respected the bottom trendline the rest of the day? But, again they couldn't get enough steam to get to the ATH's. They had three attempts to take this higher and were stymied each time. The bears were even polite enough to not close us below the trendline today. That is a solid 2/3's of the day where nothing was happening.
