What the ****.
Has anyone ever traded anything like this? We literally have just lopped off 13 weeks worth of gains in seven trading days, majority of it in just two trading sessions. I thought one -100 point S&P day was extreme but to lose over 6% in two days i didn't think was in the cards. Needless to say i was early in trying to catch the bounce just like i thought i may have been. But good news (if there is any after taking a lick today) is that we did catch support in the $315-$313 area like i had pointed out yesterday. BUT, the retracement back up into the $325 area is not looking too hot at this point (that'd be a .5 fib retracement from the highs to today's low.).
Everything got double tapped again today just to make sure no bulls were left breathing from yesterday. But on the other side we did have a spike in volume today that may signal at least a short term finishing move. With now even all TF's up into the daily showing an oversold reading. But this is on a scale i've literally not thought possible and a couple weeks ago i said something about trying to shove 10 pounds of shit into a 5 pound bag? Well i guess i was overly right. The exit door is only so big. Now, i'm saying this while cringing but we had a spike in volume today, oversold readings on the daily, and support at the .5 fib retracement from the beginning of this move back in Oct as well as challenging a former breakout area and holding, also we're outside of the BBand for the daily. Not to mention we took out TWO gaps today. We could bounce. The fear today was palpable might i add. You could taste it.
I've been a proponent on here for the past 5-6 months of wearing my bear suit out in public. I held the line at $304 only to get whacked, and all technicals were essentially washed out due to the amount of liquidity plowing into the markets. It's like we're playing catch up for all of the irrationality and ignorance that has been sloshing around the market since the Oct breakout. But to reach almost correction levels in 4 trading days (-8%) is on the other side of the spectrum, but frankly a little bit scarier. Are we in the midst of something historic? I was expecting a nice healthy 10% correction from the highs, gradually filling gaps and repairing some of the market structure, not an exorcism of the world markets. Obviously this world we live in is way more ridiculous. Everything is extreme. or XTRM.
Even weirder today. Safe havens were selling off as well, and it looks like all money everywhere was plowing into bonds. With the 10 yr T-Note hitting a historic low. If that's not a harbringer of bad news, i don't know what is. But also, look at the volume.
Gold and silver just might have gotten to the party a day early. Both of their volumes peaked yesterday and the day before.
Be advised this might be a good entry opportunity for gold and silver if you so please. Silver particularly had a perfect retest of the downtrend line it broke out of.
IWM also nailed its' 200 period daily MA like i had pointed out it might yesterday (just not thinking all in one bite). Also, notice the volume.
QQQ and DJI both had the same volume spikes as well. DIA also is actually already passed its' 200 period MA.
What do you all think? Beginning of something much more ominous?
I remember a few weeks back i said something about this being the wild west. Well it's definitely the wild west. Good luck.
This is not trading advice. This is my personal opinion based off of my own personal TA.
Has anyone ever traded anything like this? We literally have just lopped off 13 weeks worth of gains in seven trading days, majority of it in just two trading sessions. I thought one -100 point S&P day was extreme but to lose over 6% in two days i didn't think was in the cards. Needless to say i was early in trying to catch the bounce just like i thought i may have been. But good news (if there is any after taking a lick today) is that we did catch support in the $315-$313 area like i had pointed out yesterday. BUT, the retracement back up into the $325 area is not looking too hot at this point (that'd be a .5 fib retracement from the highs to today's low.).
Everything got double tapped again today just to make sure no bulls were left breathing from yesterday. But on the other side we did have a spike in volume today that may signal at least a short term finishing move. With now even all TF's up into the daily showing an oversold reading. But this is on a scale i've literally not thought possible and a couple weeks ago i said something about trying to shove 10 pounds of shit into a 5 pound bag? Well i guess i was overly right. The exit door is only so big. Now, i'm saying this while cringing but we had a spike in volume today, oversold readings on the daily, and support at the .5 fib retracement from the beginning of this move back in Oct as well as challenging a former breakout area and holding, also we're outside of the BBand for the daily. Not to mention we took out TWO gaps today. We could bounce. The fear today was palpable might i add. You could taste it.
I've been a proponent on here for the past 5-6 months of wearing my bear suit out in public. I held the line at $304 only to get whacked, and all technicals were essentially washed out due to the amount of liquidity plowing into the markets. It's like we're playing catch up for all of the irrationality and ignorance that has been sloshing around the market since the Oct breakout. But to reach almost correction levels in 4 trading days (-8%) is on the other side of the spectrum, but frankly a little bit scarier. Are we in the midst of something historic? I was expecting a nice healthy 10% correction from the highs, gradually filling gaps and repairing some of the market structure, not an exorcism of the world markets. Obviously this world we live in is way more ridiculous. Everything is extreme. or XTRM.
Even weirder today. Safe havens were selling off as well, and it looks like all money everywhere was plowing into bonds. With the 10 yr T-Note hitting a historic low. If that's not a harbringer of bad news, i don't know what is. But also, look at the volume.
Gold and silver just might have gotten to the party a day early. Both of their volumes peaked yesterday and the day before.
IWM also nailed its' 200 period daily MA like i had pointed out it might yesterday (just not thinking all in one bite). Also, notice the volume.
QQQ and DJI both had the same volume spikes as well. DIA also is actually already passed its' 200 period MA.
What do you all think? Beginning of something much more ominous?
I remember a few weeks back i said something about this being the wild west. Well it's definitely the wild west. Good luck.
This is not trading advice. This is my personal opinion based off of my own personal TA.
