Looks to me like this whipsaw here was a big bear flag. China tariffs, retaliation, PMI under 50, Euro PMI also contracting, and no definitive rate cut (might happen anyways, but they failed to signal one). All spells trouble for the market.
The computerz got hosed today, doubt they'll pump futures over the weekend. Rate cuts were already priced in, now everyone has to readjust their portfolio for no rate cut. Expecting a gap down on Monday, bounce, tank, bounce... you now, more whipsaw.
Conservative target is 200 DMA, but I think it hits the bear flag target shown.
In any case, I wouldn't go long on any stock until Sept, even for a bounce. When the market tanks even good stocks get hammered. Even McBubble McD dropped today. Market will bounce when the daily gets oversold.
No index position.
The computerz got hosed today, doubt they'll pump futures over the weekend. Rate cuts were already priced in, now everyone has to readjust their portfolio for no rate cut. Expecting a gap down on Monday, bounce, tank, bounce... you now, more whipsaw.
Conservative target is 200 DMA, but I think it hits the bear flag target shown.
In any case, I wouldn't go long on any stock until Sept, even for a bounce. When the market tanks even good stocks get hammered. Even McBubble McD dropped today. Market will bounce when the daily gets oversold.
No index position.
Order cancelled:
WOuld appear to be headed up on China "talks" again