I was a bullish hopeful at the start of the week...I was thinking we would fill the 4K gap on the ES and then just go. Instead we spent 4 days closing below this figure. Yes, we closed the week above it and kept the lagging span just above the cloud but we cannot go anywhere with the DOW and this chart says it all. Neckline is clearly broken. Now, I do think we could have a minor rally to end May with a possible green monthly candle.
The charts are clearly broken and will have limited re-tracements IMO.
The NQ & RTY are in bear markets, enough said there.
Sell the rip....
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Closed the month of May just shy of 33K....June is headed for a brutal close IMO. My gutt is telling me it won't have much in the way of a monthly wick unlike May.
Some of us know what we are doing and others don't but claim to know oh soooo much. Unfortunately, trading this type market is literally like catching a falling knife. S&P is about to get slaughtered right along with BTC heading towards 19k. Trading these markets you better have Buffet liquidity, or the markets are going to teach all of the holders serious lessons.
Vixtine
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@lifeonthewater, Completely agree...I took the long trade this week near the lows, made a nice run on it but closed out on Friday. Nothing about the weekly charts were remotely bullish...upside re-tracements are now too small to chase. Cash is a position.
Vixtine
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@lifeonthewater, welp BTC slaughtering continued this weekend and I don't think it's done for the month. June should be a brutal month close out for just about everything.