I kinda assuming a double top, but it also depends on NFLX earnings and guidance.
Could go either way. If NFLX guidance sucks then you'll see the market turn bearish.... if not the market will wait until TSLA tanks, lol.
People ask me all teh time what do I mean by melt up?
Well look at today, futures selling off, MFI dropping but NQ is heading up anyways because the market is buying the underlying stocks on the little dip.
When will the melt up end? No idea, could be tomorrow, could be the next Fed meeting. I don't have a good way to predict the end of a melt up, usually...
Overbought and melting up because it;s Ponzi Friday
No idea when the meltup will end, but typically in a melt up I buy puts either at the end of Ponzi Tuesday or Wed for the pullback that usually happens on Wed afternoon or Thu.
Even garbage rises on a rising tide, nothing to short. NFLX and TSLA earnings next week are very tempting to short but not sure I want...
MFI keeps bouncing off oversold then going back down. Not a behaviour that I've seen before, it's almost like an upside down melt up.... which would mean a melt down?
Inflation numbers higher than expected (which isn't a surprise if you've done any shopping or filled your gas tank), so market not gaining any traction. $SPX MFI oversold on the hourly but not my...
Indicators in the middle, the market has no direction at the moment.
Crazy whipsaw market, not even indicators help. Rates pulled back a bit but that can reverse tomorrow. Probably best to stay out unless you like to take random gambles.
Small caps look bullish but MFI will probably hit overbought tomorrow.
A much bigger pump than I expected when MFI got oversold, now it looks like RSI will go overbought by the EOD tomorrow setting up an MFI divergence.
I said whipsaw week..... stay nimble, don't over commit to one direction.
US index futures MFI went oversold, but last time it stayed oversold for a while. Meanwhile, FDAX MFI hit overbought last night. Things get harder to predict when EUro and US markets aren't aligned....
Hard to predict the action for this week.
Futures selling off, you can see it in the MFI. But the market is buying stocks because it's Ponzi Friday.
I don't think the market will do much the rest of the day. Maybe a slow decay today and Monday until MFI gets oversold then we get the next stupid futures pump.
I think we're gonna whipsaw next week too. Earnings season starts next week with financials.
ES overbought on MFI and RSI, but I get the feeling that the market is going to melt up because everything was oversold on the daily. (For example see my PTON chart). I think I'm gonna take a week or two off so there will be stuff to short.
Prediction is melt up.... probably 2 weeks, lol.
Decision time coming soon
ES1! (SPX futures) overbought on MFI on my short term charts. Looking bearish for tomorrow regardless of what happens this afternoon. Remember EOD action does not dictate what happens the next day