Both RSI and MFI hit overbought, probably a pump and dump tomorrow.
Chart patterns are similar to the early Oct pump, could be whipsaw for a few days here then dump next week.
I'm bearish on AAPL earnings, but daily MFI hit oversold on the AAPL chart, so not playing it. Options premiums are too high to short garbage stocks on earnings like ROJU and PTON.
Not looking good for my favorite stock, it's not moving up with teh market but probably will move down with it.
If the market drops later this week (AAPL earnings?) PCAR will more than likely break support.
No position, I don't short PCAR because it always fills gaps down. CAT is easier, though oversold now.
MFI went overbought, RSI did not, and both gaps are still there. Fed meeting tomorrow, maybe we get a monster whipsaw that fills both gaps, lol.
Still don't see any fundamental reason for the market to rally aside from filling that gap above and having hit oversold on the daily last week. Now that the 3hr MFI hit overbought, def just staying out
Looks to me like a 4 day short squeeze, indicators are not overbought yet. Fed meeting tomorrow.
Thing is, they're pumping garbage stocks right before earnings. There may be opportunity to short garbage on earnings next week.
CPI next Thu is supposed to come in pretty low. Guessing this is the bottom for Cathie's collection of garbage stocks as the tide come in next week. Garbage rises with the tide, because most garbage is plastic, lol. (Cathie's garbage is oversold, look at the indicators.)
It looks like they turned the algos back on, MFI is rising. the problem is that they left an open gap yesterday, so now there's an open gap above and 2 below.
Market looks like it wants to fill the gap above first, but you never know. Woke up late today so staying out. PCAR stock appears to be a dead play now, and I'm bearish on AAPL earnings. Fed meeting Wed...
ES is due or a bounce but I'm waiting for MFI to hit oversold first. It could be positive divergence, not really sure. Not gonna cry about it if I miss one little bounce at this point. I'm bearish on AAPL earnings anyways.
Same with PCAR, waiting for daily MFI to go oversold.
Making money in a bear market with long trades is really tough. You have to have...
Well, they're trying to fill the gap but having issues because big tech including AAPL is red.
Meanwhile small caps got a nice bounce, which is why I said not to short anything, you guys know I tend to short garbage stocks and they move with the small cap index.
Staying out of this whipsaw, I have no idea if I should go long on PCAR or short AAPL, lol. I don't...
Gap below filled, and NQ MFI moved up a bit but it looks like a rotation from small cap to tech. You can see on the ES chart that MFI flatlined again.
My entire short term trading scheme depends on reading the futures pump and dump, can't predict the market when they keep shutting the algos off.
Staying cash, no idea which way the market gaps Monday. Still...
Unlike META, AMZN went up AH during the break so now we have an open up gap, along with the gap from META.
Now we have a bunch of open futures gap that need to be filled. Almost all futures gaps fill, so we're looking at some whipsaw coming. Note that MFI flatlined again though.
PCE premarket Friday, Israel probably starts a ground war over the weekend, Fed...
RTY and ES daily RSI hit oversold but NQ hasn't yet.
If the market can go severely overbought on earnings (see highlighted area) then it can go severely oversold on earnings.
I thought the end play was gonna be PCE numbers tomorrow, but I don't think we hit bottom until AAPL reports next week. AAPL is the market, and AAPL dropped on earnings last quarter, we...
ES daily RSI hit oversold. If the market gaps down big tomorrow, I might buy come calls, otherwise I'll wait until Monday
Market has been weak the last 2 Fridays, and AAPL looks like shit today. Remember, AAPL is the market.
Also, RSI is just touching anyways, the way the market is acting you want to wait until it gets deeper into oversold.
Every index threw a gap after the one hour break, and futures gaps almost always fill. If the gap doesn't fill overnight, we'll see a gap fill tomorrow probably.
Either way, RSI went further into oversold territory as I expected.
AMZN earnings tomorrow afternoon followed by PCE numbers Friday premarket. I don't see a rally happening, at best the bulls are...
Let an open gap and got way oversold overnight, now it bounced premarket and filled the gap.
Small cap futures green, market is due for a bounce, but I don't think I'm gonna play today. I'm beginning to like cash and sleeping in, the market isn't going on an extended rally.
RSI now oversold on RTY, ES, and NQ MFI is not oversold yet, and last week MFI stayed oversold and flatlined.
Risk/reward is not there for me to play a bounce, especially now that PCAR earnings pump appears to be over. If anything, I'll short next time I see the 3hr go overbought.
I don't see a market rally happening until after the Fed shutdown, gonna avoid...
At this point, I'm just waiting for the gap below to fill and daily indicators to go oversold. Not shorting because I feel like I'm chasing the drop if I do.
PCE Friday, Fed Wed, AAPL Thu, Israel, and then Fed shutdown Nov 17th because the GOP doesn't have a speaker. Maybe go long Thanksgiving week for the holiday pump? LOL. That's almost an entire month...