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...
Much like NQ, MFI hung up a bit at open, but now dropping. Guessing it double bottoms sometime today. Considering how long MFI has been staying oversold lately, not going long this week. Fed meeting next week.
Looks like the post earnings pump is over, kicking myself a little or not having the balls to hold Monday, lol. Anyways, looks to me like it's gonna continue this rangebound trading then eventually fill that gap above. Daily direction will more than likely be the same as the market from here. I'll continue to trade this stock on days when I expect the market to...
RSI dropping but MFI isn't. Really odd. Not sure what to make of it, but staying cash for sure.
Market rarely makes a clean bottom. See highlighted areas. Be careful this week with all of the news coming out. i posted a list in my ES 3hr update
NQ MFI is already overbought and ES and RTY are close. MFI does not guarantee gap direction. MSFT, GOOGL, V, and TXN earnings tonight, Powell speaking tomorrow afternoon along with META earnings, unemployment numbers Thu as usual, AMZN, MA, INTC and UPS Thu afternoon, and PCE Friday which is big. I did a quick day trade on PCAR earnings this morning for a buck...
Went long today, I still think it's repeating the highlighted area..... which would make sense. I think the whole market bounces up Monday because it's oversold and hit support, then a small gap up Tuesday followed by selloff and double bottom next week. Just a guess, I'd rather have it go pumptarded and fill that open gap up top, lol. Either way, I'm bullish...
Appears they shut off the algos completely, MFI has completely flatlined in the oversold zone. N o idea when they'll turn them back on.
Looks like daily RSI hit oversold and it bounced. If you go long today, you're betting that the Euros turned their algos back on. I've decided to just stay cash. Might just stay out until the Fed shutdown in Nov.
The last time PCAR went down in October was 2018, which also happens to be when the Fed raised rates pre-COVID. It gapped down on earnings, despite good numbers. Earnings transcript: www.fool.com So maybe PCAR isn't a good earnings play. I'm still gonna go with it but not add any more Monday. One thing to note is that the market gapped down that day and...
I'm begging to wonder if that was a double top and things are gonna come crashing down. IIRC, the Dot Com bubble double topped as well. Either way, I think the weekly indicators go oversold which means more downside even if we get a bounce early next week.
Wow, RSI went further oversold and MFI isn't budging at all. Stuck going flat at the bottom. I've got some PCAR stock as an earnings play for Tuesday, but other than that, I'm all cash after getting whipsawed and losing some money on a couple of other trades. I think the algos have been shut off, and a possible waterfall. The entire rally this summer was...
RSI is oversold now and MFI creeping up. Market looks super weak, gonna wait until Monday to trade.
Low volume pump today, went up $1.80 on 400k volume. Last time it posted a similar chart pattern it double gapped down, and I had to add big to break even. Gonna wait until Thu to see where this one goes. Not chasing the market today.
Oversold and hit my support line with a wedgie looking pattern Unless WWIII breaks out over the weekend, I expect a bounce
Well, RTY and ES RSI hit oversold. I have no idea what this selloff is about, I'm just gonna stay cash. Might day trade tomorrow if I see something. Really strange day, Powell didn;t say anything new, and he had a more dovish tone than last time.
Market looks like it wants to go up but RTY needs to fill the gap and TSLA is eating shit, lol. MFI is oversold on ES and RTY, but not NQ. I think one more small down move, but I already went long on PCAR stock for earnings because it bounced off intraday support. Gonna add if it tanks this afternoon. I think that's all I'm willing to do in this wacked up...
RSI hit oversold yesterday so it go a bounce, but MFI probably goes oversold tomorrow. Expecting a bounce before it tanks later next week, lol.