From yesterday...
And a near 3% decline happened today. Go figure, right? But, one thing that I can take solace in is that the S&P 500's 50-EMA was tested numerous times today and held. Furthermore, the last candle was on strength for all 3 indices. After today's volatility, hopefully all of that is a good sign leading into next week.
Maybe you can relate with me... very seldom do I make a perfectly timed IFT. (A warning if you follow me!) The last time I did was actually when I IFT'd out of (F) at its all-time high in March. But for equities, I usually seem to be a day early going into them. I was a day early when I attempted to catch that relief rally in late Feb. That scared me into (F) where I recouped 1.78% of those losses.
So, what will Monday bring? Was I a day early again? But, if I'm being honest, I likely would not have made an IFT today if I was still sitting in (G). Therefore, I cannot claim that this time around.
I am a bit nervous going into next week. And because I will now be down 3% - 4%, I do not tend to sell at a loss that great. So, if Monday is another selloff, I guess I just got caught up in that "10% consolidation" if it actually ends up being that much. What I don't want is to be caught up in that test to the 23 Mar lows, if it comes. Boy, would that just be my luck, huh? Here I was warning everyone about it all along... then I get caught up in it myself while trying to test out the 3-5 day confirmation rule. I sure hope that's not the case.
At any rate, (let me know if my math is wrong) there have now been two consecutive weeks of overall losses in the Dow, S&P, and Naz. Bad sign? What will next week bring? I guess we shall see!
God Bless
Effective 1 May: 70 (C) 30 (S)
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