Not trusting this buying. Seen this little pop just after the day we go below 50 on RSI. Extending out Midterm thinking this is just a Dead Cat Bounce. This has been a pretty good exit for me. Maybe got lucky this time:
Don't bias your charts. Show support and resistance. My comments and charts are not trading recommendations.
Don't bias your charts. Show support and resistance. My comments and charts are not trading recommendations.
Yesterday was over reaction to the news but the dip buying twice from below the 50 Day seemed like the old Plunge Protection Team buying like in the past. Today it did look like a true 50 Day test. With the higher low things look better but we can still embed to the downside tomorrow with the bottom of the gap maybe being the DCB line in the sand. Slight redraw of Midterm to include yesterdays action making the downturn less scary. Staying 100 G and Spidey has calmed down for the moment:
Don't bias your charts. Show support and resistance. My comments and charts are not trading recommendations.
Spidey is awake and seeing bad news. The 50 Day was broken for the third time today. The third time seemed to be the charm. It was tested from below and held as resistance. Well the downward rate is continuing but is it allowing people to exit or just keeping their hopes up enough expecting a dip buy. I don't know but Spidey thinks this can escalate quickly from here. I'm 50/50 N2 and 100 day combo will hold but he's 40/60 and looking at N3. He needs to be proven wrong:
Don't bias your charts. Show support and resistance. My comments and charts are not trading recommendations.
Looking at my chart we need a fundamental change. I think they call it a green candle. So dip buying needs to start today especially if we touch the 5 percent correction line.
Don't bias your charts. Show support and resistance. My comments and charts are not trading recommendations.
Must say you did nail your exit nicely!
Adjusted the Midterm a little more steeper to cover red candle parade. There we have a test of 100 Day. Can this cause dip buying? Spidey is concerned that we are embedded to the downside. We need a 3% shift from here to even start to change things:
Don't bias your charts. Show support and resistance. My comments and charts are not trading recommendations.
Looks like the S fund is trying to close a small gap from March 30?
Very good bottom tail off the 100 Day but does it fundamentally change things? We still need follow through. We are still embedded to the downside. Think of the 50 Day now as the DCB line. We need 1 1/2 to 2 percent to un-embed:
Don't bias your charts. Show support and resistance. My comments and charts are not trading recommendations.
Probably this was a bad morning to be out of pocket. Anyway I am not going to jump from being scared to elation in one day. This is a Bear flag so far. Yes this was enough to un-embed. I am watching dotted line to start confirming a move up. Low non-farm job gains initially can help against inflation fears:
Don't bias your charts. Show support and resistance. My comments and charts are not trading recommendations.
Good call retread. That a pretty good sized gap.
Tom
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Don't bias your charts. Show support and resistance. My comments and charts are not trading recommendations.
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