That in my mind is the big question. Yes, we have a overvalued market. Yes, we have the news turning in the face of talking head cheerleaders. Yes, we have the most anticipated market drop ever (kidding).
But do the bears never get a chance to reload, much like the bulls didn't in March? Could this bear move be like the bull and start that way, chop a bit and end very trendy?
Watching for clues, will keep you posted.
I'm expecting a bounce to ~1050, but this move could be more trendy!
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3 comments:
If they take it to 1050, then just settle in for a run to 1100.
Today we had a rally from 1015 to 1030. This rally MUST fail and rollover to a close below 1015 today.
If we get that, the trap door will be open for a rapid move down to the low to mid 900s next week.
Getting a technical failure here is a big if. They have not failed and closed below the premarket lows after filling a +15 gap this whole run up.
It's going to take a lot of fight to do it today, given how oversold the McClellan Osc is here.
1020 is the real bogey. A break and close below that and this rally is officially over. As long as they stay above that they are good to go.
I would expect a retest of the 20 DMA from the underside. Hopefully that fails and they can break 1020 later this week.
And here's the 20 DMA. Is it time for the bears to die up to 1100?
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