Looks to me like the 3 hr indicators need to go oversold before we get the next bounce (or rally?)
Daily RSI is well into oversold now for US indices, but I think we need a big gap down or capitulation before we see a rally. Bearish for tomorrow, but I don't recommend chasing it down since daily RSI is already oversold.
I recommend against long positions though, at least until tomorrow. We'll figure it out then.
Daily RSI is well into oversold now for US indices, but I think we need a big gap down or capitulation before we see a rally. Bearish for tomorrow, but I don't recommend chasing it down since daily RSI is already oversold.
I recommend against long positions though, at least until tomorrow. We'll figure it out then.
Komen:
Note: Just because the daily indicator is oversold does not mean the 3 hr doesn't apply, it still does
Komen:
VIX indicates we might have hit bottom but my 3 hr chart says wait until tomorrow.
I hate waking up and looking at a gap going the wrong way, so staying out until tomorrow, kinda expecting tomorrow to be teh reverse of today. The market has down a whipsaw bottom a few times this year, so I guess would make sense.
I hate waking up and looking at a gap going the wrong way, so staying out until tomorrow, kinda expecting tomorrow to be teh reverse of today. The market has down a whipsaw bottom a few times this year, so I guess would make sense.
Komen:
The rule right now is when in doubt stay out. Even garbage stocks are due for a big short squeeze. Might buy some calls if my chart plays out overngiht
Komen:
Bond yields STILL rising
Komen:
Finally some buyers showing up but I still think it would be prudent to wait until tomorrow
If anything I want to see MFI go oversold even if RSI doesn't. You don;t have to nail the bottom to make money, you just have to get teh direction correct
If anything I want to see MFI go oversold even if RSI doesn't. You don;t have to nail the bottom to make money, you just have to get teh direction correct
Komen:
Futures red, can't believe China is STILL tanking, lol.
Not sure what the Euros are gonna do but definitely waiting for RSI or MFI to go oversold before going long. Not even sure I want to then, lol
Not sure what the Euros are gonna do but definitely waiting for RSI or MFI to go oversold before going long. Not even sure I want to then, lol
Komen:
Looks like MFI hit oversold overnight and bounced
Komen:
So MFI hit oversold and RSI got close overnight, algos trying to pump the market but bad APPL news (see follower comments for link) dragging on the market
Sitting out this whipsaw for now. At least I was right yesterday, there wasn't any point in carrying a long position overnight. Would not have been worth the heartburn, especially with Asia dropping
Sitting out this whipsaw for now. At least I was right yesterday, there wasn't any point in carrying a long position overnight. Would not have been worth the heartburn, especially with Asia dropping
Komen:
So it got oversold overnight, bounced, and I have no idea what happens tomorrow. Staying cash.
Keep in mind we are in a bear market and AAPL is the market (and red all day)
Keep in mind we are in a bear market and AAPL is the market (and red all day)