RSI now oversold on RTY, ES, and NQ MFI is not oversold yet, and last week MFI stayed oversold and flatlined.
Risk/reward is not there for me to play a bounce, especially now that PCAR earnings pump appears to be over. If anything, I'll short next time I see the 3hr go overbought.
I don't see a market rally happening until after the Fed shutdown, gonna avoid the heartburn and stay cash.
If you're short, you're chasing an oversold condition.
Good luck.
Risk/reward is not there for me to play a bounce, especially now that PCAR earnings pump appears to be over. If anything, I'll short next time I see the 3hr go overbought.
I don't see a market rally happening until after the Fed shutdown, gonna avoid the heartburn and stay cash.
If you're short, you're chasing an oversold condition.
Good luck.
Nota
My plots were pretty useless last Thu and Friday because MFI flatlined. I'm not posting any more charts this week, not planning on going long anyways.Also, Ameritrade just locked up a few minutes ago, that usually means more panic selling.
My recommendation is cash until Thanksgiving week.
Nota
Gap direction depends on META earnings tonight.Also, Powell talks after market close and bond yields went up again
Nota
Just noticed PTON and BYND both have negative book value, I don't think it happens this quarter, but I think you'll start seeing bankruptcy announced before or at earnings next quarter.If PTON can't make money during Xmas, it's dead.
Noticed a few other bankrupt stocks like PD and DOMO have been doing a slow decline, those are so hard to short with weekly puts....
Nota
Gap direction tomorrow dictated by META (FB) earnings and whatever the Village Idiot Powell has to say this afternoonNota
META beat but still below yesterday's close. Looks like Powell has nothing interesting to say.
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Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.