The market sold off very hard today and when looking at the chart during this recovery uptrend at the corrections, it appears this sell off was the swiftest and most powerful of all. The EOD ended it`s full brunt it seamed. Another notable thing is the fact that the market had already baked in the next trillions of helicopter money and it still sold off hard.
we have been range bound for a bit. the top 2950, the bottom, the 21 ema....i dont take any selling seriously until we break the 21 ema...
The DJI is now very close to breaking down below the 200 day on the 3 month 1 hour chart. It`s been above that during the recovery up trend.
Time for a retest of support! The past month was just consolidation but failure to break above 24600 was the biggest warning this rally was unsustainable. Also, there was big divergence between the DJIA and Nasdaq like back in January.
Honestly just gotta wait and see what it does once it gets in the 18xxx. Could go down as low as 15700. I'll be up to my gills in 2022 calls at that point and won't sell. This will be the buying opportunity of a life time.
indeed. it's been noteworthy enough that i thought we could have a quick sentiment poll to see what the community here thinks about the prospects of testing, and even taking out the bear low before the election Will the SPX take out the March 23rd low before the Nov. election? <-- click to vote!
With the rebound we have seen still holding up here, and the endless stimulus that the Fed seems perfectly happy to produce, I am skeptical of a retest. Yet, the jobless rate, business shutting down, supply chains stressed... wtf? We should be dropping like a rock! Sure the market is looking out to the future, but is the future really back to business as usual that fast after what we just had? And we arent even through it yet, there is no vaccine for some time to come!
Consumer staples sector is outperforming the last couple of days. Wonder if that's a peek into the market sentiment...
Everyone probably buying the dip into the close. We have not had 3 consecutive down days in SPX since February; not even in March when we were really plummetting. Tomorrow we'll see if we can get 3 consecutive down days, and hold below 2800.
Heavy broad based selling today with sweep buying at the close. Looking like tomorrow will prob be a green candle.
Broken Trend Line, Close below support and ma's rolling over on higher volume. Looks broken here to me, I think we re-test.
