Double top today?
- Thread starter Laissez Faire
- Start date
I think QQQ has a bit more room to move up before it comes down.
The bear did not get paid today; it just lost less today. LOL
Double top? This is the new normal ever since 0DTE became a thing. The market will never be the same again. 3 out of every 5 days are just dead where SPY/QQQ goes flat. Then you get an occasionally gamma squeeze like Thursday where things rip. But the main thing, is all downside has been eliminated. All year long, every attempt at any drop is reversed with a V. You see that random $1 down candle on QQQ, doesn't matter, it will be a V. These timed algo buys at 10:30, 10:45 etc, right on the dot always come through. There's really no downside risk at all. Take today, every attempt at a drop just became a V. How does it ever end? It doesn't. You couldn't in your wildest dreams even imagine what happened last year when the market would constantly directionally move. This can go weeks without any meaningful down days and if there happens to be a random one, you always know the V will happen. There's no limit to how high the market can go since there remains unlimited liquidity and algos to drive it higher. News doesn't matter, valuations don't matter. So stocks really only do go up.
Just go long and buy every dip, then.
If we look at the past three weeks, I see 20 trading days:
8 had the main move down.
12 had the main move up.
For this last week, 3 out of 5 had the main move up. Of course, the days with the main move higher offered far more juice than the down days. This was however not true for the last 2 weeks which offered more juice to the down side.
If we look at the entire year so far and sum up the total of the range for each respective day type (going from low to high or high to low), it looks like this:
Low High = 2514.50
High Low = 2422.25
So, the days going higher in total offered 95.25 points more than the days going lower. I'd say that's fairly balanced between the up side and down side in this range bound market.
The sum total of all the ranges so far this year is 4936.75 points.
Meanwhile, the net change for the year using Friday's close of 4204.50 and last year's close at 3861.25 is + 343.25 points (+ 8.89 %).
It's clearly a trader's market.
This is all for ES by the way.
Low High = 2514.50
High Low = 2422.25
So, the days going higher in total offered 95.25 points more than the days going lower. I'd say that's fairly balanced between the up side and down side in this range bound market.
The sum total of all the ranges so far this year is 4936.75 points.
Meanwhile, the net change for the year using Friday's close of 4204.50 and last year's close at 3861.25 is + 343.25 points (+ 8.89 %).
It's clearly a trader's market.
This is all for ES by the way.
You make it sound like 2022 was a once-in-a-lifetime event and will never happen again. On the contrary, one must now trade in the longer-term like every year can be like last year. It is foolish to think the all-clear has been given by "the establishment".
Just go long and buy every dip, then.
If we look at the past four weeks, I see 20 trading days:
11 had the main move down.
9 had the main move up.
I was on my first cup of coffee here and obviously made a typo. Corrected post in the quote.
Just go long and buy every dip, then.
If we look at the past three weeks, I see 20 trading days:
8 had the main move down.
12 had the main move up.
For this last week, 3 out of 5 had the main move up. Of course, the days with the main move higher offered far more juice than the down days. This was however not true for the last 2 weeks which offered more juice to the down side.
The ranges are just not as profitable. Buying every dip to make 50 cent to a dollar on QQQ is nothing compared to the swings it made in '22. I'm more of a swing trader anyways. Also, I prefer QQQ to SPY. It's a different world when you just know that no matter what this thing is never going down.
This person sounds familiar. Another free-money zero-risk guy who thinks QQQ actually went up last year.