Check out the weekly on the SPY. Broke a weekly low for the first time this year, as you said. I'm more of a scalper not a trend trader, but I've heard trend traders say follow the trend until you see a 3-bar break. So far, no 3-bar break.
The market is SO WRONG at this point
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Check out the weekly on the SPY. Broke a weekly low for the first time this year, as you said. I'm more of a scalper not a trend trader, but I've heard trend traders say follow the trend until you see a 3-bar break. So far, no 3-bar break.
I've heard of 3 Bar Reversal, but not sure what 3 Bar Break is so did a little googling. Is this what you're referring to? If so, I don't think so. That looks more like a congestion.
Predictions are not precise enough to be useful for trading even if correct 100% A technical method giving accurate buy/sell price entry is theonly thing I use
charts / patterns don't move the market, conditions do.
For now the market is still grinding up.
I know somebody once said "market is like a whore, it's out there to f*ck as many people as possible"
So what seems to be happening is the dampening of the volatility, slow grind up. Get everyone confident in their longs, make you believe it's "up only" without any dips.
And then when the time is right, the rug gets pulled.
If i had to guess which event is going to cause the rug, i would say escalation in the middle east.
I also think China is just waiting for the right moment to reunite with Taiwan. This would happen when the world is occupied elsewhere and there would be lack of resources to support Taiwan. Without international support they are not going to fight.
It could also be a domino effect. One triggers the other and it all collapses. And it's election year == perfect for volatility.
For now the market is still grinding up.
I know somebody once said "market is like a whore, it's out there to f*ck as many people as possible"
So what seems to be happening is the dampening of the volatility, slow grind up. Get everyone confident in their longs, make you believe it's "up only" without any dips.
And then when the time is right, the rug gets pulled.
If i had to guess which event is going to cause the rug, i would say escalation in the middle east.
I also think China is just waiting for the right moment to reunite with Taiwan. This would happen when the world is occupied elsewhere and there would be lack of resources to support Taiwan. Without international support they are not going to fight.
It could also be a domino effect. One triggers the other and it all collapses. And it's election year == perfect for volatility.
The market looks done until the election.
Expect a summer sell off, back down to test the 4900 level.
Expect a summer sell off, back down to test the 4900 level.
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Going back to ATH. Just can't stop won't stop. Another gap up today and of course it's about to wipe out the drop in the usual 2-3 day timeframe. Most unstoppable market ever.
I've heard of 3 Bar Reversal, but not sure what 3 Bar Break is so did a little googling. Is this what you're referring to? If so, I don't think so. That looks more like a congestion.
No. Like I said, I'm not a trend follower, but I think it means If you're following an uptrend, the current bar has to break below the prior TWO bars before getting out of your position.
This market has run out of steam/momentum, relatively speaking.
NDX is around the same level as it was 2 months.
Sure it could grind higher, but its not going blast off like it did the first 3 months of this rally, not without a sell off first.
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Yeah, that's because this thing CAN'T go down. It's impossible without it getting saved. Almost 6 months and not a pullback. People have been calling for one for months. This flatness is the new pullback.
rekt.
Anyways the panic seems to be quite extreme, as if israel and iran are about to exchange nukes (BUT NOTHING HAS HAPPENED FOR NOW).
Is this a bear trap??
But you see what i am saying though? there has been no exchange except of words(so far)... It's the uncertainty that is THE POISON for the market.
... and we have so many uncertainties coming up.