Today was a very ugly reversal to the downside

We fell close to the 50 dma today. Tomorrows action as well as fridays will be crucial. If we definitively close below the 50 again, i think we see the 200 dma. At least on Nasdaq. Shorts can make some quick money.
 
Not for energy at least. But Tech did pull back some 3% overall. Bought $AAPL at $115.10 only to see it down to $112 few hours later lol.
 
I used to track these market drops as typical consolidations after each earnings period and before next earnings period kicks in. That’s much more reliable than TA since hedge funds that sell or reshuffle their holdings don’t look at TA. For example if a fund schedules a $5B selling quota over 3 days then TA won’t matter to them, only kids will be looking at TA and read tea leaves to make silly conclusions.
Though even the between-earnings periods aren’t reliable during times when more powerful forces drive the market.
 
Longer term trend is clearly up. Fighting the trend is a losing strategy. You will never beat the big boys (hedge funds, brokers, banks, mutual funds) at their game. They are the market. Bias is still to the upside even in the short term.
 
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