again there was just simply too many things lining up for the
market to have a little rug pull. the dojis, the super negative
breadth, the rallying dollar, the sell off of high yield bond, sell
off in cryptos, sell off in FANG names etc
one thing to be aware of is that you can count 5 waves up on the
QQQs - the bullish view could have this pullback as wave 2 of 5,
the more bearish view would have wave 5 complete and you go through
a deeper pullback - given the time of year probably view that as
less prob but who knows - also everyone always thinks that the
market can't pullback this time of year, when everyone is one one
side thinking the same thing, well you can get surprises.
Don't guess there was some
Posted by rmoore100 on 22nd of Nov 2021 at 04:09 pm
Don't guess there was some news at the close which caused the Nasdaq to drop 160 or so points ?
the market gods had slept
Posted by matt on 22nd of Nov 2021 at 04:12 pm
the market gods had slept in this morning, then saw my charts and decided it was time to sell, that was the news
Ha !!!!! I'm short
Posted by rmoore100 on 22nd of Nov 2021 at 04:17 pm
Ha !!!!! I'm short two NQZ21's and wondering if it will go lower. Matt, do you have a couple more charts you can put out there...ha!!!!!!! Thanks !!!
again there was just simply
Posted by matt on 22nd of Nov 2021 at 04:17 pm
again there was just simply too many things lining up for the market to have a little rug pull. the dojis, the super negative breadth, the rallying dollar, the sell off of high yield bond, sell off in cryptos, sell off in FANG names etc
one thing to be aware of is that you can count 5 waves up on the QQQs - the bullish view could have this pullback as wave 2 of 5, the more bearish view would have wave 5 complete and you go through a deeper pullback - given the time of year probably view that as less prob but who knows - also everyone always thinks that the market can't pullback this time of year, when everyone is one one side thinking the same thing, well you can get surprises.
we'll see what transpires tomorrow,
Seriously Matt, Thanks for all
Posted by rmoore100 on 22nd of Nov 2021 at 04:26 pm
Seriously Matt, Thanks for all the great work You and Steve do with analyzing the charts and providing such incredible insight for all of us !!!!!!!!