I don't have a lot of time to capture all the charts, but the 1 min charts on 3C are going sour and now the 5 min charts that have held up most of the day are turning sour as well. Only the QQQQ is still trying to hold on, but it is slipping.
It looks to me like the afternoon bounce in the Euro may be getting ready to rollover, which should cause more selling in the US markets.
It's hard to keep up with how fast these charts are showing a divergence and then just falling apart, it is not very bullish, although a moderate intraday bounce may not be a bad thing for the downtrend, that is unless we are about to see a 2008 type of sell-off with no regard for oversold.
5 years ago
9 comments:
With the DPK trade, do you expect there to be a pullback for a better entry point, or is it going to keep going?
You might want to start phasing in, as a pullback might not happen if the market keeps going south.
Looks like they might be delaying the EU press conference unitl after we close. It was suppose to start at 3 Eastern. This could be the reason for the sudden change in the 5 min. Maybe a deal wasn't struck and things got worse.
thanks Jack
Looks like they just ran a bunch of stops at the end of the day.
DVG-Like Jack said, I prefer to phase in, make sure my foot is in the door, but leave some room for a pullback. The thing is funadmentals which are pouring out right now are moving the market. What has happened in the E.U. is like a months worth of news that came out in 2 days so it's hard to say what the charts will do as they are trying to discount news that's coming out faster then the market can "orderly" discount it.
I think most likely it will see a follow through day and then may pullback a bit.
just make sure your position sizing accounts for that and your stop/risk management account for the worst case scenario, then you should be in good shape to absorb a pullback and maybe get a better deal. If not, you can always add to the position going up, there seems to be a lot of potential upside so you are not missing the buss adding at slightly higher levels I think
EU fails to get Ireland to ask for Aid, let's see how well the markets take this.
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