fed/banks use nfp for their agenda.. To paint tape the way they want. Long term rates still not low enough. It threatens housing market. Housing is good percentage of GDP. To keep housing healthy long term rates have to stay low. Which means equities will continue to feel pressure till bond prices break long term resistance levels overhead.
You have a valid point. But I counter trend scalp at very strong supply areas as long as I spot exhaustion. In a strong trend like this, I short the supply, cover near the nearest support, and wait to see if a good reversal setup is in store. I never go long at these areas.
I moved back north last year from the south and have not seen this much snow since the 70s. Payback for all those yrs I was away. Went to buy snow blower cause tired of shoveling. HD told me shops building lawnmowers now so no more blowers on order.
Congrats to everyone who was short. I'm still accumulating longs, getting uncomfortable. Still see a perfectly good up trend with no divergence, lower high or shoeshine boyz giving stock tips :eek:
Except in a bear market, monthly should always in long term uptrend. Quarterly should always be in a long term uptrend.
Interesting, we must have different definitions for trends. I'm going off old fashioned Dow theory and price position with respect to channel boundaries. What method are you using, if you don't mind sharing? Here is a wave count of the down burst, for entertainment value. I didn't expect the C wave so quickly and began buying at just below 68 :eek: Probably will add a few more upon confirmation of the DB / HL tomorrow.
Pure price action for me. HH and HL for uptrend and LH and LL for downtrend. For myself i need to keep things as simple as possible for my pea size brain.