(The Chart Report) Today’s Chart of the Day was shared by @J4_doji. The Nasdaq 100 has bounced more than 9% from its recent low. However, it's still down nearly 30% from its peak and it continues to be in a downtrend. It's already had two double-digit bear market rallies this year. One in March (+17%) and another over the Summer (+22%). Both rolled over at the 0.618% Fibonacci retracement of their preceding declines. The 0.618% retracement of the current decline stands around 12,500, which is about 7.5% higher from here. Will Fibonacci smack down another rally this year?
Lol. He does that to everyone. Just look at how much shit he tries to give LF. Obnoxious really. Just put him on ignore.
Looks pretty logical. I wonder how masochistic bulls still are after being burned twice though. I think there is a case for the peak to not get so high this time. Unless forced of course.
I don't mean bulls in general, I just mean the crowd that probably got hurt quite badly at least two times now this year. Surely that has to be quite a large crowd, that will be a bit more skittish going forward now. Therefore sudden large drops could be possible. But of course this all depends on the large moves having been driven by retail investors.
the hardest thing to do now is hold long. Hence the reason we are going to 4000 on s&p. We will not touch the cpi low.
I get it, but yes I am mostly intra-day. So, can't really just buy and hold based on a potential macro turn around view, that could be wrong simply because it puts my R/R way out of control. If market goes down and acts bearish have to be careful and just trade the smaller time frame setups. Like you said we still don't have great long integrity, so just buying dips and holding isn't really an option unless you're DCA investing and/or have a larger account. Even than not sure why you would do that, when you can just wait for a solid setup and take it with much better R/R and consistency. Not to mention we hit ES weekly resistance if this is going to be an actual huge move we will trade above that first and than have plenty of upside left.