this is likely algo, it will have to close moc intraday i suppose. no fund managers are buying dip now.
Open interest tends to stay fairly constant, so when the market gets too short, there likely is some short covering at some point. A big down day like today will close above the mid point only 8 % of the time. Should be interesting to see where this goes in the weeks to come...maybe we'll get a CPI surprise on Wednesday.
Still too much short covering into the close. The bottom comes when the bears sell all the way to the close and decide it is finally safe to hold overnight. How do I know that, you ask? Because that is how I wiped out half of an account in one day. Maybe a little more than half.
Billionaires at Trump’s Swearing-In Have Since Lost $209 Billion https://www.bloomberg.com/news/arti...since-lost-200-billion?srnd=homepage-americas
This time is different. I don't think this is a regular 10 % correction and then everything is back to normal, because this is everything but normal. The last time we sold off was when inflation spiked in 2022 and the FED started hiking rates. Prior to that it was the covid crash in 2020 which recovered faster than anyone had imagined as rates dropped to zero and Trump showered Americans with helicopter money. This feels like something else. We're literally writing history. It seems like a divorce between the USA and the rest of the world.