Just an RSI reset. These dips are the gift that keeps on giving. You can already see the dip buyers lined up like crazy. It's barely down for the day and needs a red day after all the green. This is not 2022 where people would take profit and the market would trend downward, but the new reality of the market where every dip is seen as a great opportunity and dip buyers lined up to make the V happen.
Here is why I think the typical last quarter "Santa Claus Rally" might not happen this year, unless the dollar up stocks down inverse relationship gets interrupted:- DXY is in a strong impulsive move currently that appears to still have a 5th wave to go, and even then a correction followed by another move still higher to possibly complete a higher timeframe ABC 3 wave. TWT (which come to think of it I need to work on time counts this weekend)
Ok boys and girls, what letter of the Alphabet follows Veeeeeeeeeee? That's right Dubya. But we're not talking about Vee Dubya's today, we are talking about Vee and Dubya chart patterns like day following night following day ... Well occasionally there are trends. Think some have tested (can't be bothered myself, rather just trade what is in front of me whatever that is) that markets over time consolidate or range trade approx 70%, trend up 18%, trend down 12%. Today is the latter. And in QQQ's particular case if things don't change much between now and 400pm ET ... it just might close below last week' close, after that rip-roaring NFP rally. Would be shocking, but in my case not all that surprising.
The V's are becoming more insane and more powerful. Just automatic at this point, that every drop will get answered with a V.
"Powerful" LOL back to where it closed yesterday. Blinders on to each drop. Didn't your parents tell you as a child to look both ways?
QQQ wiping out a -1.5% drop that fast is a pretty powerful V. Who cares about the drop when it is so short lived and always results in a fast V. I'm suggesting to take advantage of the fact that every time it rapidly drops it's unsustainable and has to V to offset the imbalance and there is money to be made knowing the V is guaranteed.
Yup every time it drops, it comes back. I trade (do you? ) which means I see the drop too. It's like saying every time a team loses it wins the next game. Yah but there are the losses that still count on their record. More wins than loses is the point, but the losses still count.
Boy was that V bottom sumtim to see today, yet it closed lower than the open and lower than the prior 4 days closes.
Are we there yet? Closed below NFP Friday's breakout close as if last 7 trading days never happened. Though SPY is still above it's respective NFP close. So there is that. Anyway Doctor called, said take two V's and call him in the morning. lol