I'm not sure its just a correction. The general feel is that the wheels came off and came off suddenly, unexpectedly. We may see bearish selling until the election (kinda of a flip from the usual warm and fuzzy election years).. Nothing huge to the downside of S&P ..but some serious selling on QQQ and RUT. I see the AI getting hammered badly from here. Infact...we might go fully away from the tech and toward big oil, DOD, Healthcare...these could be what holds up the S&P 500...but I dont see anything fully supporting QQQ or the RUT. I say this because interest rates needed to come down for a soft landing. Inflation needed to come down for robust tech growth. And uncertainty is now a real factor in the market. Quite a bit of uncertainty in fact. High oil doesn't bode well for robust tech growth either. The only thing I see certain is Iran taking a Saudi oil tanker in the near future. And also, serious anti chinese actions/motions from wash dc. The charts are what offers conviction ..the charts will be watched very very closely going forward form here.
Its a forever bull market. You started this thread at the market bottom, or near enough to it. I certainly hope you have been adding to your positions since then.
Tomorrow I feel like buying will come swooping in, lifting the spy to a close of around 508 ish, but don't let that fool you, there will be a drop under 5000 soon unless all those analysts who under predict every earnings season create a mini market comeback....a comeback? Ha wait markets are down 4%, who am I kidding. A comeback....ha. too funny. Enjoy the any rallies you get as these rallies will be rallies to sell into.
Yeah, but be careful to assume this will go down more perse, tons of instances where it will go a little bit further up. But I don’t need to explain switching bull/bear to someone who can flip his view every 3 seconds (And I would not be in the position to “explain “ btw)
My guess is we'll have another day of swoon tomorrow followed by a V-reversal on Wednesday. Anyway, I see 5,000 as the price target for ES (which is currently trading at 5092 as I type). That would be approximately 4,960 for SPX.
QQQ was 377 when this was started. Still a long way to go. Even if it's going down, it still will be met with a ton of saves, mini V's and dip buying. You have to watch for it to always retrace and tag certain levels. It's never a straight ride down. Just to go from QQQ 430-426 is already an intense fight and after it pumps to 433-434 today with a green day, will watch to see if it can complete the move Thursday/Friday.
Well, the V hasn't yet materialized and I don't think it'll happen today. Maybe tomorrow or on Friday. BTW ES pierced below the 5% line, which you thought it would never happen in our lifetime.
However, it looks like she wants to go back up. If she can claw her way back above yesterday's low at 5080, there's a fighting chance.