This market still has too much animal spirits. It is so determined to still fight back and buy dips. The market hasn't changed, which is why I can't ever switch to being bearish. Even if the market does go lower, it will be such a fight that it will drive shorts crazy. I do think the 2nd or 3rd week of April will get the selloff some here are looking for, but not this week. Remember, even when the market sells off, it's still only allowed to happen in very short periods and it's really just 2-3 hours a day with your sell off maybe being 2-3 days total (of the real move) and it doesn't like to leave gaps so nearly every day is green at some point.
I have to give you credit. You were right. The monthly chart doesn't look great, but the market still trades with animal spirits. which is why it will still be hard for this to roll over. It always wants to go higher and buy dips. I do think that there is a chance of a swing lower, but it won't be this week. Either way, I know eventually this is back again at ATH. So I do think there will be the potential for some swing shorts, but you will have to time it perfectly and the market is still very strong. I can see QQQ going to 455 this month and then that would again put pressure on the dip buying team to force it higher. So you could get anoter chance from 475/480- 455 if one times it well. I also wouldn't be shocked if it never happened and we just V right back to 500 lol. I'm saying, I will never be a bear with the way this thing trades. It's always so bullish to me, even when it goes down.
Cool, so we are in agreement somewhat. I don't see 400, but I could see 455 to clip the 20 Month MA at 455, but doubt it can go to 400. So if one wants to short, the time is after Monday close or Tues morning next week. Shorting this week is setting ones money on fire. This is destined to be a green week no matter what and there is nothing anyone can do about it.
Damn, didn't exactly expect the Qs to hit 480 today. So did you flip and go short? I don't think we're going back up again. Straight down to 400 here we go.
No, the V force is too strong lol. I don't see a way this drops this week regardless and probably hit 481.50 next.
In 30 minutes the market went from euphoria to gloom. I think the ES was halted for 90 sec. Down 200 handles in 30 minutes.