There are more stats underlying my thesis that Monday should be positive, here are some other ones I picked...
I think the vix is the telling story....I think another pop in the vix will create the fear we need to see a short term bottom. Like I said we could see an intraday 500 point move on the spy without a problem. 45 is the highest closing in years and it's a fact the vix never stays elevated for long. Last August the print at 80 intraday was insane. A few days later it plummeted......we are close to this scenario
The last time this happened was in 2020. However, at that point the market was down nearly 30 % and had been crashing for quite a while already and the FED was injecting the market with liquidity with rates at zero. SPX as of Friday's close is 'only' down 17 % from the top, so this down leg can have plenty more to go still. I agree it's short term oversold, though, but I'm not so sure about the green close on Monday.
Luvin' it. All the tRumpers are bullish and others talking "oversold" whatever that is supposed to mean lol.
The trend is your friend .....time frame analysis is important with fundamentals and current Geo-Political factors included ......Also "Sell in May and go away" is just around the corner. An intraday 2% move is likely, but closeout all positions be the end of extended hours. No over night positions. BTW I am working on my physical bullion stock pile, so I am on the sidelines right now. Outside Observer, Akuma
If you knew what it meant, you wouldn't be scratching your head last week on two obvious up days while you were bearish.
How do you know I was bearish? Just because I mocked you saying a weekly bar was bullish after only two days of trading hahaha. Bet you were scratching your head by the end of your "bullish" week. Answer me this - was Crude Oil oversold went it dropped to single digits. How about when it dropped to zero? How about when it went negative? How about when it hit the record negative low it eventually bottomed at? Oversold/overbought doesn't exist. Cable TV talking heads gurgle that out and others like yourself repeat without any thought behind it. Period.