I didn’t buy the reversal yesterday, i did buy today though. When you get a Huge reversal day like yesterday that not only reversed but also protected the lows of jan 24 and jam 28, you can go all in for a while. We should rally to resistance and see what happens. My guess is we break above resistance only to swiftly reverse back below and continue with the downtrend. opinions ?
%% I JUST did a study on springtime bottoms, SPY,SPXS,spxu, SPXL,QQQ,sqqq, TQQQ; bottom areas in those can take weeks to months. With SPY,QQQ still below 200 day moving average/ took some profits on tech ETFx3...... cut a loss on SPXU. USUALLY,QQQ outperforms SPY; past 52 weeks. SPY, liquidity leader did > in % gains mostly, 52 weeks. That can also vary much from week to week, in SPY compared to QQQ.
"Protected the lows". Wednesday, the day before, closed below Jan24th & 28th or lowest close of the year - so far.
This could just be one of those ATH charts we be seeing that fills the gap quickly. Pretty certain, it will at least retest 460.
It ain’t over. I’m not convinced, I want to see sustained follow through. Too much damage has been done for this to end in two days.
Indeed. This has no feel of follow-thru. We've seen this before. I bet SpotGamma will have some input on this over the weekend.