Equities at 50 DMA: Will it hold once more?
Updated
Chart says all. IF it breaks the 50, will likely sell off 8-10% further. There find supply zone.
RSI and MFI at this level have held support in past, except Oct 2020. So used that overlay for failed case.
NB: DJI off only 0.5% and RUT was GREEN EOD. Would not be short here with small caps so resilient... GLTA.
RSI and MFI at this level have held support in past, except Oct 2020. So used that overlay for failed case.
NB: DJI off only 0.5% and RUT was GREEN EOD. Would not be short here with small caps so resilient... GLTA.
Note
Bearish sentiment is a useful contrarian indicator. Stands at 39% now; high past year was 46% last October:aaii.com/sentimentsurvey
When >40% are bearish it will pivot.
Note
Futurz started bright red now changing, probly be green at open IMONote
LOL looks like we follow the overlay after all...Note
Yeah no holding, just sinking. Tried for a bounce three times and just gave back more. OFC soon as I buy puts it will bounce!Trade active
Caught the EOD rally, weak as it was. Recouped most of the gap loss. Would expect some kind of rally attempt Tues after big selloff, might be a short entry.Aside note: Investing in SQQQ has always been a bitter disappointment. This ETF just sucks. Friday it edged up to ~$7.5, NQ tanked off 500 today and it just squeaked over 8 bucks. But if you hold it more than a week you can watch your money drain out of it. Covered writes are useless, the calls trade for pennies and are just a nuisance and offer no protection to downside. Even when it wins it's a losing proposition IMO.
Watch the damned thing melt in a rally. Some people lost great fortunes in this dog. UVXY is another dog that won't hunt. Did nicely today but the other 252 trading days of the year it just drains money.
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