How markets turn down
Updated
ES is cleanest representation of the market movement. The direction is clear (see PSAR). Much better read than SPY. As mentioned on the chart, we need to see divergence on the RSI as well as bounce below from 200 SMA before shorting this Fed fed zombie. Timing is important. From the way the RSI is rolling, I guess 2-3 weeks for the market to start turning around. Should be in the middle or late earnings? Till then, BTFD.
PS: You guys should know that neither I am a financial adviser nor a trader. Just a wannabe. Caveat Emptor :-)
PS: You guys should know that neither I am a financial adviser nor a trader. Just a wannabe. Caveat Emptor :-)
Note
Possible to have 4/16 daily as bullish engulfing candle. It has set a lower low than 4/15. A jump due to bad employment report should take it higher than 4/15.
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