We have pulled off from the resistance line. The rate cut was a disappointment. The guidance was a disappointment. All experts on CNBC sound confused. We are week technically and RIPE for a pullback from a clear RESISTANCE LINE. Tomorrow should be a BLOODBATH. Today was the time to enter SHORT position by buying SPXS with a tight stop right above the highs. Tomorrow and later on sell on pull-ups.
Note
The rate cut was THE THING to help the market power up through the upper resistance line. It was all priced in and the rate cut was not enough cut through the resistance. Since we failed that, we should be moving lower.Note
And YES. It is early to know what happens, but there are times where it is necessary to make the best guess and assess the risk vs. reward of a trade. If you don't enter your order, you miss the boat.Note
Another thing. We are entering August. AUGUST-SEPTEMBER-OCTOBER are some of the worst months for the stock market. This is another factor favoring shorting or selling long positions. Well.. just thinking about it.. AMZN, GOOGLE and others are priced in 1000s! That is insane. Normally companies do stock splits to avoid such high share price numbers. Nobody expected this. It should come down to earth hopefully.Note
All of the IPOs.. flying super high.. This is an indicator of the top of the economic cycle. The same thing happened in the year 2000. So many IPOs at the end of a cycle.Note
AND THE BOODBATH IT WAS TODAY!!!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.