Short

Time for a pullback before we consider the next move

Updated

It does not seem to be enough to just get everyone bullish, we also needed the bears to give up. If this was the final short squeese we might just have ended the complacency stage.

Some reasons why we could see a pullback now:

1. We exactly touched the fibonacci retrace level at 78.6%
2. We are at the top of a potential downward trend channel
3. Overbought
4. Red dot, indicating sell pressure
5. Global liquidity being drained

Note

Feels that the market is waiting for a catalyst, and that it will not be to the upside.

Note

End of today looks like a liquidity grab to the upside to take out last week high. If we continue downward from here we are on track to the downside 🥩

Note

Liquidity grab complete. We are getting a red dot on the daily and we are getting a daily bearish div on nadaq:

Note

Will he announce that we are in a "mild" recession today 👀

Note

Rate hike relief pump has now retraced. If unemployment rate comes in hot tomorrow we might get the catalyst to the downside and confirmation of a pivot.

Note

We just got a Fitch rating downgrade that can have effects on the stock market:

- decreased confidence in the market.
- increased borrowing costs
- market uncertainty
- impact on global markets
- weaken the U.S. dollar

We have awaited a pullback. Will this end up beeing more then a pullback?

Note

To me it looks like every pump is beeing sold in to -> big players getting exit liquidity

Note

The possibility arises for a new bottom in Q1 2024.

arcone

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Time for a pullback

by arcone

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