Hey,
Happy Friday, Evolvers!
I think everyone's ready for this week to be over … it's been a bumpy ride for the stock market.
It was particularly difficult to gauge market direction this week. (Even for me, someone with over a decade of experience as a professional trader.)
In my defense, I was out on Monday and Tuesday for Rosh Hashanah. (I can't remember the last time I took two trading days off in a row.)
My time off might've affected my grasp of the technicals as I was forced to play a bit of catch-up on Wednesday morning.
During the mid-week, I was seeing what I thought were bottoming signals in the overall market.
But by Thursday morning, my bullish outlook had been rolled over by unstoppable selling. I flipped on a dime and I'm now positioning myself for another major market dump.
Let's put things in perspective…
The S&P 500 ETF Trust (NYSEARCA: SPY) has closed red seven out of the last eight days (something that hasn't happened since 2020).
Furthermore, the index is now trading below the previously-established June low closing price of $365.86.
And this is a very bearish indicator…
If the SPY can't reclaim a closing price above the June lows, look out below. As I mentioned yesterday, I think another leg down in the overall market is imminent.
Anyway, that's enough forecasting for one day. It's Friday, click below to read our Q&A…
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