If you have been following me then you know the importance of today...
You know that I have been warning sthat there have been major shots across the market spectrum that have given these signs. In fact we had another one this morning. The GDP came in hotter than expected on a Q/Q basis, however what you will not read about in the MSM and the #financialfakenews is that GDP actually SLOWED in rate of change terms on an annual basis. This my friends is what matters and shows the DIRECTION of the movement of GDP rather than single data points.
I have been expecting a bounce right here and now and hopefully we get it on this "Good" GDP number. From what I see above we have 3 options. Option 1 is we close where we open and we have no change and the weekly candle looks like garbage and the lows were definitely not this week because markets do not bottom on Fridays. Option 2 is that we take back yesterdays candle and we start a short squeeze of a BOUNCE (which is all it likely will be), an actual bounce back up multiple percentage points and to make another low at a later date where we will assess the situation there. This is ideal.
Option 3 is not good. This is something that has not happened in a long time which is a major liquidation into the close on a Friday which is the worst thing that could happen. This sets up a crash pattern and a slice through the 200 day in 1 week essentially that could mimic a LARGE percentage drop to come next week. closing on the lows, for the market, would be the worst things possible...
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by heyimsnuffles
The market is looking rather top heavy. I'm glad I have cash to deploy.
If you are interesting in investing, I wrote an article about a Cannabis company I am following.
Check it out: https://steemit.com/money/@cryptomeeks/a-marijuana-stock-i-am-watching
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The same rules apply to stocks; buy low and sell high. If we have already missed the high then hodl and buy more!
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The only issue with stocks is that the cycles take much longer, so you'd end up hodling 10 years to breakeven instead of 1-2. By that time, even if you sell on a profit, it's most likely offset by inflation.
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Yup, unless we retake the 2700 level in the very near future as a support there is no reason I don't see us hit 2580.
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To me it looks like that volume is picking up to trigger a bounce.
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IT has to bounce here or risk an accelerated margin liquidation across the US.
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Perhaps that would be healthy for the long-term future of the markets?
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