ES Update

Wasn't really planning on sharing the arrows, but decided not to delete them. General idea of what I think is gonna happen.

It may start popping up today though, MFI just touched oversold, market acting more bullish. Keep in mind this is a technical bounce, CPE number sucked, and my arrows show another tank on CPI, lol. Plus elections coming up.

Absolutely no reason to be bullish other than daily indicators being oversold. Purely a technical bounce, nothing more.

Kommentera:

Not even trading today, overall a terrible week for trading anyways

Kommentera:

AAPL and GM have been red all day, GM has yet to hit support and I think it will next week which means the market needs a red day. AAPL is a much bigger deal, AAPL is the market and if AAPL doesn't rally then the market isn't going up.

ES MFI is now touching oversold on teh daily, will post the plot

Kommentera:

Like I've said many times, nothing good can happen when the market pumps bad news.

The market just doesn't like to leave 2 open gaps down in a row. No gap today, which means a tank is possible Monday. i still think we need one more big down day before the next rally.

Still in a holding pattern, can;t chase an oversold condition, but too early to go long.

Kommentera:

AAPL looks like it's setting up another bear flag. Just a warning.

My recommendation is to just stay cash, that's what I said all week. We'll figure it out next week.

Kommentera:

MFI went to the midpoint and dropped right back to oversold.

Does not change my recommendation.... cash