Well, they got reversed in-day but I am still leaning toward a short-term scenario where the market at least tries to fill a Trade War hype gap or two. It may not be the ‘M’ top scenario but I feel like the last couple of weeks gave a would-be bounce some fuel with all the anxiety that got stirred up. But you’re right, the market does not give a shit what I feel like.
SPX has tested its daily SMA 200 and is still in a potential (60 min.) bounce pattern. A drop below 2590 puts that in peril.
NDX is still in its monthly, weekly and daily up trends and the 60 minute also has a pattern. Both of them are looking to fill their opening gaps. Still leaning toward a bounce to at least one of the upside gaps. I just don’t feel like I buy the bear at this moment. But my positioning is very balanced with longs, shorts, precious metals and a crap load of relatively* good yielding cash.
* Relative to that blight known as ZIRP that Bernanke put upon savers.
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