The first week of October was good, very bullish,
The second week was largely flat
This week started on a gap up and has just been a falling rock since...
But today there,
was hidden powerful buying pressure, you can see it hitting resistance around 10AM, 11:30, and 2PM and then falling to new lows. On every drop, there is always buyers entering at support points and eventually the bears run out of steam and the market has no place to go but up:
firstly because everyone that's thinking of selling has already done so, secondly because price action has gotten oversold, and thirdly because there is no more downside, it creates a short squeeze resulting in an artificial but technical swell of buyers almost desperate to buy at any price.
We have hit the VWAP, we have consolidated after a small sudden dead cat .... well not really a dead cat bounce as we're still higher than previous lows but we've touched the bottom of BB on the 1hr and we should see a fast and furious attempt at a reversal soon.
Will it last? No clue, seasonality says yes, but earnings have been less than cooperative thus far. We keep bouncing back from a VIX above 20 and while price drops that just keep going and 4-5% moves on popular individual names are scary, volume has been anemic.
We should see a bullish push within the next 5-6 days and heading into November. If bearish, I doubt we'll see $417 until December.
ChatGPT, reword my wall of text so that it makes sense.
The second week was largely flat
This week started on a gap up and has just been a falling rock since...
But today there,
was hidden powerful buying pressure, you can see it hitting resistance around 10AM, 11:30, and 2PM and then falling to new lows. On every drop, there is always buyers entering at support points and eventually the bears run out of steam and the market has no place to go but up:
firstly because everyone that's thinking of selling has already done so, secondly because price action has gotten oversold, and thirdly because there is no more downside, it creates a short squeeze resulting in an artificial but technical swell of buyers almost desperate to buy at any price.
We have hit the VWAP, we have consolidated after a small sudden dead cat .... well not really a dead cat bounce as we're still higher than previous lows but we've touched the bottom of BB on the 1hr and we should see a fast and furious attempt at a reversal soon.
Will it last? No clue, seasonality says yes, but earnings have been less than cooperative thus far. We keep bouncing back from a VIX above 20 and while price drops that just keep going and 4-5% moves on popular individual names are scary, volume has been anemic.
We should see a bullish push within the next 5-6 days and heading into November. If bearish, I doubt we'll see $417 until December.
ChatGPT, reword my wall of text so that it makes sense.
Comment:
Comment:
but it has failed before in trying to bounce higher.
but it has failed before in trying to bounce higher.
I usually try not to tell you what to do -- too crowded there. I'll point out what price points/trends/patterns the pros are looking at and let you interpret what that means for your portfolio.