Today's rally looks an awful lot like the days leading up to April 1st. Big short squeeze followed by a big sell off while Institutional Investors rebalance their positions? Sell/Short tomorrow? Buy on Friday?
Does the market imploded, exploded, or doesn't care. Interesting that the 1 week, 2 week, and the Fib retrace of 0.618 all converge around 12:00-12:30pm today. It probably means nothing.
The momentum pattern would imply a flat or even a down down day. However, the support level suggests an up day. Should be interesting to see which happens.
S&P 500 bumping against major support level since the bottom.
MACD based momentum analysis of S&P 500 using 2 hour intervals. Market looks to be running out of positive momentum. Up or down next? My guess is down.
VIX levels are up and volume is down. Tuesday was just foreshadowing. NVDA and AMD dropped 10% in less than an hour. Today was a minor correction. All trends are pointing to a drop. I don't think it will be massive, but I do think it will be significant (-15%). Best case we go sideways for the next week or two. After that I think its a bull all the way to election day.
Same analysis as last week when I saw a glimmer of a change (April 15th). So far it has proved true. How much longer will it go sideways? Is the next more up or down?
Tech stocks are on a tear, but are we approaching overbought? Big fan of AMD and their future, but wow its stock price is back near all time highs. I was happy to buy in the 30's, but getting to rich for my blood. Its P/E ratio is 192!!!
Market is starting to level off the last few days despite today's rally. What happens next week? Another jump or will all of the earnings reports in the next couple weeks slay this bull? Only 65 earnings reports this week. Next week there will be 447, then 924 the week after that, and then 1367. That is a lot of bad news to come. finance.yahoo.com
Looking at trends over that last week compared to the last month or so. Maybe a dip in S&P500 this week or early next week?