VERY substantial drop today, on sufficient volume to confirm AT LEAST a short term sell. (And this was what sparked RISK ON today)
\nAt IT degree, and even “LT” degree, given EOM and all that, I believe these further signals are just around the corner.
\nMOST ALL of my inverse ETF trackers (SDS, SOXS, etc.) are by now registering IT trend reversal sells. (pending EOW)<\/p>\n
The only fly in the ointment, is that we’re hitting certain WEEKLY indicator extremes that CAN cause reactions. (dead cats)
\n(Before the new trend resumes)
\nNOTE also that the VOL etfs on the daily are now below the 2sd bolly bands and near to tagging the 3sd band. Not common.
\nOn my systems, any overthrows out of the 3sd band (at any degree) usually promptly trigger reversal signals (depending on which band they escape – upper or lower)<\/p>\n
In EW land there remains strong conviction that the rally leg we’re in is CORRECTIVE.
\nAnd so we’re due for another decline to further new lows over coming weeks.
\nThis UUP sell is at odds with that expectation.
\nA time wasting triangle\/sideways wedge (through Sept) could be a way this resolves before the next major move. Need more clues here to settle on a firm view.<\/p>\n","protected":false},"excerpt":{"rendered":"
VERY substantial drop today, on sufficient volume to confirm AT LEAST a short term sell. (And this was what sparked RISK ON today) At IT degree, and even “LT” degree, given EOM and all that, I believe these further signals … Continue reading