NQ Plot, no overlays
Updated
Unlike the initial COVID drop, the algos are still in control. All I can gather is that the algos are still doing the pump and dump, but there are no buyers when they dump.
We got a bounce yesterday because RSI got oversold, and we dropped today because MFI got overbought. I don't expect a bounce tomorrow simply because nothing is oversold yet.
Be careful going long. Pay attention to the indicators, I'm not going long on anything at this point unless MFI or RSI (preferably both) are oversold.
Also, I don't expect a straight tank like Feb, usually the market whipsaws down when a bubble pops. We may even double top, but I doubt it with Biden leading the polls.
We got a bounce yesterday because RSI got oversold, and we dropped today because MFI got overbought. I don't expect a bounce tomorrow simply because nothing is oversold yet.
Be careful going long. Pay attention to the indicators, I'm not going long on anything at this point unless MFI or RSI (preferably both) are oversold.
Also, I don't expect a straight tank like Feb, usually the market whipsaws down when a bubble pops. We may even double top, but I doubt it with Biden leading the polls.
Note
The pattern will reveal itself by Monday, when in doubt, stay out.If the market gaps up and finishes up without going down at all (like yesterday), I'm buying puts at the EOD, probably TSLA or AAPL. There has to be another leg down, otherwise the pattern looks incomplete.
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