Either the market simply cashes out and turns the rally of the last days into a very large dead cat bounce with a devil-may-care attitude. Or the current weakness gets bought back up this week, turning the recent decline into a "buy the dip" opportunity, preventing the end of the overall stock market bubble by leaving the chance of a higher all-time high breakout in the next weeks.
So far the market remains still bullish inside the smaller uptrend channel, above the 200 day SMA with a bearish turning MACD inside the larger downtrend channel. Because of this tough decision I remain neutral until I see a clear trend this week.
So far the market remains still bullish inside the smaller uptrend channel, above the 200 day SMA with a bearish turning MACD inside the larger downtrend channel. Because of this tough decision I remain neutral until I see a clear trend this week.
Note
Obviously the market took the new direction down instead of a continuation of the uptrend.Perma-bulls might still buy next Monday-Tuesday, because the price is still a tiny bit bullish inside this channel, but to me it looks like buying a falling knife.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.