Small Caps look Very BullishThe SPY and QQQ look like they need a rest. However, the RTY looks ready for bullish continuation.
Rty1
RTY MFI oversoldJust noticed this, probably means garbage stocks get a pump tomorrow.
ES MFI almost went oversold as well, I think I was too focused on NQ premarket. All indications are a pump tomorrow for Ponzi Friday
Russell 2000 Futures -20% More$RTY1! lost 50 EMA support and racing to 100 EMA quickly on weekly, looks even uglier on daily as the pullback looks to be gaining momentum.
Next level of interest would be another -20% decline.
Last time this severe of a retreat was realized was March to May of 2020. The recovery was rapid given unprecedented amount of federal stimulus to prop the economy up.
Stimulus is not an option in the face of sharply rising prices with persistent inflation starting to rip across all sectors.
Markets shrugged off initial Fed communications and FOMC 25 bps rate hike, clearly reflecting lack of belief in Central Banks' conviction.
More volatility ahead as recession lurks in the wings and stagflation appears likely without regime change.
RTY UpdateLooks to me like the market just wants to bounce sideways, I hope that's the case because sideways rangebound trading is just about the easiest way to make money.
In any case, if you're still bullish, wait until MFI goes oversold before buying the dip. I woke up late today and missed the morning drop so staying out for now. Garbage stocks are tempting but I'll probably have to wait to see what happens tomorrow.
Might buy a few CHWY puts or something EOD if there's no afternoon rebound.
I told you guys short squeezes always run 3 or 4 days, looks like that's over. Could just go sideways though.
RTY ProjectionI thought this crap looked really familiar, here's the COVID rebound upside down.
COVID stocks now tanking much like the way they rose off the bottom, every earnings just gets worse and worse.
I maintain bearishness but watch out for the Fed next week. Also, just because garbage stocks are tanking doesn't mean they tank every day, you can't expect stocks to drop 10% 2 days in a row, which is why I dumped CHWY puts yesterday.
All foreign markets are already at pre-COVID levels which is why they bounced and pumped US futures. US market isn't there yet. NQ might not reach preCOVID levels because FAANG stocks (minus FB) are doing well, but small caps should all return back to pre COVID levels eventually. Some already have....
I no longer care if the weekly goes oversold, there's no appetite for garbage stocks. The weekly indicators stayed overbought for an extended time during the pump. Now everything is inverted.
Gonna be tough trading because the market will gap up more often than not since Europe already hit bottom.
RTY UpdateRTY MFI overbought again....
It's like they're trying to melt it up for some reason. Really odd considering retail tanked today. Could just be a gap fill attempt.
Whatever, probably best to stay out for a day, most garbage stocks are small cap
RTY UpdateMFI overbought but RSI isn;t.
My short squeeze rule is 3 days but lots of stocks that normally fill gaps are just hovering around wondering which wa to go, lol
RTY UpdateRTY MFI almost overbought
My general rule is 3 days for a short squeeze, but I may be looking at puts if RTY MFI gets overbought tomorrow. Might do next week's puts to be safe, Fed meeting and what not. Not to mention I doubt anyone wants a long position over the weekend.
RTY MFI OversoldRTY MFI went oversold and now bouncing up. Indication of a melt up when RSI doesn't go oversold.
Odd thing is about half my board is red even though small caps are up 1.5%. That's really unusual, but looks like the garbage stock dump is done for the day.
Gotta headache so heading back to sleep, good luck
Think the Market is going to puke - RTY Down Down DownStocks are not looking good, getting warning signs like March 2020, think it's about to rug pull.
RTY OverboughtRTY now overbought on RSI and MFI as I predicted earlier this week. Looks like a melt up though, and I hate trading melt ups, no idea when it will end. Tomorrow? next week? who knows...
02-09-2022 Daily levels for Emini's Today pivot points in play for SPY are 453.73 ,444.69 and to an extent 459.77 as absolute resistance . SPY is handling the 444.69 level since past 4 days
one complex trendline is also coming into play as support . Daily MA 200D and 20D are acting as support .SPY gapped up nicely at 453.73. next stop is 459.77 . if on any negative note , it will turn offers down to 444.69 or below that . But absolutely not an inside day which is a good note for traders
Looking to see the market at open
YM Daily broke support 35293 and going up towards resistance @ 35896 AMEX:SPY
Can go LONG today , target resistance @YM
NQ has allsorts of resistance above this level. But its NQ it has the potential to travel places far out of reach 15037.25 is its immediate resistance for today which is 200 ma Daily. But actual resistance waiting at 15128 ,also make a note of 15335 level as next resistance .NQ support @14838.50
RTY , resistance at 2083.04 for today , support is far now . This is tricky. 1932 is RTY's support.
I prefer watching RTY in first place to understand the markets direction
AMEX:SPY
CBOT_MINI:YM1!
RTY Still OverboughtMFI overbought but it's still moving up. Maybe RSI needs to go overbought?
Market is just doing some weird stuff this week
RTY MFI also overboughtMuch more apparent on this chart, MFI is def overbought short term.
Not chasing anything today
Russell 2000 Index - Canary in the Coal MineCurrently down nearly 20% from November 2021 ATH, $RTY1! has lost key support levels and is now below the entirety of ranges from 2021.
This futures index is signaling an increased potential for a broader market correction.
RTY MFI oversoldThe other indices are not there yet but RTY MFI is oversold.
Could be the first index to reverse, we'll see. ES and NQ charts imply a reversal either this afternoon or tomorrow but everything depends on AMZN earnings so no prdictions
RTY UpdateIt's a long ways down before RTY MFI hits oversold and there appears to be no buyers for small cap stocks.
As has been the case the past year, small caps will be the weakest index. I'm predicting more flight to safety
Rvx undecided still holding bearishMy guess is the market is waiting for a fed meeting to decide the direction for me Rty looks ready to die a horrible death but we will see.
I'm bearish bias right now until we see some goo price movement in either direction, maybe a lower high on price movement or break down lower on the RVX. sending rty to retestance
RTY Neckline Test - FOMC EveRTY set the Higher Low after a break and cross of the 15 min8 EMA and MBB.
Russell Targeting Equality Objective at 1937In this update we review the price action in the Russell 2000 and identify the next high probability trading opportunities and price objectives.
RTY1!1.21.22 RTY1! : I think the Russell is trading lower to a level to be a buyer. (I also include a sermon about how markets move...free of charge).
