Now that monthly OPEX is over I am expecting a bear rally this week. Looking for the gap at 390 and possibly 423 on SPX to fill.
Now that monthly OPEX is over I am expecting a bear rally this week. Looking for the gap at 390 and possibly 423 on SPX to fill.
I'm with you on a rally part.
Thanos was the hero
Also agree with the bear rally possibility
We still have nothing macro wise to support a large rally. Liquidity still low, no involvement from institutions, might be a short rally
I would say a bear rally to at least the gap fill, followed by a sharp decline where we find our bottom around the weekly 200 MA around 3400-3500. After that sideways/upwards to end the year.
Yes so historically during a market downturn the weekly 200 moving average is where the S&P likes to go and it will form a bottom. I will say if there were ever a time it were to go lower I think the stars could be aligned this cycle.. trade wisely.
There will be no bounce like we saw during covid, we don’t have stimulus injections getting pumped into the market this time.
Yeah, high can go higher and low can go lower.
Major update. The volume on spy the last 2 days has been extremely low all while the price has rose significantly higher. This signals this rally is almost 100% short covering to free up capital to buy the bottoms. The bid has essentially been empty all day. I think we are going to see a sharp sharp capitulation selloff in the next week…
Last edited by BassAllYear96; 06-28-2022 at 01:41 PM.
Let the capitulation begin…