Originally Posted by
dumbass
Hi Hoop,
Still no real clear sign market has in anyway bottomed out.
sp500 1061 was a significant pivot point and just got blown through and more importantly closed below this level.
Market will need to close above 1061 and hold before any upside action.
Not even oversold on daily.
No candlestick suggestive of a bottom.
Id say with this kind of downward momentum it seems prudent to expect follow through action.
as i said prior, technical levels not too relevant , the big power players can move huge funds around at speed so this is a market that will not respect technicals per se.
on the positive VIX has just posted a record close.
so yes closer to the bottom than the top but if your a few days out with your bottom you may be on the wrong side of another thousand points.
why not wait for a nice big hammer, a cofirmed uptrend and a nice retracement repecting a low point?
dont catch the knife !
at the bottom of this page
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