Always Remember that the Market Does Whatever It Wants
Here is an excerpt from my last post about the SPY. I wanted to provide a brief update. Check out the full post in the link below.SpyderCall :Systemic Bearish Sentiment is Spreading
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"Currently, the price of S&P 500 futures is near the support of the original price channel, as you can see in the chart below. Technically speaking, this is still the price channel to follow. But the price action needs to be a rebound in the very near future in order for this original channel to remain valid. "
"If there is a very substantial rebound in the very near future, then this would lead to bullish divergence in the RSI and MACD indicators. This would be a very bullish development. But that has not happened yet."
"Any lower move in price will break this channel, and then we will have a new trend forming. Below, you can see a couple of examples of the possible new trends that are forming. You can see a potential wedge and price channel that are forming."
"The most important point to take from these two examples is that the original trend is pointing downward, and the potential new trends are pointing down. This is a bearish technical structure. Of course, this picture could change in just a few days of trading. But right now, it seems like there is more probability for more downside in the near future."
It is still too early to tell, but today's bullishness has me second-guessing the recent bearishness that ended last week. If this buying continues all week, then there will very likely be a bullish divergence printed on the daily RSI and MACD indicators. This would be very bullish. But I still will wait for confirmation before going bullish.
This could be a simple rebound before a continuation to the downside. But there are a lot of very bullish developments to start the week. The dollar is falling with yields and the VIX. These are all bullish for equities in the current environment.
Options volume is skewed heavily onto the call side on a lot of big tech names that have led the rally that started this year. This could be a one-day fluke but should still be taken note of.
Last week was very bearish, but I am still watching to see if investors buy up the market at the 200-day moving average. It is known to be the ultimate support/resistance level.
Basically, I am cautious about today's bullishness. I need to see more before flipping bullish again.
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Winnerspayout : Omnibus is my clearing director with all my holdings in respect to somehow webull is claiming my holdings electronic transfer of account holdings is not applicable as # 18 in the chapter rules safe lock this from ever happening. There is no significant they are committing fraud right now on my cash money I don’t know what to do
SpyderCallOP Winnerspayout: What happened now? I have never had problems with my money on moomoo