Yesterday we got a little slowly day, first of all down and then rebound up from trendline. But the overall picture still the same, we are in a topping process before the crash, but we really need a good trigger to start sell off. What I think is that we are waiting for Friday Q3 GDP numbers. Most people are just looking forward for next week with QEII but thats also the biggest news near term, but Q3 GDP is also very important. So lets see tomorrow what will happended, today I think we just stay a bit sideways up probably cause POMO action.....
Still very overextened , the summation index still on SELL signal since 19th october, so no reason to buy anything, but only short markets.
I am still 100% short, a bit boring lately, but patience will pay you off here imo.
The MACD daily chart still moving down, weekly chart VIX oversold and weekly chart on dollar about to rally. Markets weekly chart overbought and about to go down.
We got a bearish hanging man candle yesterday, lets see if we can get a confirmation of this.
Markets still below MA(200) on the WEEKLY chart which is at 1194 on SPX , so as long we are BELOW this area, no reason to get happy, still in a longer term downtrend.
The dollar broke the falling wedge, and needs a break above horizontal line.
So not much to say, still 100% short and patient.
Have a nice day!
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