Finally we saw some heavy selling , especially if you look at IYR(Real Estate), GLD(Gold) and Silver(SLV). Big selling pressure with huge volume, mostly marks a top. The dollar also rallied nicely and the chart looks ready to go.
What I find interesting is that yesterdays most bullish ETF/Stock was UUP according to put/call ratio, so someone believes that the dollar are going to rally near term which I agree a lot on.
Today we should get a new POMO release - someone knows something before us about it?? Why is the dollar rallying suddendly? G20 meetings this week and some GDP numbers out late this week from europe.
Well all in all - the indicators at least telling me we should go down until near end of November, how much we really dont know. But I think 1170 or 1130 area is the areas to watch if we confirm our move down next days and the trend has reversed.
I believe the markets is very close to roll over here and a nice decline should. The NASI tells us that markets is getting very close for some bloddy redness so lets see, yesterday was a start.
IF and only IF we just get a pullback before higher it could look like this area so on SPX should be 1130 or 1170 area. Everything else telling me we go down over next weeks.
The QQQQ if this index loose its big support since September lows, that could be VERY ugly and go really fast. Huge bearish rising wedge.
After I stated friday that TZA got the most bullish put/call ratios out there , now we know why someone opened so many calls in TZA. Already up a lot since then and there is a lot more to come next weeks.
Stay tuned
Have a nice day
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