From Briefing:
"Last Friday the markets gapped down at the open to challenge the October 10th lows, only to see buyers immediately step up to the plate and hold onto those gains throughout the day. A relatively positive sign given the continuous bearish activity over the last few weeks. The charts below show the Index-related ETFs of the DIA, SPY, and QQQQ. I wanted to point out the aggressive volume activity on "up days" that have occurred off these levels. It shows that buyers are indeed willing to step up, but only when stocks reach deeply depressed levels. I particularly like the fact we saw last hour rallies on Thursday and Friday last week. This is normally referred to as "smart-money" buying. Overall, I suspect we are due for some sort of massive bear market rally attempt this week, something along the lines of another +500 to +900 day in the Dow. "
If you go to check DIA, SPY, QQQQ, you can see the higher volume up day.
GS may form shoulder/head/shoulder form at least for now.
Today is not good day to short, buyers will use today and tomorrow big news (rate cut) to extend the rally, instead I prefer to build some long position for this rally!!
YMYD
"Last Friday the markets gapped down at the open to challenge the October 10th lows, only to see buyers immediately step up to the plate and hold onto those gains throughout the day. A relatively positive sign given the continuous bearish activity over the last few weeks. The charts below show the Index-related ETFs of the DIA, SPY, and QQQQ. I wanted to point out the aggressive volume activity on "up days" that have occurred off these levels. It shows that buyers are indeed willing to step up, but only when stocks reach deeply depressed levels. I particularly like the fact we saw last hour rallies on Thursday and Friday last week. This is normally referred to as "smart-money" buying. Overall, I suspect we are due for some sort of massive bear market rally attempt this week, something along the lines of another +500 to +900 day in the Dow. "
If you go to check DIA, SPY, QQQQ, you can see the higher volume up day.
GS may form shoulder/head/shoulder form at least for now.
Today is not good day to short, buyers will use today and tomorrow big news (rate cut) to extend the rally, instead I prefer to build some long position for this rally!!
YMYD
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