Well absolutely no strength yesterday. Looked like fund managers were waiting to sell after end of quarter - and were holding the market till now. Let us see what the next few days will bring. I think a lot of back and forth consolidation and maybe more push lower.
The market is oversold short term but that itself is not enough to say we will not go down further. This situation is what can lead to even more serious selloffs to happen.
Today/tomorrow I think we bounce a little before resuming the bear move next week.
Internals continue to look the same. One thing though is that the MCO did not move to lower lows so this might be the beginning of constructing a bottom internally. Price however may have more to deteriorate here.
I continue to be short overall. Adjusted positions a little yesterday. Today I will look to scalp on the long side to take advantage of any rallies.
Best,
PM
The market is oversold short term but that itself is not enough to say we will not go down further. This situation is what can lead to even more serious selloffs to happen.
Today/tomorrow I think we bounce a little before resuming the bear move next week.
Internals continue to look the same. One thing though is that the MCO did not move to lower lows so this might be the beginning of constructing a bottom internally. Price however may have more to deteriorate here.
I continue to be short overall. Adjusted positions a little yesterday. Today I will look to scalp on the long side to take advantage of any rallies.
Best,
PM
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