As posted Friday morning: Expect a bounce. We are $5 off the $QQQ $355 price target. But it is all up to bond bulls to defend here: 4.333 on 10Y. Powell at Jackson Hole this week. VIX still poised for breakout on weekly. Careful TGIF!! Omg what a week! I have reviewed my new fave indicator that shows dollar/yields ratio stabilizing which should help stabilize markets today - my bet premarket was that we would stop going down and have a bounce on support. Support is different for every stock, sector, index. For example: IWM at 200D $182 and QQQ as monthly support of $355 as case in point. What gives me some confidence of this happening is not only VIX tagging the 200D PT as suggested this week - where vol sellers should step in even if just for a day or two - but 2/4 of my key intermarket tells dumped perfectly into weekly support. Sadly, breadth is still falling and selling still has room to downside. But first a bounce me thinks.
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Thank God It's Friday
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As posted Friday morning: Expect a bounce. We are $5 off the $QQQ $355 price target. But it is all up to bond bulls to defend here: 4.333 on 10Y. Powell at Jackson Hole this week. VIX still poised for breakout on weekly. Careful TGIF!! Omg what a week! I have reviewed my new fave indicator that shows dollar/yields ratio stabilizing which should help stabilize markets today - my bet premarket was that we would stop going down and have a bounce on support. Support is different for every stock, sector, index. For example: IWM at 200D $182 and QQQ as monthly support of $355 as case in point. What gives me some confidence of this happening is not only VIX tagging the 200D PT as suggested this week - where vol sellers should step in even if just for a day or two - but 2/4 of my key intermarket tells dumped perfectly into weekly support. Sadly, breadth is still falling and selling still has room to downside. But first a bounce me thinks.