BULL TRAP

22 de mar. de 2021

I've explained my thought process very clearly on the chart. I am a bullish minded fellow by nature but can't help but notice the similarities between now and the most recent steep market correction/panic drop. As a trader our job is to use timed indicators to identify and more accurately predict market movements and in no way am I going to say 'I told you so' if my fears are true. My plan going forward to remain cautious and steer clear of long positions. I'm sure most can agree that we are in fact, in a scalpers market at current. In closing, I wish everyone the best going into this next week!

24 de mar. de 2021

Nota

Update #3

First of all idk why I was updating in the comments section but I am a bit new to this platform so give a guy a break... Anyway " I TOLD YOU SO!!!"

Just kidding, in all seriousness I think a lot of us saw the weakness coming into to play this week. Even our beloved value plays took major hits. You know what they say, "When gold grows everything else blows."

The bulls are getting railed these past two days. What do think is next?

390 was a KEY LEVEL. 2 options

1. Continuation.. If this thing jumps premarket and shows strength but not overwhelming evidence that it can once again stay above that 390 mark, expect sell off to continue but not before some bulls get trapped in the AM.

2. BEAR TRAP... What? That exists? Of course it does, pull back can be used just as effectively against the short minded as it can against the longs. Things I think we can look for to identify that tomorrow may be a green day. DEVIATION. 3/23 and 3/24 had near identical movement on SPY, and a few other large indexes. Look for a deviation in trend here, the market sentiment in terms of how price action reacts to sensitive psychological levels on this chart. If its looking green and good to go, it likely is.