Correction or No?
The overall trend in the markets is an obvious downtrend. But on the very short-term picture there are very oversold conditions. The stock market cant fall down in a straight line. There are usually small corrections or bounces to the upside to cool off a rapidly falling market. Will we get that bounce this week? Or will the market continue to crash?
Check out the video in this link to get the current Technical Analysis for the Broader markets. Here is the link: https://youtu.be/3n_d5KqIS7w
$Invesco QQQ Trust (QQQ.US)$ $SPDR Dow Jones Industrial Average Trust (DIA.US)$ $SPDR S&P 500 ETF (SPY.US)$ $iShares Russell 2000 ETF (IWM.US)$ $VIX Index Futures(DEC4) (VXmain.US)$ $Gold Futures(DEC4) (GCmain.US)$ $Powershares Exchange Traded Fd Tst Db Us Dollar Index Bullish Fund Etf (UUP.US)$ $SPDR Gold ETF (GLD.US)$ $iShares Silver Trust (SLV.US)$ $Ishares Iboxx $ High Yield Corporate Bond Etf (HYG.US)$ $Ishares Iboxx $ Investment Grade Corporate Bond Etf (LQD.US)$ $iShares 20+ Year Treasury Bond ETF (TLT.US)$ $Crude Oil Futures(JAN5) (CLmain.US)$
$TENCENT (00700.HK)$ $SSE Composite Index (000001.SH)$ $CSI 300 Index (000300.SH)$ $CSI 300 Index (000300.SH)$ $FTSE Singapore Straits Time Index (.STI.SG)$ $NIO-SW (09866.HK)$ $NIO Inc. USD OV (NIO.SG)$ $NIO Inc (NIO.US)$ $BILIBILI-W (09626.HK)$ $Bilibili (BILI.US)$ $Baidu (BIDU.US)$ $BIDU-SW (09888.HK)$ $XPeng (XPEV.US)$ $Li Auto (LI.US)$ $BYD COMPANY (01211.HK)$ $BYD Company Limited (002594.SZ)$ $S&P/ASX 200 (.XJO.AU)$ $FTSE Singapore Straits Time Index (.STI.SG)$
$TENCENT (00700.HK)$ $SSE Composite Index (000001.SH)$ $CSI 300 Index (000300.SH)$ $CSI 300 Index (000300.SH)$ $FTSE Singapore Straits Time Index (.STI.SG)$ $NIO-SW (09866.HK)$ $NIO Inc. USD OV (NIO.SG)$ $NIO Inc (NIO.US)$ $BILIBILI-W (09626.HK)$ $Bilibili (BILI.US)$ $Baidu (BIDU.US)$ $BIDU-SW (09888.HK)$ $XPeng (XPEV.US)$ $Li Auto (LI.US)$ $BYD COMPANY (01211.HK)$ $BYD Company Limited (002594.SZ)$ $S&P/ASX 200 (.XJO.AU)$ $FTSE Singapore Straits Time Index (.STI.SG)$
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meruson : this is frenzy selling phase, it will be followed by bargain hunting phase, the herd mentality will kick in to continue selling and then institutional investors will come in to buy cheap.
SpyderCall OP meruson : agreed. di you have any predictions on how low SPY will goo before the institutional buying spree? Personally I have no idea.
meruson : let's see if this bottom holds, if it doesn't then it will be a long way down to 3399 for $S&P 500 Index (.SPX.US)$
SpyderCall OP meruson : Ive never seen charts that look like that. Looks interesting.
SpyderCall OP meruson : a lot of major analysts at some big investment banks are predicting 340 as well
meruson SpyderCall OP : old analysts usually use pnf charts like me
meruson SpyderCall OP : this is a point and figure chart, disregarding volume and time, just focusing on price.
SpyderCall OP meruson : im going to lool into this more. thanks for the insight
meruson SpyderCall OP : you can take a look at stockcharts.com here's the link https://stockcharts.com/freecharts/pnf.php?c=%24spx,P
SpyderCall OP meruson : thanks![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
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