UPDATE August 18
A very quick update. More Caution is needed ⚠️
There is a "line in the sand" so to speak
There is a "line" at around 353 price target, or about 14500 on $E-mini NASDAQ 100 Futures(SEP4)(NQmain.US$
if we break below that, there is very little to stop a slide down to about 330 and possibly 320. If we hold, we should see some kind of rebound to lwards 372. if we can not break 364 on the rebound, that's bad.
There will be no safety. No stocks (maybe some penny runners) will be spared.
This is where we see if we can try for new highs or if we fall into the abyss.
It shouldn't be today. The last handful of option expiration days have been muted. Max pain is around 362/363. I could see ending in that range. J Pow speaks next Friday, and BRICS meets Tuesday along with Nvidia earnings. I would like to see the markets rebound here, but the Stones said it best
🎶 You can't always get what you want 🎵
Be Safe, Be Wise, Be Careful
and as always
Good Luck ![]()
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Thelord : Baba dumped like no tomorrow. You still bullish on it?
iamiamOP Thelord: I'm not bearish. I'm neutral. I would/am waiting on it. it's holding around 88 if it breaks down from there, I would stop watching it
Mightyhuat : Hey Iam! What’s your thoughts about $VanEck Gold Miners Equity ETF (GDX.US)$? Does it look like a long hold for at least 4-6 months? Seems like dividends will also be given out in Dec.
iamiamOP Mightyhuat: I would wait on anything for another week or so to see where it ends up. Miners should get a pop here when the dollar peaks but I don't know if it's sustainable
Mightyhuat : Aite, thanks for the reply.
102235596 : Hey @iamiamthanks for the analysis! Looks like we’re still holding onto the 361 level - does this mean that we’re still on our way up before we crash? Or can we start to expect the heavy downside now
iamiamOP 102235596: we should have a pretty good bounce, we may even go down again before the more substantial bounce. downside is coming, but mms won't make it easy
102235596 iamiamOP: Appreciate your insight as always! @iamiam