Open Thread: Which Side Will Break First?
The market in dramatic fashion tumbled all the way down to nearly the same intraday lows set last Friday today before rallying back to close up over 5%! This was a huge10%+ price swing, and volume was high making this a heavy accumulation day. Are the bulls back in control?
Take a look at the chart below of the NASDAQ Composite (the S&P 500 and Dow Jones are both nearly identical) and state your claim. Are we destined for a bullish break back above 1900 or is a bearish fall below last week’s bottom still inevitable?
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After today I think this is a huge win for the bulls! More upside to be seen short term, the upper resistance will fall first!
I think we’ll test resistance, but I’m not so sure either side wins out too quickly. I’m hoping we trade sideways for awhile and let some bases set up.
I also see that people are getting super bullish again and making bottom calls. This is EXACTLY what happened last time we bounced. It’s just too early to tell.
Good trading.
all bears, no way bulls have this, even if they do bust through
Google up over 10% after hours, fueling the next big leg up tomorrow, get ready for a run boys!
i noted that nasdaq 100 hit a new year low last night. i believe we haven’t reached this year bottom yet.
Interesting if you take a look at the chart of the 1987 crash they are nearly identical. If history holds true we should trade sideways for quite sometime…
Don’t get too excited, market opened down after sour housing data, Google is still up 5% but not leading a massive market wide rally thus far today.
It should prove interesting. I think one more bull day? And we will NOT have found the bottom, but a case could be made for a ‘relief rally’.
looks like the market is back in the green now, let’s see what happens. I am watching volume closely, could we really have two accumulation days in a row?
option expiration today, will be very volatile and high volume session, expect anything.
BIDU has given back all its gains from its big move Monday, expect Google to do the same.
POT, MON, IPI, etc. have nearly all fallen victim to their latest bear flags / ascending channels.
Yeah I think we will b trading sideways for some time, there is a pretty huge trading range about 6-7 year time span we are sitting in.
Many traders are in a state of uncertainty which will probably cause a lot of volatility.