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Below is an index I don’t share too often, which is the Broker/Dealer Index. This is yet another pitch-perfect example of a pattern failure (the triangle) followed by a powerful retracement right back to the apex. I would anticipate a clean reversal on this when we hit Monday.
I do not want you – – or me – – to lose sight of the big picture, in spite of the carnival which happened on Friday. You see, I was away from my screens most of the day, and seeing the raw quotes and reading the breathless headlines, I figured it was the end of the world of the one or two bears left on the planet. The moment I got back to see my screens, I saw nothing had changed. The /ES is still as wrecked as it was before.
Until recent, I never bothered trading any of the household names like Meta, Google, or Microsoft, but I’ve gotta say, these multi-trillion dollar behemoths are looking like some of the best short opportunities these days (with the added benefit of never having ridiculous 20% bid/ask spreads on the options!)
Finally some signs of a genuine, can be seen with the naked eye, retracement on equity indices today. I was talking in this morning’s premarket video about the possibility of setting up some decent quality hourly RSI 14 sell signals on SPX and NDX for the first time since the all time highs were made and they set up and fixed this morning into the decline that we have been watching today.
I have been muttering that without retracements there are no chart patterns, and this delivers a shot at finally seeing some of those form, and also a shot at setting up decent possible negative divergences on the daily RSI 14 or RSI 5 charts, again for the first time since the all time highs were made.
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