As much fun as waterfall plunges are, it makes total sense that the market bounced strongly off its lows on Thursday. The NASDAQ ETF hit multi YEAR support based on its trendline.
Bounce at Major Support
Slope of Hope Blog Posts
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W.A.G. for Rest of Year
Limping Toward Eve
It remains remarkable to me what happened between last Tuesday and this Tuesday: an absolutely pitch-perfect traverse from one major Fibonacci to the other. That’s almost four hundred /ES points in less than a week, and in virtually a straight line. I find it comic that folks poured into the market after the based on the dunder-headed logic that lower inflation means stocks should be bought.
Support Risk
As fantastic a week this has been (started, ironically, with the explosive open on Tuesday), I remain cognizant of the rapidly-approaching MAJOR support levels.
