Today was bloody with NASDAQ down 2.7% -- these are the days i don't want to look at the charts (or my broker account screen!)
Chart Reading:
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- the chart shows that this is still not the end of the down move or the short-term weakness
- on the contrary, the channel has just been breached to the downside.
- the projected measured move shows that there may still be an extended move of around -3% to the downside before the market stabilizes as bears in control
- my daily chart shows market in short-term supply / bear territory with neutral to slightly negative sentiment.
- 30 EMA has been a good support on the weekly -- we still have not breached that yet .. so mid-long term, still not bad.
bottom line, no trades until this turbulence is over .. we just keep buckled up and await the reversal to the upside. i'll be happily surprised if i'm wrong :)
stay safe everyone.
