Any expectations for a rebound on Monday coming off last week's losses were dashed shortly after Monday's open. The major indices were soon backsliding, pressured by ongoing earnings concerns, weakness in the mega-cap stocks, and a Bloomberg report highlighting a rebalancing disposition that will presumably favor bonds in the last few weeks of the year.
In today's pre-market trading all US indexes are on a downturn.
In my opinion, it's 100% overreacting!
Does FED gonna rise another 100 pts tomorrow? NO!
Does US economy gonna crash in 1 day? NO!
As old says, "Rome wasn't built in a day" same here, Rome wasn't destroyed in a day as well!
Chart: SPX 15 mins
As SPX 15 mins chart shows, SPX is already close to its prior trendline support, and its over 100 pts extension from its 8&21 day EMAs, therefore, my trade is gonna be easy today. Buy
If you ask me why, then I'll tell you "Rome wasn't destroyed in a day".
In today's pre-market trading all US indexes are on a downturn.
In my opinion, it's 100% overreacting!
Does FED gonna rise another 100 pts tomorrow? NO!
Does US economy gonna crash in 1 day? NO!
As old says, "Rome wasn't built in a day" same here, Rome wasn't destroyed in a day as well!
As SPX 15 mins chart shows, SPX is already close to its prior trendline support, and its over 100 pts extension from its 8&21 day EMAs, therefore, my trade is gonna be easy today. Buy
If you ask me why, then I'll tell you "Rome wasn't destroyed in a day".