There’s an old saying…
Amateurs open the market … Pros close it.
Don’t ask me who said it because I don’t know. But yesterday it appeared that the pros were picking up some discounts.
Markets sold off hard during the day but the sell-off weakened by end of the day and rallied into the close. Markets are gapping up this morning possibly setting up an “abandoned-baby hammer.” I’ll let the day play out before I make any further guesses on the technical side.
Yesterday’s sell-off was broad. 84% of stocks declined. 70% are now below their 50-day moving average.
Down Friday, down Monday played out. These events have proved to be major inflection points in the past. The timing favors a correction. Once again, I’ll let today play out and assess further tomorrow.
Bitcoin is holding up decently after a big dip yesterday. It’s showing a possible reversal hammer too. The price is converging with the moving averages … possible inflection point here too.
I’m risk off because there’s no clear direction at the moment. I prefer to go with the trend.
OTC (on watch, no levels):
ILUS, ISWH, CYDY, AAPT, TGGI, AXTG, BONZ