Yeah, with the little time I had to check out charts this weekend, this all looks way too much like early 2001, with Dow poppin' and Naz withering on the vine.
Was not a good time to be long stocks other than for short while on Dow, and Naz just got pumelled once that Dow rally faded.
Going to be in scalp mode until Fed, and then we see.
But as long as Apple above 145 and Rusty above 1800, bulls still have a shot a something bigger here.
That was a major support area down there around 1650 on Rusty, and bears could not punch through it.
For bull case, Rusty obviously needs to continue to hold 1800, and then needs to build some kind of base over 200 day MA.
But if 1800 does not hold for some reason, decent shot bears give it another go, and should they get through on the next attempt, could be an ugly next few years, like 2001-2003
With Apple jamming itself right up into the rolling over 3 hour last week, bulls are definitely going have to prove themselves worthy.
Apple getting a foothold over 160 could be first real positive sign for bulls.
Back under 150 is first warning, and under 145 again could be the kill shot.
Edited by K Wave, 31 October 2022 - 07:11 AM.