You can quote me on this because I am quoting Mike Burk, who is quoting FX Evolution Max:
Max on FX Evolution pointed out that last Thursday’s rally brought the SPY (SPX equivalent), on which millions of option contracts are traded, up to the point of “Max Pain” t- he point at which most option buyers lose the most money.
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Technical Market Report For March 18, 2023
Saturday, March 18, 2023 9:40 AM EDTNew lows are at bear market levels and the secondaries are leading the way downward.The Russell 2000 (R2K) is leading the way downward.
Except for last Tuesday when there were 99 new lows on the NYSE, new lows were well into triple digits, every day, on both the NYSE and Nasdaq.
Can this be a Bull Market if the "New lows are at bear market levels"?
Do we really need labels to successfully trade?
"The trend is your friend...but in what time frames?
In some time frames, it's been a Bull Market since July 8, 1932.. (following a 89.2% loss).
Edited by Rogerdodger, 19 March 2023 - 02:31 PM.