2 replies to this topic

[MDurkin]

[K Wave]

Yup, unless the remaining Big Fang stocks come with big upside surprises (don't care about actual earnings, reaction is only thing I am watching), odds are we start breaking some very key levels downside soon on a lot more things than have already begun to puke their guts out.

 

And here is the XLF chart he references...EXTREMELY close to entering long term bear mode....when you hammer on something so many times, most of the time something breaks.....

 

With very little imagination required, you can already see the 72 and 200 both crossing over the 900 to the downside soon....now do the math on the price action for that to happen....not rocket science...

 

all that said...if somehow...someway...price does manage to hold here and rockets upwards above the 72 and 200 and arrests their imminent rollovers, then bulls may still have one last shot, but likely pretty much needs to start this week....

 

In any event, XLF, like many other things, is likely to bust out of this wedge VERY soon and get a trend move underway.

 

Edited by K Wave, 21 October 2023 - 02:01 PM.

[SemiBizz]

GS made a new 2023 Low this week and the herd is going to follow it.