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Attention, attention, business people of Earth – – – don’t make “one product” companies, at least if the product is physical, and especially if it’s going against some megacap. That goes for you, GoPro. That goes for you GoGo. And it definitely goes for FitBit, now at a 91% loss. You might as well start a company called Word Processing Corporation and go toe-to-toe with MIcrosoft.
Obviously the rejection candle opportunity for bears yesterday was a one day only thing, and that day has passed. What we are seeing today is a decent little retracement that has a chance to grow into a larger backtest of the daily middle band. I’m talking about that on the video below: Intraday Video from theartofchart.net – Update on ES, NQ and TF:
This is an awfully pretty broken symmetric triangle, and it’s bounced right up into resistance. (Note: I did this post yesterday but didn’t publish it; suffice it to say the most prominent sector among my shorts is real estate):
Well, thank GOD. Pretty much what I hoped for and talked about yesterday.
In my 2018 Market Forecast post I had identified important major support levels with respect to the Volatility/Index ratios of the S&P 500, Nasdaq 100 and Russell 2000 Indices as follows:
Since that date, these indices corrected by around 10% and their corresponding volatility ratios have produced a bearish moving average Death Cross formation on the daily timeframe, as price plunged below those major support levels.
