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The 24 hours following the report were mighty odd. Last night, some folks were plausibly anticipating a market wipeout on Thursday. On the contrary, the NQ was up triple digits and every single stock futures market was bright green. That didn’t last all day, however, and by day’s end, it was pretty clear the bloom was off the Semiconductor rose.
I posted the SPXADP chart a few days ago, and since then it has punched above the 30 level on the chart. What does that mean? Well about 50% of the time that means that a short term high is very close, sometimes for a serious high, but more often just a retracement that would look for close to or at the -25 level on the chart. The rest of the time would be continuation, sometimes into a short term high not long after, but often just a move higher.
A double punch above the 30 level, as we may see that here, would strongly favor retracement or at least a period of consolidation in the weeks afterwards.
(more…)Yet another SPAC fraud. Why wasn’t Chamath in on this one?
Salesforce reported last night (easy to miss considering the obsession with you-know-who), and the stock shot higher both after hours and at this morning’s opening bell. A little later – – not so much. It’s sporting a handsome bearish engulfing pattern, and it has sealed up its price gap.
