Happy Boxing Day, everyone. In my premium post (done on Christmas Eve), I rather hopefully mentioned the notion that we had just completed an A-B-C counter-trend rally and that we would (again, hopefully) be resuming our migration to southern climes. I was relieved this morning to see all red on the equities, which is as tiny step in the right direction.
We slid nicely on the /NQ, and we found support almost to the penny at the retracement level, which itself is calculated based on the extremes of the lifetime high on the /NQ and the low we saw last week.
Zooming out father, you can see how we traversed from one retracement to the next. Being in all bearish positions (yet with about 20% cash at the moment), I’m counting on a failure of this level, since the zany Santa Claus rally was furious.
Finally, from a broad psychological perspective, it’s worth noting that Bitcoin seems to have surrendered its amusing $100,000+ adventure by maintaining it a mere four days and struggling ever since.
