Bottom-ticked to the minute. Next time we layer up and catch the rest of the move
Closed full at +400% the following day at NY open.
I’ve only taken one trade since, patiently waiting for my setups to appear.
Today’s reversal on $QQQ and alike was probably the biggest sell the news event I’ve seen in a good while.
If you were an investor or retail these past 2w you had to go through:
-September bearish seasonality
-War escalation (both straits closed)
-Oil ripping higher
->Diesel, crack spread and alike ath
-AI scare (slowdown due to security fears)
-Hot CPI
-FOMC (hike)
-Clarity act failing
…
If you wanted to find a reason to sell you had about a dozen.
Not only that but the rate hike probability was over 90%, breadth was washed out(not extreme but still) and you got a -2% straight line move into a 3:30pm twap buyer that’s not done yet.
Having all reasons to be bearish while washing out on a priced in event is what bottoms are made of.
Doesn’t mean we need to continue, but today was a buying day, not sell imo.