@sp3cul8r coz everyone is just waiting to BTD than short price :); oversold indicators does make it hard to short here, no one was expecting a drawdown like yesterday after so much red. the mindset here would be i will just buy the reversal and they keep shorting every rally :)
Breakout can fail after the breakout confirmation.
By acting on a breakout setup before the confirmation you are running the risk of pattern not completing + pattern failing after the breakout.
Increase odds and wait for breakout confirmation.
$SPY $SPX $ES_F There are 3 things I look for when identifying potential longer-term reversals (weeks of upside, not days).
1. Positive divergence on the % Range
2. Oversold RSI
3. MACD line curling up towards the signal line
Not of these conditions are present yet.
$TSLA Daily: Another pointer. If the name holds around 203 or so OR the 192-190 zone in the next few sessions, the upside VPOC of interest on weekly is 234.33 and monthly is 252.94 (which was available in my quarterly chart reference or note).
NOTE: Will have to cleanup the @marketwebs entries later tonight. My overzealous mind added a few things that messed up the view.
H/T @MarketWebs@cfromhertz
Micron $MU
1) 3 day rule, post earnings
2) Hammer candle
3) Bounced perfectly off 50 day moving average
Oh, and also… the stock had a great quarter but the perception of the CONSERVATIVE forward guide was unwarranted.
I’m probably buying this tomorrow.