Looking Back At Yesterday's Sell-off
The aftermath is still being felt this morning:
European stocks fall as tech sell-off sends jitters through market ft.com
Funny, I was just blogging yesterday
THE DASH FOR TRASH CONTINUES... BUT FOR HOW LONG?
D. R. Horton $DHI l is up in premarket? This market is sick pic.twitter.com/nWWgQtHqas
— Veteran Market Timer (@3Xtraders) July 20, 2023
Looks like a blow-off top on the leveraged #DowJones internet (tech) bull pic.twitter.com/doMCWuj4wb
— Veteran Market Timer (@3Xtraders) July 19, 2023
Looks like a blow-off top on the leveraged #DowJones internet (tech) bull pic.twitter.com/doMCWuj4wb
— Veteran Market Timer (@3Xtraders) July 19, 2023
Funny, did anyone notice how the powers that be decided to parade Kathy Wood across our television screens, just before they decided to pull the rug out? I did!Sorry, Cathie Wood $AARK pic.twitter.com/Xufw2bHc6B
— Veteran Market Timer (@3Xtraders) July 18, 2023
Taiwan Semiconductor's (TSMC) plan to open a plant in Arizona, problems snowball. #Jobs #AI https://t.co/KYOQ4nN9qU
— Veteran Market Timer (@3Xtraders) July 20, 2023
Philippines closely monitors threat of invasion of Taiwan - defence chief #Taiwan #China https://t.co/zRTX9YUWqH
— Veteran Market Timer (@3Xtraders) July 21, 2023
"I guess we'll know it when we see it, but even a pullback to support, is going to look like an overbought condition, at this point.
In other words, even if the market was to give back a week's worth of gains, in 2 day's it wouldn't even signal a bearish reversal."
For now most of the damage has been limited to the most overbought areas of the market, but if the selling continues, we're bound to see contagion.
$SPX 5 min. chart - This is nothing; yesterday's sell-off didn't even break a 5 min. chart.
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