Are Stock Market Bears Back in Control?
The bears appear to have regained their footing, based on the evidence.
As the market unfolds, you must look for new clues as to what may happen.
Today, we have some new evidence to consider
The market rallied today after the Fed said rate hikes might come to an end.
Then it pulled back. That means today we had an intraday reversal.
Which also happened at the upper Bollinger (and relatively high price point).
Here’s QQQ 0.00 on the daily timeframe, which tracks the NASDAQ 100 biggest tech stocks.
With trading you receive clues as the market unfolds.
The more clues or signals you have stacked in your favor (without stacking too many) the better. Here we have a double top formation, with an intraday reversal, at Bollinger, on declining money flows.
The bias for stocks is to the downside after the Fed today. At least for the short-term.
DISCLAIMER: I added puts to my stock holdings at the market close.