NQ Update

Market rallying because the daily hit oversold last week, but the market is still bearish. Bought some GM calls at the gap fill, but I already bailed for beer money. Normally it'd be up $1 when SPX goes up 40+ points.

Something tells me this a a bull trap and the market dumps again when MFI gets overbought. Staying cash.

Right now it seems like the whole market wants a gap fill. ES chart pattern and indicators are basically teh same.

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FYI, yields exploding right now

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If the market doesn't do a V pattern and move back up, I think it's toast

Regardless keep your eye on MFI. Doesn't help that stocks that normally fill gaps like AMC, PTON, etc have an open gap below

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Note: DAX is red, the US algos are fighting the Euro algos. When the markets go in different directions we always get a whipsaw.

Will update EOD, see y'all later

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I think the issue is that there are too many people on the sidelines like me, this is a technical bounce, the macroeconomics have not changed. Long term the market is still headed down further.

My best guess is a 3 or 4 day short squeeze.

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Note: Bond yields still rising, 30Y is at 3.787% now

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Squeeze looks like it's failing much like last week, and MFI is rapidly approaching overbought. I think it sells off tomorrow, not sure about gap direction though.

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GM just went red, maybe I should have shorted it when I dumped my calls, lol

This market does not look right, I do not recommend going long yet

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Market is toast

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And now DJI and SPX went red. As I always say, when the market isn't doing what you expect, bail. Right now you should only trade stocks you are familiar with, GM wasn't acting the way I expected so I knew something was up. I mentioned it in the original post.

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Should've bought GM puts, lol.

In any case, I warned all of you guys half an hour after open. I think we need a big gap down or capitulation before a rally. One or the other, something to draw in buyers and compel shorts to cover.

Algos can pump but there's no follow through, not enough buyers yet

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Didn't really want to chase an oversold market so I shorted shitcoin with next week's OTM BITO puts, lol. Just a small play

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If cryptos collapse, it's gonna drag on NQ. Watch out for that as well, could go deeper into oversold.

I'm really only tempted to go long on the market now until weekly indicators go oversold, that's when the market bounced on the last few big drops