velo, you've made a few statements over the past few weeks that you now seem to be backing away from. I think the gist of what you were saying is that news events don't affect the technical indictors (fibonacci's, etc.) that project where the market is headed.
Specifically, you made the statement that should the NASDAQ trade below 2120 (which it has done at least twice), a retest down to 1620 would be likely. In addition, you stated that May 3 was a "turn date" which, to me, means the market reverses its previous direction (so what turned ?).
We've had several recent market-moving news events including budget passage with tax cuts, rate cut yesterday and benign CPI today contributing to the DOW and S&P breaking long-term downtrends (as you stated) with the NASDAQ likely to follow.
Not trying to point fingers, but is all of your recent TA now thrown out the window in light of where the market is now and if so, what changed ? I am interested in and value your commentary here and just want to understand what has changed in your mind given where the market is now. Also understand that no method of analyzing the market is infallible. |
