Buy and Sell Signals, and Other Market Perspectives Message Board

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Strategies & Market Trends : Buy and Sell Signals, and Other Market Perspectives

SPY 695.17

+0.2%

Jan 12 4:00 PM EST

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To: JMTrader who wrote (164093)	11/27/2021 1:17:50 PM
From: GROUND ZERO™	3 Recommendations Recommended By JMTrader Machaon Mevis Read Replies (3) of 221644

We could maybe see some buying on Monday but it will likely be sold into... Many who weren't near the markets on Friday will likely want to sell any rally, so we could expect to see these markets still work lower overall... The first realistic bottom would be at the September highs, typically the lower of the two September highs, technically speaking... Then a rally, but I doubt we'll see the V bottom, so that rally off the September highs will likely again be sold... The next question is if that initial low would hold... If I had to guess, I would say it won't hold and those lows will be revisited when/if these market actually do reach the September highs and bounce from there... For the past 3 weeks I didn't like the action but I wasn't going to fight the tape, the economy isn't as great as the media would like us to believe... But now we're finally looking at real market action which took out some key supports already... Also, we have some outside key reversal days and some outside key reversal weeks in the major averages, AND the NQ has completed a 4 day sell wiggle... All in all, it would be a very big surprise if these markets actually did bottom yesterday, the odds are not in favor of a bottom so soon... GZ

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