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Strategies & Market Trends : ajtj's Post-Lobotomy Market Charts and Thoughts
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ajtj99
The Ox
towerdog
To: Lee Lichterman III who wrote (59405)5/9/2022 10:00:50 PM
From: Lee Lichterman III3 Recommendations  Read Replies (4) of 97558
 
Just ran through charts real quick and it's a strange feeling. I still only have oversold signals but no buy signals. However, there's a ton of stuff at or near the bottom of their channels. Maybe a one day dead cat bounce coming? I'm not sure what to make of it.
On a more bearish note, only a few, but enough to say it isn't an isolated thing, some long term channels going back to 2009 look decisively broken. All are just normal company stocks and not crowd mo mo favorites but it will be interesting to see going forward if this expands to more and more as this progresses. If so, it could be like the internals, breadth etc going south last April long before the top was hit this year.
Fundamentally, it makes sense. We have had QE for decades and no tightening that lasted. Now that we have inflation, the Fed might actually do QT for a long time. Yes, we know that this inflation probably won't last but the Fed has overshot and been behind on everything for a long time. If they do so again, why shouldn't we no longer climb on trend with a period where the liquidity flood gates were wide open?
Les hadn't posted his scan for the overall market yet so I don't know how it will chart out tonight yet but the semi numbers are in the single digits so another clue a bounce is probably close.
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