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Stocks were hit hard from Friday to Tuesday with the S&P 500 SPDR, Nasdaq 100 ETF and others recording outsized declines. Today we start with these outsized declines and show what they entail going forward. Stocks were already extended and these sharp declines signal the start of a corrective period.
At this point, I will treat any weakness in SPY and QQQ as a correction within a bigger uptrend.
At least as long as the price charts are long-term bullish and the breadth models remain bullish.
It is still early days for the correction and it may take time to digest the gains from March to September. Thus, a little patience may be required to wait for medium-term bullish patterns or setups to emerge.
BY ART HILL
PS I get his newsletter and video every THUR FRI SAT
In over 50 years of trading
I never met an options winner they are usually gone within a year
Quote:
The dead cat bounce sucked in a lot of BAGHOLDERS today!
SQQQ CLOSED DOWN 8.65%
SQQQ DOWN 1.54 % AFTER HOURS
YES SQQQ is a dead cat !
bought TQQQ
Quiet as a church mouse.
You may have waited too long to sell
When do you estimate a vaccine will be approved?
Oct
Nov
Dec
Jan
.??
So where are you going to sell?
Is this the start of a bounce ?
Or a big crash ?
46 % OF POINT & FIGURE CHARTS ARE UP
THAT MRANS 54 % ARE DOWN
THAT IS BEARISH
9 COMPANIES
AstraZeneca (ticker: AZN),
BioNTech (BNTX),
GlaxoSmithKline (GSK),
Johnson & Johnson (JNJ),
Merck (MRK),
Moderna (MRNA),
Novavax (NVAX),
Pfizer (PFE)
Sanofi (SNY).
I'd say use any and all vaccines
Even from China and Russia
Covid 19 is killing 1200 a day in the USA
Cooling is just a minor problem. IMHO
The bears fired a shot across the bow, but one or two days is not enough to reverse a strong uptrend. There were already warnings of a correction or pullback because SPY has been more than 10% above its 200-day since August 12th and QQQ has been 20% above its 200-day since July 6th. Of course, overbought indicators are not very good for timing a correction.
In fact, I have yet to find a good indicator for timing a peak/pullback during a strong uptrend.
Thursday’s decline amounted to an outsized loss. The 5.07% loss in QQQ was the largest since the 11.97% decline on March 16th, while the 3.44% loss in SPY was the largest since the 5.77% loss on June 11th. An outsized loss is like a hard right to the jaw. While it may not knock the bulls out, it is enough to destabilize the market for a period.
SPY stumbled for two to three weeks after the June 11th decline. This implies that a correction needs some time to run its course.
FROM ART HILL
Proshares phone 866 776 5125 TQQQ reverse split at least 10 days in advance.
This rise should last 1 2 3 4 days
End AT RSI 14 NEAR 40
End with just one red candle
So how high is SQQQ going this time , since you know the market ?
Sorry. But you can not margin SQQQ
Sorry. But you can not margin TQQQ
QQQ is based on stocks
SQQQ is based on stocks and futures
Look at QQQ and SQQQ YESTERDAY AND COMPARE
1 LOOK BACK 3 MONTHS AND COMPARE
2 LOOK BACK 6 MONTHS AND COMPARE
3 LOOK BACK 1 YEAR AND COMPARE.
See the differences are the futures.
So you really do not under stand the role $VIX plays in value of SQQQ ! Too bad !
Your broker never sent you the table of SQQQ vs $VIX
SQQQ loses value every day based on $VIX
Sep 2 new 52 week low
Sep 2 new 52 week high
RSI 14 22.56
Would expect a rise for a few days.
RSI 14 = 80.82
Would expect a pull back for a few days.
SEP 1 NEW 52 WEEK LOW
SEP 1 NEW 52 WEEK HIGH
Historically SEP is the best month of the year for SQQQ.
Let's see how is turns out !
AUG 31 = 21.2
USA is waking up
MOSCOW (Reuters) - Comments by a senior U.S. official and moves by Britain towards the possible fast-tracking of COVID-19 vaccines show the West now accepts Russia was right to approve a vaccine as early as August, a Russian official said on Monday.
Russia granted regulatory approval to a COVID-19 vaccine this month after less than two months of human testing, prompting some Western experts to question its safety and efficacy.
The head of the U.S. Food and Drug Administration has since said he would be willing to bypass the normal approval process to authorize a COVID-19 vaccine as long as officials were convinced the benefits outweigh the risks.
The British government last week set out plans that would allow Britain's medical regulator to grant temporary authorization for any coronavirus vaccine before it has received a full license if it meets safety and quality standards.
The United States and London were now "exactly following the example of Russia," said Kirill Dmitriev, the head of the Russian Direct Investment Fund, Russia's sovereign wealth fund, which has been heavily involved in Russia's vaccine program.
"The Western world was shocked by Russia's success (in producing a potential vaccine) and had to go through four stages of accepting the inevitable: denial, anger, depression, and ultimately acceptance," he said in a statement.
"Recent statements show that we have already passed the stage of depression and it has now been accepted that Russia's approach is the correct one."
Russia has now begun Phase III trials of the "Sputnik V" vaccine that will test its efficacy on a bigger group of volunteers. It is also preparing to approve a second vaccine against COVID-19 in late September or early October.
Health Minister Mikhail Murashko has said mass vaccination of high-risk groups will begin in November-December.
(Editing by Andrew Osborn and Timothy Heritage)