SPY, QQQ, IWM & MGK - Beginning to see widespread belief in an oversold bounce

jfsrevg
03-21 14:03

Beginning to see widespread belief in an oversold bounce and chatter about a follow-through day, but here’s my contrarian view on the market right now.

$SPDR S&P 500 ETF Trust(SPY)$ - Bear Flag, Declining 10-MA 3rd Rejection, 200-MA 2nd Rejection

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$Invesco QQQ(QQQ)$ - Bear Flag, Declining 10-MA 3rd Rejection

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$iShares Russell 2000 ETF(IWM)$ - Bear Flag, Flattening 10-MA reclaimed into 4th session, Declining 20-MA 2nd rejection

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$Vanguard Mega Cap Growth ETF(MGK)$ - Bear Pennant, Declining 10-MA 3rd Rejection

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The price structure over the past 7 weeks actually provides clear, factual price evidence this market needs much more reduced volatility, time and price stability to negate the existing bear formation, and flatten and reclaim their short term momentum MA.

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  • Mortimer Arthur
    ·03-22 08:39
    a new bull market begins. The MACD cross that we've all been waiting for is going to happen next week.[Allin]
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  • Valerie Archibald
    ·03-22 08:38
    this week marks the bottom of this round of correction.
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