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What They Said About Falling Knives 4/19/24

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A big overnight selloff has been reversed in the early morning hours, half way through the European trading day, and 2 hours before NY opens. The ES 24 hour S&P futures have returned from a knife plunge, back to unchanged since the NY close. The selloff resulted in a 3 day cycle low. It also broke the potential positive divergence in hourly oscillators. While they've since turned upward, the lack of a positive divergence usually means at least a test of the low, or lower low ahead before a tradable low. So I would be on the lookout for that late today or Monday. 

A test of strength is dead ahead with a resistance convergence on the hourly chart in the 8-9 AM hour at 5005. If they clear that, then it should be onward and upward. If they turn tail at that point, look for that test of the low.  One More Rally To Go


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Its time to sell gold? Too hot?

Netflix earnings are not good enough to hold the market. Some technical indicators point out to end of this shallow correction.

It will be interesting to see how the situation develops over the next week.

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20 minutes ago, SiP said:

Nvidia - 10%


On 4/18/2024 at 2:29 PM, DrStool said:

Mystery chart of the day. 


This was the final triggered sell list from my screen of Wednesday's closing prices. 


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Biggest sellof for nasdaq since October 2022 (weekly). Sp500 since March.

Biggest drop on NVidia since.... 2020 in pandemic.






Next week looks very good. Big names

Meta, Microsoft, Alphabet Tesla, Intel and many more from mag7.


Could change the trend. I would close nq shorts next week if I had them hahahaa


I'm all IN since Jan 2024 in oil, energy, copper and some metals.


The Q is also whether to take some chips off the table.


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19 minutes ago, SiP said:

And April suppose to be good because of tax



April isn't over yet. In some years the response to the buildup of liquidity is delayed by several weeks. The liquidity influx has just started. Warning Signs Abound, But Ignore Them for Now

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Lee, come on. It's gonna be 22nd April this Monday. April sucks. Biggest correction in stock since many months.

I think we should get some up phase next week if we don't get any new bad news from Middle East and earnings from bigtech Meta, Google, Microsoft will be good.

The big q is - how the phase will look like. If it's just sideways then... Be prepare to see 4500 in spx.

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