Stock Market Technical Indicators & Analysis
The bounce Thursday was just like the prior reversals shown with arrows and green price bars. Note that these recent bounces held for a short time only. Upper Bollinger Band is at 369.32 and would have to be penetrated to suggest to me a significant turn.
This decline is just getting started. It is not even as steep as the 2020 decline. Let’s see if it turns into a BWR down-trend pattern. Thus far, T2108, now at 21%, is still too high for a bottom. If T2108 falls below 10%, I hope to have the courage to buy a little SPY. I never do and I miss the bottom. It is so nice to be in cash…….(I told you when I got scared in November)
We might get a short bounce. Could be a dead cat bounce. QQQ is on lower daily 15.2 Bollinger Band. Daily 10.4 Stochastic, not shown, is also very oversold, 19.97, and where the index bounces.
