Blog Post: Day 2 of $QQQ short term up-trend, but I would not bet on it lasting through Wednesday. 81 new US highs, 170 lows and 18 at ATH; $GLD renewed its down-trend, see daily chart
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The intraday pattern of Friday and Monday is evidently that of a short squeeze. The market went 1.5 days w/o a 5-min stochastic being oversold. This is reminiscent of 2008 where rallies lasted long enough to sucker most traders in, then the bottom would fall out.
The intraday pattern of Friday and Monday is evidently that of a short squeeze. The market went 1.5 days w/o a 5-min stochastic being oversold. This is reminiscent of 2008 where rallies lasted long enough to sucker most traders in, then the bottom would fall out.