Monday, June 24, 2024

Big Volume equals a Down Day…


Looks like the market hit close enough to the 110.34 SPY mark, as it quickly reversed at 110.31.  I went short today and sure enough the market sold off hard at the end of the day.  It took me by surprise, but I was glad I was short.  Those were definitely some "Big Red Candles" during the last hour of the market.

As for tomorrow, I'm expecting the government to lie again about the jobs numbers.  We could get a small bounce up if they report it under 500k, but if it comes in above 520k or so... then I expect more selling.  Of course there will be small bounces on the way down, but I see 104 as a major level that should produce a nice bounce.

This is going to shock a lot of bulls and bears, but I think we are in for a sharp and fast fall.  Most bears will miss it, and the bulls won't believe it.  There could be very little bounces until we hit 104.  Even then, I don't expect more then a few days up from it.

But, let's take it one day at a time.  For today... Bulls - 0, Bears 1


Author: Red

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