The market has done the predicted bounce up over the last 3 trading days, but on light volume. This would seem to validate the indication that this is simply a bounce and not a bull move. I'm betting on it being a bounce before we head down, and head down quick. Also, the RSI(5) system triggered a short signal yesterday. I bought the Nov 38 Puts right when the Q's were trading around $38.05. The Q's meandered around the $38 level yesterday, reaching a low near $37.80 and then closed the day above $38 to $38.15.
This morning the pre-market showed a significant upmove as I saw QQQQ trading above $38.22 but in the last 30 mins they have settled closer to $38.07. I'm not sure what this says for the trading day ahead. But if the SPX can't break the 1200 mark, I see a down move coming sooner rather than later.
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