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As you can imaging, there is very little momentum in the market at this time. I just ran my model and the result was less than robust. Hang in there everyone.
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I am HUGE! Bring me your finest meats and cheeses.
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Started today dollar cost averaging into TMFC, Motley Fool 100. Hurt lots by AAPL and NVDA but mayhap the worst is over there. -
I took a second look at the retrace levels, and I think I was incorrect in my earlier assessment. When I backed out into a weekly chart and covered a broader period all the way back to the beginning of 2023, I saw that’s when the current macro trend actually started. This means we’re still well within bullish retrace levels of that trend. Hopefully that means we will recover faster than I first expected. In any event, we were bound to get a strong bounce at some point because that was a steep decline. I’ll be looking to see if the bounce takes us past a 38% reclaim of the decline. That’s a key Fibonacci level and breaking through that could propel us back into bullish territory. If we can’t break through that, though I would expect another leg down. Then again, technical analysis is great but news rules, so we’ll just have to see.Comment
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