The Market Falls Sharply After Jobs Report
Hi everyone,
Let’s dive right into today’s (Friday’s) action. We’ll cover the general market and then individual stocks that are standing out.
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The General Market
After a gap down on the open, the market sold off persistently throughout the trading day. The QQQ finished down 3.8% and there was an increase in new net lows.
The SPY was down 2.7%. There were new net lows on the NYSE.
The IWM was down 2.94%.
The VIX continued to rally off the 21ema
The T2108 dropped to the low 20s
The McClellan Oscillator is approaching the bottom of the zone
Trends (3/4 Down)
Short-term: Mixed (Below an increasing 5 sma)
Intermediate-term: Down (below a declining 21 EMA)
Mid-term: Down (Below a declining 50 sma)
Long-term: Down (below a declining 200 SMA)
Overall Thoughts
Today was another reminder to be very patient during bear markets. There is no rush to “catch the bottom”. We are still in a very volatile market and remain trapped below the 21 ema.
Until that changes it’s all about both financial capital and mental capital preservation.
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Have a great week!
-Richard
Great content as always homie
It would be great if you could give buy signals on SQQQ, TQQQ, SDOW, SOXS, UDOW, etc. in real time. I realize this is not financial advice, but if we all can make a little bit of money, we can hold off the recession they're trying to start. Thanks. We just need to make $1000/day. Very doable.