confluence of those told us that global macro traders were exiting the opportunity trade.
The resulting driblet took us all the means to novel lows and, indeed, to our outset weekly downside target. (See hither for profits targets for this week). Particularly notable, however, was the book to the downside: book during the 10:00 AM CT one-half hr ran almost 4 times the average value for that fourth dimension of 24-hour interval or almost 8 measure deviations to a higher house the norm!
That tells us that at that spot was tremendous institutional participation to the downside. Those are the kinds of moves amongst legs. The fact that the downside motion followed from a scenario of continuing technical weakness was also strongly supportive of the behavior case. Stocks making fresh 20-day lows dice along to expand in addition to dice along to outnumber novel highs, suggesting that nosotros have, indeed, made an intermediate-term shift away from the bull.
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