Tuesday market gap down, a little bit panic selling, I sold the rest of SPXU stock at the best price 39.8. That's the advantage and the art of selling at limit price, because the market bounce back up at the end of the day, and it also shows a long tail hanging man candlestick, looks like it want to go back up a little. I am 100% in cash now because the Risk Reward ratio on either bull or bear is very even.
Personally, I really want to see the S&P go down to 1010, the Dow 9400 , which are the 38% fibonacci retracement level from the low 666 to high 1200. Another support is 990 which is the 80 weeks moving average. We can see there is a very strong support around 1010 to 990.
Market is oversold, it's searching for a bottom anytime from now, however, the momentum is still down and we are looking for some technical bounce (1103, 200 days moving average) in this correction before we see the real short term bottom . If there is some panic selling down to 1010 and 990, we will start accumulating.
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