What a sell off last week, led by oil. Stock indexes have been range bound for sometime and we are still pretty much range bound but the market may have finally made its move.
The AAII investor sentiment showed a the biggest ever neutral sentiment and then last week it spiked 30% sharply higher (to a 6 month high) That apparently was the warning sign as investors who hated the rally in January and February finally pile in and get stuffed again.
S&P (emini chart)4hr. Bearish bounce off the 38.2 fib retracement of last weeks highs, I am waiting for an entry to resell again. The 1380.75 pivot is where I am watching to reload shorts but it could just keep selling off ...
FTSE daily chart. Bear flag within a broader bullish gartley pattern, I prefer to sell rallies for a retest of the 5070 low next
DAX daily chart, put in a bearish reversal monthly candle for April ... the most bearish chart of the stock indexes I look at. It is a bearish Gartley pattern which hit the first target of 5441 on Friday. It will likely bounce here but a close below 5441 sets up a retest of last autumns lows next.
RUT bottom of wedge / triangle could see boounce here. Bearish gartley still in play with first target of 769.50
Nasdaq (weekly chart) the low of last months hanging man has broken and we look set for more downside. Weakly bearish engulfing and not yet at a support level I would buy off.
I tried a countertrend back and fill trade in USDCHF this morning -1R
Going to keep my powder dry while we consolidate a bit
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