"Fry" Day
Just last Thursday we were hoping markets would stay below 24630 and move lower.
Bulls had different plans and pulled one of the sharpest candles, unfolding on a Friday.
The trouble with excess at the end or near the end of the cycle is they can potentially be traps.
Yesterday we did write about the possibility of break above 25K and then fall below.
This option unfolded. The cues and glues all are negative, the incremental test of the bulls is eroding, there is clear sings of stale longs getting unwound.
This is not the time to nit picking, nor there is any reason to worry for the long term investor.
Risk off is huge, the Yields are falling like nine pins, (that is not a good sign in any sense), JPY CHF hitting tops across the board, carry off for now.
One more rate cut in BOE did nothing to sooth, they are negatives than positives. It is the BOJ hike that is sending nerves, coupled with mid-east escalation. As if that is not enough the political Hare and Trump continue to discomfort.
Welcome to the month of August, it is month of negative returns
Below 25050 shorts for 24200
Supports 24880-24830-27780 (close below is confirmation of deeper loss), potential evening star.
Supply 25000-25050-25090
Bulls had different plans and pulled one of the sharpest candles, unfolding on a Friday.
The trouble with excess at the end or near the end of the cycle is they can potentially be traps.
Yesterday we did write about the possibility of break above 25K and then fall below.
This option unfolded. The cues and glues all are negative, the incremental test of the bulls is eroding, there is clear sings of stale longs getting unwound.
This is not the time to nit picking, nor there is any reason to worry for the long term investor.
Risk off is huge, the Yields are falling like nine pins, (that is not a good sign in any sense), JPY CHF hitting tops across the board, carry off for now.
One more rate cut in BOE did nothing to sooth, they are negatives than positives. It is the BOJ hike that is sending nerves, coupled with mid-east escalation. As if that is not enough the political Hare and Trump continue to discomfort.
Welcome to the month of August, it is month of negative returns
Below 25050 shorts for 24200
Supports 24880-24830-27780 (close below is confirmation of deeper loss), potential evening star.
Supply 25000-25050-25090
TA Primer ping me on +96895753093 +918106170817 details @sribhashyam65 twitter handle
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