Saturday Review Link
Be sure to join us by 9:30am ET for this weekend’s Saturday Review. Click here to enter.
Yesterday’s plunge did not come as a total surprise. Last week’s Bigger Picture review (done before that Friday’s close) had noted the cracks appearing in the relationships among the three major indexes. That was all the more glaring for it appearing when markets had gapped up sharply on monthly Payrolls.
That gap up had not improved intraday. Neither had the holiday weekend, nor the Tuesday return. Then Wednesday morning formed a bearish Pivot Reversal that told us to expect a bearish context through Friday morning.
Okay, maybe Friday was a little surprising — Thursday was a narrow inside day, and Friday gapped down sharply. But the opening level did point sharply lower. And meeting its lower objective by lunch allowed plenty of time to essentially double the morning slide, back down to levels last seen two months ago.
Monday could duplicate Friday’s action. We’ll discuss the possible scenarios and their signs at this morning’s Saturday Review. After discussing the bigger picture and gaming out strategies and setups, we’ll do instant analysis of any stock charts that you request. Be sure to join us by 9:30am ET — See you there!