We got our oversold bounce on Monday but a rug pull by bears Tuesday.
SPY gave up most of gains from Monday. Next time if breaks below 200 MA, might not hold.
QQQ was leading the carnage, gave up all it’s and then some. I think this will try 200 MA sooner or later.
Chart and price action remains awful for the bulls. In previous sell off, some individual stocks will hold up well . This time around, nothing is being spared, they have been taken into the woodshed one by one. Bears in complete control so far. Slim picking for watch list. I will be watching some former leading names, whether they hold support or flushes more. Ideally, we have green open and then turn red. If market gaps down ,will be watching bounce to VWAP and moving averages to see if they get faded for trend down action. Again If you are not sure what to do, just sit out , protect capital and wait for a better market condition.
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