Market really heading into correction? Or is it just a blip?
Disclaimer: Nothing I say or post should be considered financial advice. Please do your own due diligence before making any investment decisions.
$Invesco QQQ(QQQ)$ $SPDR S&P 500 ETF Trust(SPY)$ $iShares MSCI Japan ETF(EWJ)$
With key indices such as QQQ and SPY extending losses for second day straight, do the whales think that AI related tech stocks are finally overextended in their valuations, which is reflected in the pullback? This bearish signal is definitely backed with volume. However looking at past few months, bears usually would not last long. So position yourself properly, have your stop losses intact to ride this choppy market.
And everyone thinks that stocks are still correlated to bond prices. I would beg to differ and like to challenge that belief, I feel that DXY (US dollar index) is more correlated as compared to stocks. Please do feel free to express your thoughts on this and what do you think of this bearish pullback. Will it stay? Or is it just a blip?
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- PeteLeacock·08-20 09:12TOPVolume looks more like profit taking than panic to me. Short term bearish, but if QQQ and SPY hold the 50 MA this still feels like a technical reset1Report