Whoops, There Goes The Nasdaq! - Market On Open, Wednesday 17 July
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Fakeout Or Shakeout?
by Alex King
So, today is either:
- The start of a seasonal Q3 correction, likely to run into October before a move up from the election to year end, or:
- A wild fakeout designed to scare all the civilians that just YOLO’d into small caps because CNBC told everyone that it was Small Cap Summer, who will now sell in fear so that bigs can buy lower once more.
Too soon to say which of these it is. The best canary in this particular coalmine is, I think, NQ futures, and here’s how they look right now.
Bit shaky looking, I have to say. A breach of the intraday high struck on June 24th is important, suggesting more downside ahead. Support holding in the box above would suggest this was just a brief fakeout and normal 2024 only-up operations shall resume. To state the blindingly obvious, the close today will matter a lot more than the open.
Anyway. To business!
So Let’s Get To Work
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