Last week’s warning signs came to fruition. Here’s how much worse it’s likely to get. Once that happens, it should be a good buying opportunity.
For the past week, there were 8 charts with multiple buy signals. There are 22 with multiple sell signals. The 8 buy signals were mostly on Friday, and they got soundly reversed on Tuesday, when there were just 3 buys and 22 sells.
The patterns look desperate. Is it a capitulation? Too soon to say, but I’m staying away, for now.