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Mptrader Out Front: Wednesday February 17th, 2021 Scroll down to the latest Daily Sentiment Index (DSI) readings, and notice how many markets are registering Overbought Conditions, accompanied by a very Oversold reading in the Bond Market! On the surface, there is a lot of "optimism" in the equity and some of the commodity markets, juxtaposed against "increasing fear" in the bond market (longer term rates backing up), and in the "Fear Index" itself, the VIX.
Bring your A-Game tomorrow. Sudden death fight for month end closing printVery clear momentum shift heading in month end. Feel the train movements👀 👂 NQ still the weakest of the bunch....testing month's low twice now and on the brink of a collapse/downside accelerationES massive daily bear engulf, RTY massive daily bear engulf, YM massive daily bear engulfNot many will be making it out alive unless riding with the train conductor.
Well, since I am not a fan of leading diagonals as a strong trading cue - and I think we saw why today, the depth of this drop today is allowing me to re-set our 1-2 set up, as now shown on the attached 5-minute SPX chart. The current drop today seems best counted as the c-wave of a bigger wave 2. What this means is that we are again going to be on the lookout for a 5-wave rally off support, which I will count as wave i of 3.
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