It was an honorable attempt to bounce but the bear took it back down by day end. By looking at the weekly $SPY candlestick bar for the last two days, it is now a doji bar instead of a spinning top like yesterday.
This mean there is still indecision between the bull and the bear. Where we are heading now will depend on the future actions by the global political parties and central banks.
There is nothing to do but to wait out the storm instead of trying to time these hugely volatile market. Remember, it is only because of hindsight that we say, “Oh, I could’ve short it earlier..” or “I could’ve bought some here…”
Due to the extreme volatility (large range movement), one wrong timing in your attempt to trade it will wipe out early gain you made. Best to stay neutral until the storm is clear.
My 2 cents.
Categories: Daily trading Journal