OXY trade logic video

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OXY Trade Logic Video

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The bears started the week with a roar as stocks gapped 1.2% - 1.5% lower at the open Monday. The bulls never found their footing as prices slowly worked their way lower from the open to reach the lows at about 3 pm. Nine of the10 sectors are lower, with Consumer Cyclicals and Technology taking the worst hit while Energy was the only sector to stay green barely. All-in-all, it is shaping up to be the worst day in the market since June.

The price action is giving us a gap down Bearish Marubozu-type candles across all 3 major indices. All 3 have also given up their T-line (8ema) and 20sma levels as the uptrend line are now clearly broken. The QQQ is even testing its 34ema for support at the moment. With 30 minutes left in the day, DIA is down nearly 2%, SPY is down over 2%, and QQQ is down over 2.6%. Interestingly, VXX is basically flat, and 10-year bond yields have broken up through 3%, indicating traders are not out buying up bonds (which would be normal on a big "risk off" day). However, T2122 shows the market is in oversold territory, and Oil (WTI) is off just 1% daily.

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