such a big drop within a day should see a bounce, at least, not...

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bencsx

119 Posts.

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29/10/21

23:36

Post #: 57196645
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Originally posted by TheFadz: ↑

We never had a mid month pullback
We knew this was coming
Bigger end of month than usual

I had hoped for a 7500-7300 drop but xjo just couldn't get past 7470
It did try, for a few days at that but had nothing left
I thought it would happen over 2 days but it got it out of the way in 1

Ftse can still drop later tonight
US markets still to trade
I wouldn't say it's strange just yet

I'm more interested if markets will bounce back Monday like nothing happened or if there is something worse brewing here

Could be just a simple monthly reset (like usual)
We traded in a worse range many times
We've also had plenty of pullbacks larger than this
Remember those 2% drops nearly every week in September?
This is child's play compared to that
Haha

XJO stays above 7285 on Monday, nothing to worry about for bulls
Falls back under that level & your perma bears will start flooding the threads again
Although the bullish trend should try & track above 7300, it can dip under that as it did end sept/start Oct before it had a big run

Look back at your charts over the years
Even the bullish year of 2019 had big pullbacks throughout
Nobody was concerned

It's only when markets crash where you need to worry (if you're a bull. Haha)
Now once we establish where the lows fall next week, we can make assumptions where the market might head to next

Surely after that climb in October, bulls can't complain about this drop
I was still surprised that so many stocks never fell & even made new highs

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such a big drop within a day should see a bounce, at least, not to mention it has bounced all the way to the bottom of the uptrend channel formed since March 2020. But I agree as you said, going anymore lower than today's low, and imo if without a bounce at around 7240 the ASX200 might be in paniic mode.

Last edited by bencsx: 29/10/21

XJO Value at posting: 7,323.7
1 Upvote

0 Great analysis

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