This Is The Weak Link In The Market

Posted by Joe Duffy | Mar 7, 2024 | Joe Duffy's Trading Advantage | 0 |

The market made a high Monday exactly to what I wrote last week. After the initial high, Monday was a bloodbath until a last 30 minute rally. Tuesday and Wednesday tried a some sideways rally punctuated by some hard bouts of selling. It’s possible of course the low is in for the week, but I don’t think so. I expect further downside pressure into the end of the week. I don’t expect to exit my short positions until next week, where I expect lower lows. In the bigger picture in my view the next 3 months the market is in correction mode. It can’t survive on Nvidia alone.

AAPL, TSLA, GOOG are all under pressure and while we could see an oversold rally next week, I don’t see new highs in the general market for a while. Certainly some up weeks but I think correction mode has started. Sitting on profits on my PYPL and ARKK positions, which I look to see still better levels in by next week.

Thanks,

Joe

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Joe Duffy

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