11/3/2018 Market jumps this week. If we have follow through next week, I will be bullish again.

The markets bounced this week, and are now hitting some resistance.  I still favor a big move lower in the next 3-4 weeks.  

QQQ Weekly 11_3_2018.PNG

The weekly chart of QQQ has a hammer, and this is considered bullish.  I will flip bullish from bearish if we close up next week.  At the minimum, I expect we will test the 160 low before moving higher if we do continue to make new highs.  

BABA weekly 11_3_2018.PNG

Chinese stocks also had a strong bounce this week on heavy volume.  This is a very good sign for bulls.  I still favor another leg lower, but if we close up next week, I don’t think that will be the case anymore.  


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