Hubert Senters here.
One of the few things that’s positive on the day in The Dow is Procter & Gamble and it actually looks halfway decent. I mean it’s up above the cloud one, two, three, four days but that’s not really the big news and this thing could potentially go as high as $91.22 and it could potentially get as high as $94.24.
But when you’re looking at all the rest of the carnage that’s happening on Wall Street right now I don’t think it makes a whole lot of sense to be long unless you’re going to suffer through some pain or if you just like pain. It’s going to draw back a lot more in my opinion or do for a another 10 to 30 percent pullback.
It’s just normal. It’s natural. It needs to happen so start making yourself a shopping list of things that you want to buy. As of right now, all the index futures, The Dow. Let me gran my scan here really quick and I’ll point out a few things to you.
And as you can see here The Dow is negative, the Nasdaq is getting smoked. Yes, it’s getting smoked and then the big one that we always we’re telling people about like ‘’hey, Russell is leading this down. It fired off a short.’’ And as you can see Ichimoku is very helpful for evaluating trends that are no longer in tech.
In other words, you had a massive uptrend and now you’re doing a massive downtrend so if you look at that let’s take a look at the ES. It was a massive uptrend broke and now it’s selling off like crazy and I wish this stuff was hindsight it’s not but I wish it was. YM, massive uptrend, broke the cloud here and you can see the YM.
It’s going to get smoke now. Now, The Dow is the last one. You can see the Russell was leading the way followed by the Nasdaq and then also followed by ES And then the YM, it’s the lag effect. So on index futures, you always have one that leads and one that lags right now. Russell is leading nowhere. Nasdaq is holding on just by its fingertips. It won’t hold for much longer and it will break and go to $24,000 and then probably $23,500. So protect yourself at all times.
Good luck. Hope it helps. And I’ll see you on the next video.
Hubert.
