Consolidation is happening above last week’s highs. A move down worth mentioning would be into the bodies of one or more of the last 6 candles. The big black candle is important and almost matches the range of the first 2021 candle. People that put extra money into the market last week are taking profits here and planning to reinvest on dips. Position sizing is an important issue, probably you don’t want to be 100% long here.
GME
God hates idiots. GME holders might be asking if they should hang on or get out. Glad I don’t have that problem. Anyway, 40 and 20 look like important points to me. This is tough to sell here because it seems to be stabilizing at the 13 week moving average. My guess is that the genii who bought at 350-450 and still here are going to hang on. If you sell now and it goes back up, the psychological blow of the double catastrophe could be devastating.
