Turnaround Tuesday

As we wrote a few days ago => THIS POST HERE  the market was in holiday reversal mode and the BUS WAS GETTING FULL on the long side.

Some selling was expected and that is EXACTLY what we got today! This is called a TURNAROUND TUESDAY and we are witnessing the smart money slowly coming back into the market just as we expected to sell positions.

On the nasdaq hourly chart below you can see now how things were very overbought (from last weeks holiday reversal) and due to some of the selling action today, we have a clear sell signal. So sentiment trader would not be surprised to see some more selling at least in the very short term. 

What we are witnessing is very normal after a major holiday. The smart money is not 100% back at their desks trading, but rest assured will be back by the end of the week.


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