Are these two black candles whispering “Turnaround Tuesday”?

11/08/2021

Hard to say, hard to say…

Usually in the stock market the phrase “Turnaround Tuesday” refers to the bounce the market has after a weak Monday.

In other words, the bulls rule and almost always they do since market has a bullish bias forever.

But, but…

What about after 24 trading days straight up for the indexes and most major stocks? What about after a Nasdaq Composite up 10 days in a row? What about a SPY up 8 days in a row?

That’s a lot of ups.

When I called for this rally back on 10/5 for the open of 10/6, I was just seeing glimmers of a turn to the upside. The comment I made on 10/5, which I stole from the title of a novel by Richard Farina, was “Been down so long, it’s beginning to look like up to me.”

And the next day the rally took off…

Well. it’s hard, always hard to tell tops of swings, but this rally has been up so long now, it’s beginning to look like down to me.

I’m seeing glimmers now of a turn to the downside — the NYMO putting in a high below a high at a high level, a couple of key stocks (AAPL, TSLA) taking hits after a lot of upside, two leveraged ETFs (TQQQ, FNGU) giving sell signals even while still going up , the market and the VIX both going up at the same time (no, no, no…), my Nifty50StockList getting more and and more ragged on buys and sells each…