Market Bottom/Reversal trader tip: Chris Vermeulen of The Technical Traders talks about what is going on with the markets. We’ve seen a strong rally off the Fed followed by some all times highs in the S&P500. Now we have dropped back down to make some lower lows in the markets. The S&P 500 is still holding up from the lows we saw a few weeks ago. Based on the Fibonacci theory, the market always searches for a lower low or a higher high which is what can create the market bottoms.
Looking at the daily charts, we can see a pretty good move off the FOMC meeting to the upside. Overall, the Nasdaq trades sharply lower this morning, poking to some nominal new lows.
Join Chris as he discusses the put and call ratio and what this means for the markets. He also talks us through the triple witching trading day that occurred this past Friday, Dec 17th – traditionally the most consistently volatile trading days of the year.
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