Momentum Swings Both Ways:
I always like to mention there is no reason whatsoever to catch a falling knife until a bullish candlestick catalyst presents itself. Did that occur on turnaround Tuesday? I am not sure the bottom is in but keep in mind some of the most violent upward moves occur in bearish downtrends. Below is the daily chart of the MTUM ETF and it recorded a bullish inverted hammer candle well below the 200-day SMA. This is a good area now to play against for a countertrend rally. The WEEKLY chart has pierced the 50 WEEK SMA this week and the precedent in 2023 when it did that three times that calendar year each was shortlived. Will the same transpire this time around? Of course, no one knows and it is hard to find some green shoots, but some recent IPOs have been behaving themselves. It would be wrong to call SNDK a new issue, as it was bought out by WDC almost 10 years ago but has since been spun off and vehicles that come back to public markets often need time to carve out bases. This one is doing so quickly with a 55.01 cup base trigger forming. Again breakouts are hard to trust but one can monitor how it acts if and when it approaches the pivot.