Charismatic Megafauna said:
What's the lesson? Those big buyers have now unloaded?
When OA mentioned goalposts back in the day, it was looking for huge volume spikes on beaten down stocks that mimicked each other signaling a bottom.
Well it's actually fairly common in a lot of different ways. The last two times NQ hit 1M daily volume marked a bottom either on the day or shortly after with major swings up coming afterward. The last time before those was Feb 2022 which put in a pause in the initial selloff from the 2021 top. It was followed by a quick spike, a return and double bottom, and then a third spike before selling off again. Before that was the highest volume in the last 3 years on Jan 2022 (it was actually two days in a row of 1M volume) which was also a temporary stop of a downtrend and short reversal.
Considering this one comes in an uptrend, there's a very good chance it is signaling big money OUT in some capacity. Either that, or we're about to get a blowoff top.
The COVID top and selloff came with 7 days in a row of 1M+ volume, the peak being two das in a row of 1.5M. But I'm not sure a normal market topping event would act like a once in a generation pandemic induced selloff. So not sure how relevant it is.
"H-A: In return for the flattery, can you reduce the size of your signature? It's the only part of your posts that don't add value. In its' place, just put "I'm an investing savant, and make no apologies for it", as oldarmy1 would do."
- I Bleed Maroon (distracted easily by signatures)