What John Howell said in this video:
- QQQbearishshort-termThe host believes the Nasdaq (QQQ) has confirmed a false upside breakout and is reversing lower, marking the start of the correction he had been anticipating. He expects significantly more weakness and downside for the Nasdaq over the next couple of weeks into November, potentially dropping back toward its long-term trend line, reflecting a very weak market structure.Source
- DIAbearishshort-termThe host points out that the Dow (DIA), observed via its futures, has been the leading indicator dragging the broader market lower and has already made a lower low. He believes a much bigger drop is imminent for the Dow, which will continue to lead the market downward.Source
- SPYbearishshort-termThe host believes the S&P 500 (SPY) has also confirmed a false breakout, with futures showing a false breakout and the cash market resembling a double top. He expects the S&P 500 to drop back toward the low 7,000s area and see substantially more downside from here.Source
- IWMbearishshort-termThe host notes the Russell 2000 (IWM) has just hit its prior target, the double-top rejection level. He views the Russell as the weakest among the major indices, with the downside move just getting underway and further weakness expected.Source
- Othernegative for stocksmid-termThe host believes the broader stock market has confirmed false breakouts and is now entering the start of a correction, with more weakness expected over the next few weeks into November. Having anticipated this pullback, he notes the Dow is leading the move lower and the Russell is the weakest, meaning further downside for the overall market is just getting underway.Source