NAS100 - is the skew of risk tilted for a re-test of 15,800?
The current flow suggests this is the risk. On the daily chart, we see price closing above the 61.8 fibo of the July/Aug sell-off, as well as the 24 Aug highs. We see price holding above the 3-day EMA, with this ultra-ST moving average pulling above the 8-day EMA. Momentum accounts would be increasing net long positions on this move. On a micro level, Nvidia is eyeing a new high, and Apple is also showing good buying interest again and as long as those stocks, along with Microsoft, attract new buyers, then the skew of risk is that the NAS100 re-visits 15,800. Happy to cut longs upon a 3- & 8-day EMA bearish crossover, flipping to shorts on a daily close below 14,687.
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