NQ going Oversold: Bounce soon?
Updated
Based on previous price moves, these selling waves last from 3-5 days sessions. Yield inversion has tanked techs, selloff could intensify.
(overlay from 2-5 Mar)
BUT; If this holds, expect a smallish bounce 19 Mar, more selling on 22 and pivot to long entry on 23/24, as it did last year on those dates.
NOT investing advice; trade at your own risk! GLTA!!
(overlay from 2-5 Mar)
BUT; If this holds, expect a smallish bounce 19 Mar, more selling on 22 and pivot to long entry on 23/24, as it did last year on those dates.
NOT investing advice; trade at your own risk! GLTA!!
Comment
Fills in the overlay... would not long this yet... all riskComment
Strong resistance overhead at 3925 SPx (former support at 3940 turns resistant) and 13250 Composite. Has tested 3x intraday Friday. Watch for the action in Power Hour...Comment
Looks weak EOD, power hour aint got none... gonna take a bear spread on QQQ see if it gaps down Monday, GLTA!PS Usual strat of buy expiring calls in last hour on Fridays looks like a losing prop today IMO, not gonna try it.
Comment
Opoen Bear Spread long 5 Apr 09 312.5P short 5 Mar 26 302.5P net debit 3k; will find out if this was a good idea Monday mornin, lol. Good wknd peeps!Comment
Added 3 more spreads on the weak EOD lift, usually a good place to short...Comment
FYI worth a read, best text on charting and trend analysis ever, read Murphy free pdf, see fig 4-10a to get an idea what might happen soon:cdn.preterhuman.net/texts/unsorted2/Stock books 029/John J Murphy - Technical Analysis Of The Financial Markets.pdf
Comment
Better bounce, lol, closed out the bear spreads in open. Watch, wait.Comment
Would not chase this IMO rally is not broad-based, small caps declining today while this runs up; a bear retracement.Comment
WARNING: FALLING WEDGE IN NQ INTRADAY; DO NOT SHORT AGAIN! CLOSE SHORTS AND GO CASH OVERNIGHT, LOOK FOR EOD SHORT-COVERING RALLY IF IT DOESNT COME YOU LOSE NOTHING, THE FALLING WEDGE IN QQQ IS BULLISH! SELLING MAY COME TO END SOON IMO.Trade closed manually
ALL POSITIONS CLOSED NICE GAINS IN THE QQQ AND SPY PUTS TODAY! SOME CONTRACTS +150%Related publications
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