Nasdaq reclaiming the June lows — squeeze on watch
We spoke a lot about this chart in last week's SMW video and our preferred scenario for today would have been a market puke and a VIX spike, but as we often say, the market doesn't care what we want.
We talked about the June lows as a key line in the sand going forward and the market is trying to make us believe that it wants to be above it. The action today was constructive, but now we need follow through and we need to punch through this cluster of highs/lows around 275 to really kick off the squeeze.
This remains a very tricky environment that can change on a dime, but as it stands right now, shorts need to be careful of an impending squeeze so long as we are over the June lows.
We talked about the June lows as a key line in the sand going forward and the market is trying to make us believe that it wants to be above it. The action today was constructive, but now we need follow through and we need to punch through this cluster of highs/lows around 275 to really kick off the squeeze.
This remains a very tricky environment that can change on a dime, but as it stands right now, shorts need to be careful of an impending squeeze so long as we are over the June lows.
Evan Medeiros
Founder, Trade Risk
---
Website: thetraderisk.com
Twitter: twitter.com/evanmedeiros
Latest Analysis: thetraderisk.com/smw
Free Newsletter: thetraderisk.com/trading-newsletter
Founder, Trade Risk
---
Website: thetraderisk.com
Twitter: twitter.com/evanmedeiros
Latest Analysis: thetraderisk.com/smw
Free Newsletter: thetraderisk.com/trading-newsletter
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.