I'm so accustomed to the algos pumping futures, I didn't even realize what's going on here. A wise man once told me, sometimes you have to look at the charts upside down. The algos are doing a melt DOWN, which explains why it keeps hugging the oversold condition. Normally the algos hug the overbought condition. No doubt this is because of rising rates, but in...
Here is a good NQ short setup - upward wedge - good defense with 2 strong resistance areas. One of which is neckline (very strong) - sandwiched between 2 resistance zones is good supply zone. - intersection of up wedge is around the resistances and supply zone - 3 strong downtrend lines in yellow. - this is with trend trade which has higher percent success. -...
these are the levels we care about 1. Pivot level is 12515.25 2. Above the pivot we test/break 12740.00 3. Below the pivot we test/break 12337.00
MFI still oversold and I expect a bounce today but could be just a bear flag as shown by the overlay.
NQ just completed a head and shoulders. That can mean anything, but it sure makes things interesting. RTY has clearly taken the lead in relative strength since the markets bottomed in march. More money is going to a larger group of stocks in RTY, and it looks like the tech bubble is paying for it. Tech bubble:
Looks to me like the algos are turned off so I don't think it matters that futures are oversold until they go oversold on the daily. Overlay from a previous drop shows a bear flag here, so pretty good chance the market gaps up tomorrow. Probably a bull trap though.
Is the year anniversary doomed to fail? Well it sure looks like it, I belive the next few days will certainly tell where tech is headed for the next few months. If it stays inside the yellow trend line it may have trouble at the next roof just like it did in november. Inflation may be another factor for pushing tech down, be careful people.
13080 has been POC and support zone building for bulls toward the end of last week; and now again early this AM. The cup formation broke high and has stayed very even. 12950 is another local POC that I expect to be the bottom for a handle formation to remain intact this AM. I'm feeling hopeful for rocket at open to around 13350-13450 and support will start be...
Indicators all in the middle and no indication of tomorrow's direction. ES and YM look bullish, NNQ and RTY look bearish. Leaning bullish for tomorrow and bearish for Thursday, but that's A COMPLETE GUESS.
Not chasing the rally, NQ and RTY MFI almost overbought. Good chance it doesn't follow the overlay though because tomorrow is Ponzi Tuesday, but I'm expecting a whipsaw week, might just take a break and stay out... or maybe daytrade again, I'll figure it out when ithappens
The NQ Daily time frame is hitting support. The market has a history of pushing bullish towards the top of the up channel. The the buyers are to take control. Now is a good time. Looking for the market to enter into the buy zone off the one hour time frame will be a good idea as long as the daily time frame stays above the bottom of support.
Puppy is ripping. Less typing, and more charting to come. If not aggressive look for gap full for entry. *** not financial advice ***
Trend: Daily/Weekly/Monthly: Down/Down/Mixed Very bearish weekly candle last week. #NDX is weak but at important support, which held on Friday. 3 possible scenarios: 1) Break of 12678, target 12427 and further 12097 2) As long as 12678 holds, look for longs, targeting 13335, which is a strong R. If we break this R, look for move to 13559-13607 zone. 3) 12678...
A break of the uptrend channel and holding below it has confirmed a change of character. The market entered a distribution phase. Several days of action have established a balance area with distinct edges. The last trading session has created a potential spring (in Wyckoff terms). This is something to watch going forward. If this is the case it may lead to a...
I said in my previous idea that I went long at 12672 and below are the reasons why. - Was hovering slightly over the weekly 20EMA which has been great dynamic support for the index over the last year. - NDX appears to be forming a flat bottom at 12760 and we can see how well that has been holding since January; it is also the 0.618 FIB from Feb. highs to...
I went back 7 months to check what traditionally happens the day after PCQI (NQ Put/Call) hits 1.00 or higher. If the next day was green I made the line green, etc. Out of the last 18 times, Bears got the next day right only 3 times. So 16% correct. 2 of those times the PCQI was at 2.0, so Bulls were also shorting. Meaning when PCQI only hit ~1.0 Bears were only...