NQ Power Range Report with FIB Ext - 12/7/2020 SessionContract - CME_MINI:NQZ2020
- High - 12569.00
- Low - 12522.50
Current Stats
- Gap: = +0.12%
- Session Open ATR: 204.80
- Volume: 19k
- Trend Grade: Bullish
Key Levels (Rounded - Think of these as a range)
- Long: 13337
- Short: 10650
Keep in mind this is not speculation or a prediction. Only a report of the Power Range with Fib extensions for target hunting. Do your DD! You determine your risk tolerance. You are fully capable of making your own decisions.
Nqfutures
NQ Power Range Report with FIB Ext - 12/4/2020 SessionContract - CME_MINI:NQZ2020
- High - 12496.50
- Low - 12474.00
Current Stats
- Gap: = N/A
- Session Open ATR: 212.26
- Volume: 14k
- Trend Grade: Bullish
Key Levels (Rounded - Think of these as a range)
- Long: 13337
- Short: 10650
Keep in mind this is not speculation or a prediction. Only a report of the Power Range with Fib extensions for target hunting. Do your DD! You determine your risk tolerance. You are fully capable of making your own decisions.
NQ Found SupportThis is the NQ at the 4 hour. NQ bounced from the middle of the current channel. In the middle indicator, I put a green line for RSI support. The middle of the channel was where RSI support was.
The cash flow was higher than the on-balance volume suggests. That means the end of day rally was a short covering rally by FOMO bears this morning.
Apple was Atlas with the NQ. It has a $1.67 trillion market cap. If Apple goes red, the rest of the indices tend to fall too due to sheer weight.
Tesla's market cap is bigger than most car companies combined. It's also a short target by eager bears.
As a result, bears were covering shorts and the NQ continues to stack bear bodies.
This is why my plan is to wait until NQ reaches major supports. Basically, profit off calculated bounces. NQ is not in my buy zone yet. If the VIX finds support soon, then the NQ may be in my buy zone.
Until then, I'll get paid to wait at major supports.
$SPY : Searching for direction$SPY jumped yesterday above the gap resistance with healthy gains in the other markets especially the small caps ($IWM) again putting up a stellar gain of 4.92%. $WTI oil is somewhat stabilizing which is supporting the beaten down energy names and banks who loan to this industry.
Looking for $SPY to digest its gains at this level.
$ES futures are down -18 handles after horrendous European data. On the other hand tech heavy Nasdaq $NQ futures is up about 12 handles on the heel of perceived good earning from the likes of $FB, $TSLA, $MSFT, etc.