Well, I went to lunch thinking the market wasn't gonna do much more and then it tanked, lol. I don't think it was the algos selling off today, I think it was actual stock selling. NQ MFI barely moved. Powell keeps crushing the market, so I think the market is toast. Doesn't mean you can make money off of puts every day. Wish I was paying attention though...
If we continue this bearish weakness, we could see the completion of a H&S pattern that could take us all the way down to fill the gap. That also hits a fib retrace of 0.382.
Not really tracking any overlay I can find. I expect it to drift sideways then pop, but it could just melt up. I don't see an opportunity to short until it hits the pink line. The only thing you can do here is daytrade based on expected direction, I flipped some calls today. Probably not trading tomorrow.
Fb consolidating in this triangle waiting for the breakout and break of resistance 279.09. Break above and hold we can see a move to 290 next week. keep in mind we do have that gap down but bull momentum is strong here Im in $290 C exp 10/23
Couple people asked me why I didn't short something if ES and RTY are overbought... NQ isn't overbought yet... so I'll wait. I don't think the market drops until we see NQ hit overbought. Not expecting a tank, but I do expect a dip on Thursday (maybe tomorrow?) on profit taking,