i dont believe the fomc will affect markets greatly wednesday, nor earnings. i think the market is waiting for the stimulus package to be approved by house and senate. that it was not has devolved the anticipation ramp and now the market is pouting. if things get worse in congress the market may have a hissy fit and the lower line comes into play again. nq's pattern is a better read to me than es at this time, and the necessary pattern is formed. should the stimulus package be noteworthy and generous, i would expect a break out to 10820 and possibly a backtest of the blue line, and then that may be another top. the red line is approx. the daily 20 ma just for reference. you can see it is no longer significant resistance support but can be used as a bull bear line. the thing to know is the stimulus WILL be passed, by july 31, and it will likely result in a rally. the question is from where to be long, and how high does it go, imo. if the market gets impatient, be ready for a drop as a way of forcing congress to spend. this is how it usually works.
if you were long nasdaq at any time in all its history, all those trades are winners except for the last one week. what are the odds of being long and winning again?
if you were long nasdaq at any time in all its history, all those trades are winners except for the last one week. what are the odds of being long and winning again?