NAS100: Short Term View

Please see chart. I'll comment later after combing the feathers.

Comment:

Compare today's action with QQQ. Note how the gap was closed EOD. Bear minimum to satisfy the hunger. No excessive enthusiasm.

Comment:

Also, NAS100 daily, is that a hanging man on the top of the tree? Not a good encounter.

Comment:

We had a strong impulse today and there are some signs of a new down channel forming up. What we need to see tomorrow is a daily confirmation candle, which should follow the today's hanging man candle. The new candle will need to close below the hanging man's body.
If there's no confirmation then more range games till our eyes pop out and that is very good too.

Comment:

seen this before

Comment:

We have a bearish engulfing (1 hr) at the very top and now there's a very tight BB squeeze in progress (1 hr). I'll be trading QQQ tomorrow with a down bias - my preliminary view as of this moment. If someone wants to exchange ideas during the day, please don't hesitate to comment - we can always discuss.

Comment:

I'll be trading QQQ and probably IWM this week if it gets out of the range. I'll add SPY to the game later in the week.

Comment:

QQQ: 1) gap down at the opening, and 2) dark cloud and 3) bearish engulfing (15 min). This looks weak to me. The direction should be clear in about 30 min. General view: weak pattern intra-day.

Comment:

So after all this was a "short" day. Now I'm going to wait for another short entry - possibly tomorrow. I wouldn't be surprised if we go all the way up to retest the recent highs, but no long positions for me at these levels. Let them buy.

Comment:

You guys can tell me what you're seeing. It looks like there is a down channel that started on 1/13, more or less consistent. But the 15 min pattern also resembles some kind of cup and handle where the energy is building up. I guess we'll find out tomorrow.

Comment:

Today's action explains vividly why I'm not going into long positions at these levels.