prcruz408
Short

Limit short entry on NQ/QQQs 4550

FX:NAS100   NASDAQ 100 index of US listed shares
US stock indices have been trending upward this week along relative strength in favor of the Nasdaq. THis generally is a good thing as the nasdaq contains issues that are of higher volatility and have potential for generating more reward given the higher perceived risk. However, there is still an opportunity to sell before seeing further generation of new all time highs in the Dow and S&P             ; and multi-year highs in the Nasdaq. Given the current picture - the last current up move peaked at the 4550 level on the Nasdaq and has not been tested again. Also, the pace of the down move from this level was pretty quick and strong in price movement - these are signs of supply being prevalent at these price levels. Currently, demand is much further below at 4500 - representing a potentional reward risk profile of at least 3.5. My current setup is to enter limit short at 4552 with a stop slightly above 4562 . Will update as price gets closer or trade is triggered.
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