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hungry_hippo
May 17, 2023 4:09 PM

NQ Wedgie 

E-mini Nasdaq-100 FuturesCME

Description

Definitely wedgie pattern here and MFI is overbought. Guessing RSI goes overbought as well by the end of the week.

Powell talks Friday morning, maybe that causes a tank. Nobody likes the Village Idiot anymore.

WMT and GOOS puts for earnings tomorrow, not going long today. Too early to short anything else I think.

Comment

Market looks hella bullish, flipped my WMT and GOOS puts while I can....

Comment

It actually broke out above the wedgie.... lol.

Overbought on MFI and RSI, I don;t recommend chasing it until melt up is confirmed.
Comments
Trebor74
I shortened it at the top of the channel, was that a mistake?!
m3t4lz0n3
I just thought that during melt-up phase, all indicators will be rendered useless ? I smell FOMO and probably buying the next pullback on Friday. What do you think ?
hungry_hippo
@m3t4lz0n3, I think tomorrow is a pump and dump. if it's a meltup then it'll go back up Friday. Not sure yet.

You know how this works though..... every time they pump regional banks it tanks the next day. Not feeling all that bullish, I'd rather fade the gap tomorrow than try to squeeze out the morning pop.
m3t4lz0n3
@hungry_hippo, Sounds like a good idea. Lets fucking go !
hungry_hippo
@m3t4lz0n3, I dunno, I might just stay out tomorrow. Funny thing is, Thursdays are usually buy the dip days for the Friday pump. We'll see what WMT earnings look like.
Trebor74
Did I screw it up? I cut short...
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