It was an interesting FOMC Day, the FED was somewhat reserved in its forward guidance.
The NQ made an early overthrow of the 15min DT Channel and chopped around until the Lunchtime EST.
Price managed to move higher into the close, a first in a number of trading days where the final hour saw increased Selling, often 100 Ticks or more of downside.
Today was a refreshing change for us, as we've been sitting in CASH with no longer-term positions. Taking small bites on very reduced size and manually scalping the 30Min Candles with shortcut Market Orders.
Price has a GAP above for the NQ at the intersect, the timeline for the next move down keeps appearing on a number of charts as of October 21st, next Thursday. Worth reviewing the EPS Calendar for this day.
The draw within the Chart is off the Ledge @ 15399 to the recent lows, the downtrend Lows were 143667. We managed to hold the 14587 Level and begin a CR Higher up and over the DT Channel - ie. the Lows held, so a break-up was to be expected Short Term.
We will see IF it is another False Retracement or this correction builds in Complexity.
The Ranges are quite large and they are attempting to set a higher low to the bottom of the Range.
Within the Daily Uptrend Channel, we moved to the Lows.
We'll be looking for scalp entries the balance of the week into Next as the 21st approaches.
Lower lows will follow this retracement, we'll see how far it pushes.
Gotta laugh at the Fed minutes and stock market reaction. Markets know that any taper is negligible and the more bad economic news the better. Seems it will take a serious black swan for any hard downturns. Pre COVID even the slightest negativity would push down 2 and 3%. Tariffs and tweets were non stop corrective in RED. Current negative climate seems to not phase markets in the least. i.e. Apple down a whopping .60 on news that would have been crushing pre COVID The reason you all know, the extra 20% in currency printed within a year. Not sure when or how but sitting in cash is only sustainable for a short time. HK we look to your guidance going forward. No pressure at all
HK_L61
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@RT1050, Today's commentary will be up prior to NYSE Open. It will clarify.
You be well RT - HK
Trader123456123
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@RT1050, because you're looking at in incorrectly with doom and gloom. a small taper won't ruin markets. apples adjusted forecast means their record setting earnings won't be a rocket ship but they will still blow by previous quarters as they have year in and year out. earnings across the board are shattering previous quarters. demand is way up.
I be thinking go down for long time but yet it still not go. I have made nice profit on DT that do go but I always think more is coming but no it go's up again. But I agree with you. HK, not because I do analysis (I only trade signals) but becus I trust analysis you do. You the best HK !💖
HK_L61
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@PuckBunny, Patience, even GC took a flyer on A's Bot. The commentary will be up within a few hours, you be well young lady :)