NQ Oversold

Held some puts overnight, flipped them on open for 50% overnight return which isn't too bad.

Anyways, NQ hit oversold on MFI and RSI pre-market, that's my cue to flip sides especially with NQ daily MFI also being oversold. No position yet, but I might pick up some calls in the afternoon.

Order cancelled:

Market looks weak, playing some earnings but no long positions today. I think I'll wait until after the Fed like everyone else seems to be doing, lol

Indicators are one thing, but the Fed can move the market regardless.

Comment:

RSI and MFI well into oversold territory now, but it appears the market is melting down. Looks like people are taking this Fed meeting sorta seriously. Could see one more gap down tomorrow before the meeting end.

Comment:

FAANG stocks, especially AAPL dragging on the indices.

All of my favorite crap stocks actually went green this morning but the market kept dropping anyways. Not chasing the afternoon rally (if it does), potential for another gap down tomorrow. the easier play would be to fade the gap if it gaps up

Comment:

Remember what I said last week, the 2 times my indicators didn;t work were:
- 2018 rate increase
- COVID drop

No rate increase this meeting but maybe just the mention of it is enough. WHo knows.

Comment:

The Fed meeting is definitely impacting the way futures are behaving. Dead flat with close right now, seems nobody wants to challenge the Fed....

You may want to alter your trading strategy based on what happens tomorrow. WHipsaw expected at 11am PST (1 pm EST) when the dot plot comes out.