NQ in hot water... or is it cold?
For Friday Feb 11 (Thursday overnight)/cash session, it's going to take some energy to get prices above the CPI meltdown - but we have tested the range so it's doable. I can see some short lived upside in the overnight session from 14581 up to 14680 with a (unlikely) stretch potential to 14820, but the chart seems to say there is still more selling pressure. If I were to take the 14581 entry, I would want to see price test the pivot below at 14525 and if it stays above, the 14581 entry would be valid. I would be looking to confirm more downside from this range into the lower fibs if we cannot hold 14525. Depending on price action, the related pivot points could help time entry during the cash session.
At the time of this post, we are hanging out around a double pivot of 620. We could also potentially catch a bid here
I am generally OVERALL bearish as we were not able to break the daily 200SMA and price action from Thursday was a bearish engulfing candle with price already headed lower into the overnight session. It's also Friday, so there is no telling what kind of Friday price action shenanigans we will see! Position size accordingly and use a 2.5 ATR stop or above/below adjacent pivot points at entry price.
Happy and Safe Trading - Charlie
At the time of this post, we are hanging out around a double pivot of 620. We could also potentially catch a bid here
I am generally OVERALL bearish as we were not able to break the daily 200SMA and price action from Thursday was a bearish engulfing candle with price already headed lower into the overnight session. It's also Friday, so there is no telling what kind of Friday price action shenanigans we will see! Position size accordingly and use a 2.5 ATR stop or above/below adjacent pivot points at entry price.
Happy and Safe Trading - Charlie