One of my followers warned me yesterday that NQ was overbought, so here's the chart.

Much bigger drop than expected, I'd say the melt up is probably over. This is why I only buy calls when futures are bouncing from oversold conditions.

No predictions other than to say it's a little early to buy calls, if Asians and Euro markets sell of tonight then we get a gap down.

Comments

It's like they wanted to do the drop durning market hours as the market dropped a few days ago when Apple reported it would miss revenue targets due to chinas issue. So they moved it up which took the whole market up probably to get puts for dirt cheap only to dump it again. I am wondering if we see a sell off similar to Feb 2018? Quick 10-12% drop over next week or two and then a slow grind back up till election day....
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