CME_MINI:NQ1!   NASDAQ 100 E-mini Futures
Rejected by the top trendline but staying in the current channel.

I don't think the big move (up or down) happens until after Powell speaks tomorrow.
Comment: MFI is almost oversold but Fed day tomorrow. Watch out for the afternoon whipsaw, usually goes the wrong direction for the first 5 - 15 minutes then reverses course.

Comments

My whole expectation is that Jerome will go into his toolbox and pull out all his tools... Yet again. Pretty much anyone with economic sense expects this, but the problem is idk if people will start pricing in tapering early.
QQQ overbought regardless.
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TheBadMrFox MightAssTouch
@MightAssTouch, lol. it's like the two old men from thbe mupppets who know nothing about what theyre saying but laugh at everyone else like theyre the experts. Economic sense? Not anyone here so far outside myself. QQQ? what does one single ETF have to do with a whole futures index?
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@hungry_hippo What Index governs the $IXIC ? The $SPX correct? Futures marklets are SOLELY based on TEchnical Analysis. Powell won't say anything that will affect anything. All news is propaghanda... even Dow knows that one and hes been dead like 60 or 70 years .
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hungry_hippo TheBadMrFox
@TheBadMrFox, no, NQ1! determines the Nasdaq, not ES1!.

Rates and QE do impact the market, Powell managed to tank the market a couple of years ago by raising rates. He won't do anything tomorrow, but watch the market whipsaw like crazy anyways. That's what always happens.
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uhljarrobert hungry_hippo
@hungry_hippo, He will say inflation is temporary, not surprising, and manageable. We are not raising interest rates yet because unemployment is no reason.
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hungry_hippo uhljarrobert
@uhljarrobert, yes, that is what I expect. The market will whipsaw anyways because it always does on Fed day
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TheBadMrFox hungry_hippo
@hungry_hippo, He will say what a politician will say. How does that effect the market? in fact how is inflation related in any way to the index? It's ALREADY TAKEN ACCOUNTED FOR!!! Nobody needs to hear the Fed say what is OBVIOUSLY been true for 30 years./ BELEIVE IT OR NOT IM TRYIN TO HELP YOU.
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TheBadMrFox hungry_hippo
@hungry_hippo, where did you learn this stuff? Like for real? Cramer on CNN? Ugh its painful to hear your ideas and explanations
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TheBadMrFox hungry_hippo
@hungry_hippo, tHE s&p INDEED IS THE INDEX THAT GOVERNS THE REST. The ones that don't follow the VIX. But "Hey," go ahead and blow your account up. I guess its the only way youre capable of listening or learning
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hungry_hippo TheBadMrFox
@TheBadMrFox, futures control the indices. WHy do you think I'm plotting them?

SPX and NDX have overlapping stocks like AAPL, AMZN, GOOGL. That why they tend to move together but if you look at teh chart for last year you can see a lot of days where tech (NDX) was green but SPX went red. Learn how to read a chart please.
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