The sisters ($TF and $NQ) didn't play along and we busted through 2 levels of support. Is this the top for the year? Hard to tell since we can run through the highs in a couple days. Looking at the weekly and monthly chart we would say there is more upside to come. So enjoy the pullback. We will look to short (very small size) on bounces and triggers. ...
While the Nasdaq and Russell are lagging the S&P are still making new high. If the sisters decide to join in then we could see 2100 before the end of the year. It's well in range.
An inside weekly bar on the Nasdaq. This has been a powerful move and while we're in need of a good pullback it's not a good idea to fight this trend. We are looking for sideways to higher over the next week and will trade it light on dips. REMEMBER: No trigger no trade.
We were early on this and stopped out on our nibble short. For now we will will sit on the side lines until we see some further weakness.
With a monster gap up Friday the indices sold off nicely. NQ1! is out favorite to trade and with this reversal candle we will start to nibble on the short on any bounces. If the NQ can get some legs to the downside we will look for 4200 and then 4150.
NQ sits above long term channel resistance, and is likely to fall back into the channel this week given the pressure on NQ's weekly RSI, Stochastics and MACD which are rolling over from recent tops. High momentum names like Netflix (NFLX) and Tesla (TSLA) continue leading the topping process on NQ, anticipating the end of US QE in October. Visit goo.gl for...
Isn't it amazing that mediocre economic data can't make a market move but a crappy iwatch can turn the market on it's ear. That's what the markets have become. The SPY is trying to break but no clear break down yet. We will watch the ES1! during the globex session for possible entries. Though we are expecting a bounce before any break.
Possible heads and shoulders forming. On the watch list for now.
The more time we consolidate below the most recent highs the higher likely hood we continue to the down side. That being said there is alot of unrest over seas and that can have an effect on the markets so be nimble.
This is a nice move in the NQ1! If you weren't positioned short last week you most likely missed this move. We were not short and since all the indices are heavy we will aggressively be shorting any bounces. Part of being a successful trader is not being married to one side of the trade.