NQ selling off overbought conditionNQ MFI went overbought and promptly sold off. Good chance it hits the next line below next week.
Search in ideas for "nq"
NQ New OverlayNQ looks like it's heading to overbought, should hit it tomorrow.
Probably some weakness as it gets rejected by the resistance but eventually it has to break through because the market is pumptarded, lol.
Overlay is pretty much a guess, market appears to be trading on bond yields, and that's hard to predict. I might just look at yields and place day trades based on that, lol.
Basic guess though is overbought then weakness.
NQ- the big shortNQ in particular due for big pullback/correction as tech sector is severely overbought.
Reasons for further downtrend
- descending wedge which may likely hold price action for quite some time. bottom edge of wedge is lower side of parrallel channel.
- descending triangle which is a continuation pattern very often.
- weak pivot.
- incredible RR ratio.
- with trend trade.
NQ MFI oversoldNQ, ES, YM, and RTY MFI all oversold so probably a bounce today but don't sure me if it doesn't go up, lol.
It will probably fade the gap up a bit before heading higher. Chart looks the exact opposite as yesterday, nice whipsaw, lol.
Probably staying out, not feeling very bullish, but yields went down overnight, so it should go up.
NQ UP OR DOWN????NQ is in a range between 13105 and 13249 what we are looking for here is direction if we dont gain 13249 we can see the lower range break down into 12729 which would stop run Thursdays low
NQ almost oversoldNQ MFI doesn't always hit oversold before it pops up, so it can head up at any time here.
RTY is still overbought though, so possible sector rotation tomorrow. Good luck.
NQ RSI way overboughtNQ RSI is way overbought, probably not a good idea to chase this.
Couls till gap up tomorrow since MFI is still not overbought, but definitely not worth the risk of holding anything overnight.
NQ almost oversoldNQ tends to bounce off of oversold condition. Looks like a whipsaw holiday week.
I did predict a sector rotation from tech to small caps last week, and here we are...
NQ Update 9/16 premarketNQ touched overbought and AAPL and TSLA can't seem to go green premarket. Looks bearish, another pump and dump perhaps?
Not sure when this will drop, before or after the Fed meeting.....
Tomorrow is Thursday, the weakest day of the week.
NQ Update 9/2 middayNQ pattern looks very similar to mid-July. Expect a whipsaw the next couple of weeks.
Funny thing is that I modified my upper trendline last week and forgot to post it, nailed it on the spot.
Prediction here is that the market gaps down tomorrow then heads up. Don't chase the drop... or at least watch the indicators. It will go up when it gets oversold.
NQ OverboughtNQ overbought on RSI and MFI, very close to touching that magenta line I drew up 2 months ago. (I dunno, it's been over a month at least)
Funny thing is, I'm eyeballing the placement of these blue lines and they seem to work as well.
Anyways, time to sell, I might buy some puts EOD. Not tech though, probably some garbage stocks or foreign index ETFs.
NQ Update 5/11NQ looks a bit more bearish than ES, looks to me like it wants to drop, I pointed that out Friday...
Remember not to get too bearish, it'll pop again when MFI gets oversold. No position.
NQ Update - BearishNQ went overbought on RSI, divergence on MFI
Could be setting up for a down day Monday..... this is about the only bearish indicator I see out there.
All cash over the weekend. Have a good one.
NQ strong support coinciding with G20 bull flagNQ 30 min - blue line is strong support, we have a big bull flag off G20 highs, we need to breakout of the flag and not break blue line support. So long as we stay above blue support line, I think odds are more in favour of a retracement.
Tight stop on blue line of course.
