Nearly every year, and especially in election years, there is a seasonal rotation back into big box tech stocks in anticipation of the long weekend and Thanksgiving. I attribute a lot of this buying to the Black Friday spree where Americans dive into big deals online and in department stores. Nasdaq futures are shown above and the consolidation above the 21 Day...
As long as the one hour time frame stays in the sell zone. I am expecting the market to push bearish towards the down fib extension.
NQ 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 failed to reclaim the 11950 pivot and remains weak. Potential trade opportunity to short the market to the recent lows.
Contract - CME_MINI:NQZ2020 - High - 11935.50 - Low - 11882.50 Current Stats - Gap: = N/A - Session Open ATR: 253.09 - Volume: 15k (Extremely light for a Sunday night) - Trend Grade: Neutral Key Levels (Rounded - Think of these as a range) - Long: 12440 - Short: 10665 Keep in mind this is not speculation or a prediction. Only a report of the Power Range...
Still waiting on either a move up through 12,200 to confirm a bullish breakout, or a break down through 11,800. Targets in pink and yellow set up each scenario in the event we break up or down, so these are our 2 levels we are watching for. Ultimately this week we could just bounce around in this range, I personally am waiting for confirmation by watching these...
Had a discussion with someone this week about a pending sell off of equities, that low 3200 on SPX is support on what we could see on a candlestick chart - and its true and its obvious, maybe its too obvious. So taking time out the equation and looking solely on the price action of a Renko chart you can see that all three Indexes have solid trendlines. The...
NQ at the daily. The NQ transitioned into a new price structure. However, the structure is still pretty vague compared to the last trend. For now, the NQ seems to be trapped in a wedge . There is a definite rotation between tech and non-tech sectors. Investors remain overall bullish in tech and bearish in non-tech. As a result, non-tech sectors like financials...
High base, ROC downtrending channel, swing down failure ...poised to....?
The Nasdaq may show an ending dialogue pattern after the big tech stocks' final ascent parade is over. Then, a monthly correction may come in the first quarter of next year.
I wouldn;t chase tech or hold it over the weekend... Maybe they do the whole "vaccine" tech selloff again Monday. That would be hilarious, 3 weeks in a row. Also, today is options expiration, so expect a whipsaw. All other indicators in the middle.
Contract - CME_MINI:NQZ2020 - High - 11961.25 - Low - 11923.50 Current Stats - Gap: = N/A - Session Open ATR: 263.59 - Volume: 33k - Trend Grade: Neutral Key Levels (Rounded - Think of these as a range) - Long: 12440 - Short: 10665 Keep in mind this is not speculation or a prediction. Only a report of the Power Range with Fib extensions for target hunting....
in all honesty- these are the only possibilities I see (in pictures below) ....thoughts?