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?
As the Dow is on the rise, we expect the NASDAQ to rise as well. However, w-x-y correction must be completed to complete wave2.
Contract - CME_MINI:NQZ2020 - High - 11896.50 - Low - 11867.00 Current Stats - Gap: = N/A - Session Open ATR: 267.62 - Volume: 22k - 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....
My guess is a sector rotation from small caps to tech, either tomorrow or Friday. RTY is overbought.
All levels remain same, wave 3 target still at 11,000. If we are in a bullish count, then we would have an ABC retracement, with a target of 11,400. If we do begin to slip to the downside, these are the 2 levels to watch. Copyright Rohan Karunaratne 2020.