Minor resistance held and now the August lows must hold otherwise we will have a date with the 3700 area. We are shorting all pops until last weeks highs get taken out. REMEMBER NON TRIGGER - NO TRADE!
Bulls defended the 4125 level and thanks to the Bank of Japan (BOJ) got a boost on Friday. We are now getting close to Minor Resistance and we are showing that we are oversold (short term). We will nibble on the short side if we can get a trigger in the resistance area. We expect to so this are Tuesday or Wednesday. Remember, NO TRIGGER, NO TRADE!
A very bullish bounce today in the indexes...you had to be quick to catch the move. We will watch the next couple of days to see if this is small bounce or a true reversal. Keep on your watch list and watch the outline levels.
As suspected the NASDAQ broke out of its inside day and tumbled lower. Friday she closed on the lows which could be scary for the Monday open. We are still on the sidelines. We have a signal that tells us that a bounce is coming. This could have late morning Monday or Tuesday. We will look at the trigger zone for possible shorts off the bounce.
The nasdaq held it's previous days low but didn't provide us a trigger so we DON'T have a trade...yet. We had an inside day and couldn't climb above 50% of the previous days range. This may not be good for the bulls. We are flat on the indexes and will wait to see if we test Monday's lows. It could remain choppy until the jobs number on Friday. NO TRIGGER...
The indexes got knocked down on Monday, however, the late day rally gives bulls a chance. The Nasdaq is sitting at support and we are short term over sold. We are watching yesterdays lows and overnight lows. If we hold the overnight lows then we will look for a trigger to get long for a one or two day bounce. REMEMBER: NO TRIGGER, NO TRADE!
At risk of sounding like a broken record...this is why we use triggers. Even though price zoomed in to the Trigger zone, we haven't gotten close to triggering long. We are TAKING OUR LONG TRIGGER ZONE OFF. We will now wait to see what a bounce looks like...but everything points to a visit to the 200 Day EMA. We will post a trigger zone this week.
We are still looking for pullbacks on the $NQ. For that matter you look to the $ES and the $RJ for the same. However, we like the $NQ and will look for the Trigger Zone to get long. The market is in dire need of the pullback and hopefully will give us the opportunity. We WILL NOTE chase at the thee levels. Be patient...the players that be are hell bent on...