MeowNow

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Joined
Markets Allocation
33 % stocks 67 % other
Top Mentioned Symbols
NDX 33% | 1 SPX 33% | 1 XBI 33% | 1
MeowNow MeowNow SPX, 60, Short ,
SPX: SPX Gaps Up and Fades
50 0 0
SPX, 60 Short
SPX Gaps Up and Fades

The gap up today brought price higher and for much of the day price was in strong territory. But like the NDX, when the big boys came out to play late and the day, price lost momentum. This pattern has not been favorable for the most part.

MeowNow MeowNow NDX, 60, Short ,
NDX: NDX Gaps Up and Can't Follow Through
25 0 1
NDX, 60 Short
NDX Gaps Up and Can't Follow Through

The gap up and lack of follow through on the close has a pretty good track record recently of signaling further short-term (day to 2) downside. While NDX spent most of the day in strong price territory, when the big boys came out to play late in the day price couldn't hold. 4 recent pump and fades have resulted in lower immediate pricing.

MeowNow MeowNow XBI, 60, Short ,
XBI: XBI Short Term Down Trend Continues
42 0 0
XBI, 60 Short
XBI Short Term Down Trend Continues

Despite the gap up today, the short term downtrend is still in-play. Key support/resistance are converging which suggests a strong move either way. The descending triangle pattern seen here has a heavily has bearish probability. My 2 main trend indicators are EMA (13/48) and PPO (12,26,40), which are both bearish on the daily time frame. ...

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