NQ May Day Update
Updated
Someone asked me earlier if the rally is over if it breaks my MA line...
Well look at this NQ chart, it's got a clear channel and the bottom line coincides with my MA line, so yeah, if this channel breaks the rally is probably over. In order for it to break, it would have to go severely oversold Monday in which case we get a bounce and probably a backtest of the channel on Tuesday.
Judge for yourself.
Note that I posted a SPX plot earlier this week, and carried puts overnight for the first time in 2 weeks on Wed.
Well look at this NQ chart, it's got a clear channel and the bottom line coincides with my MA line, so yeah, if this channel breaks the rally is probably over. In order for it to break, it would have to go severely oversold Monday in which case we get a bounce and probably a backtest of the channel on Tuesday.
Judge for yourself.
Note that I posted a SPX plot earlier this week, and carried puts overnight for the first time in 2 weeks on Wed.
Note
Note: Those 2 lines are perfectly parallel because I used copy and pasteNote
MFI moving up, looks to me like it wants to backtest the channel....Note
NQ MFI touching overbought already....
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