NQ going Oversold: Bounce soon?
Updated
Based on previous price moves, these selling waves last from 3-5 days sessions. Yield inversion has tanked techs, selloff could intensify.
(overlay from 2-5 Mar)
BUT; If this holds, expect a smallish bounce 19 Mar, more selling on 22 and pivot to long entry on 23/24, as it did last year on those dates.
NOT investing advice; trade at your own risk! GLTA!!
(overlay from 2-5 Mar)
BUT; If this holds, expect a smallish bounce 19 Mar, more selling on 22 and pivot to long entry on 23/24, as it did last year on those dates.
NOT investing advice; trade at your own risk! GLTA!!
Note
Fills in the overlay... would not long this yet... all riskNote
Strong resistance overhead at 3925 SPx (former support at 3940 turns resistant) and 13250 Composite. Has tested 3x intraday Friday. Watch for the action in Power Hour...Note
Looks weak EOD, power hour aint got none... gonna take a bear spread on QQQ see if it gaps down Monday, GLTA!PS Usual strat of buy expiring calls in last hour on Fridays looks like a losing prop today IMO, not gonna try it.
Note
Opoen Bear Spread long 5 Apr 09 312.5P short 5 Mar 26 302.5P net debit 3k; will find out if this was a good idea Monday mornin, lol. Good wknd peeps!Note
Added 3 more spreads on the weak EOD lift, usually a good place to short...Note
FYI worth a read, best text on charting and trend analysis ever, read Murphy free pdf, see fig 4-10a to get an idea what might happen soon:cdn.preterhuman.net/texts/unsorted2/Stock books 029/John J Murphy - Technical Analysis Of The Financial Markets.pdf
Note
Better bounce, lol, closed out the bear spreads in open. Watch, wait.Note
Would not chase this IMO rally is not broad-based, small caps declining today while this runs up; a bear retracement.Note
WARNING: FALLING WEDGE IN NQ INTRADAY; DO NOT SHORT AGAIN! CLOSE SHORTS AND GO CASH OVERNIGHT, LOOK FOR EOD SHORT-COVERING RALLY IF IT DOESNT COME YOU LOSE NOTHING, THE FALLING WEDGE IN QQQ IS BULLISH! SELLING MAY COME TO END SOON IMO.Trade closed manually
ALL POSITIONS CLOSED NICE GAINS IN THE QQQ AND SPY PUTS TODAY! SOME CONTRACTS +150%
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