At the time of time of this writing, DJI is up 0.92%, SPX is up 0.58% while Nasdaq 100 is down 0.1%.
There is a rotation shift from tech stocks to the others for now.
If there is no reversal by the end of today's close, it is better to wait till Nasdaq 100 is closer to psychological level of 10,000.
There is a possibility of reaching that level by next week if there is no behavioral change in the market.
I will look to short Nasdaq 100 some where around 99XX because 10,000 may or may not be touched.
By then, S&P 500 and DJI should be pretty close to their all time high. That will represent significant resistance and a good opportunity to short.
For the time being, market is detached from reality even though there is a bearish MACD divergence.
There is a rotation shift from tech stocks to the others for now.
If there is no reversal by the end of today's close, it is better to wait till Nasdaq 100 is closer to psychological level of 10,000.
There is a possibility of reaching that level by next week if there is no behavioral change in the market.
I will look to short Nasdaq 100 some where around 99XX because 10,000 may or may not be touched.
By then, S&P 500 and DJI should be pretty close to their all time high. That will represent significant resistance and a good opportunity to short.
For the time being, market is detached from reality even though there is a bearish MACD divergence.