Today's quadruple witching day helped to advance the price across the board and break through recent resistances.
Note: the price hit a strong resistance. It could be a short term top of the new balanced area. There is a possibility that we see a pullback to retest the new balance bottom. With the current level of bullishness the buyers will be active at every support on the way down.
The NQ remains the strongest among the equity indices. A few of the big tech are in the breakout mode and push the NQ up. The NQ pushes up ES and YM.
The Russell 2000, RTY, that represents a broader market, did not share the same enthusiasm. In fact, it started to crack down first and even made a new low of the day. What it means remain to be seen. Usually, the Russell is a leading indicator especially for S&P. But if the tech remains strong it could keep the S&P at the higher prices.
My anticipation is to see some balancing in the upcoming sessions within the last box on the chart. The price is exhausted and need to rest and get more strength before going up. But this is the market and we may see more upside first.
03/15/2019
Note: the price hit a strong resistance. It could be a short term top of the new balanced area. There is a possibility that we see a pullback to retest the new balance bottom. With the current level of bullishness the buyers will be active at every support on the way down.
The NQ remains the strongest among the equity indices. A few of the big tech are in the breakout mode and push the NQ up. The NQ pushes up ES and YM.
The Russell 2000, RTY, that represents a broader market, did not share the same enthusiasm. In fact, it started to crack down first and even made a new low of the day. What it means remain to be seen. Usually, the Russell is a leading indicator especially for S&P. But if the tech remains strong it could keep the S&P at the higher prices.
My anticipation is to see some balancing in the upcoming sessions within the last box on the chart. The price is exhausted and need to rest and get more strength before going up. But this is the market and we may see more upside first.
03/15/2019
- upside 7399-7404
- downside 7266-7271, 7234-7239
03/16/2019