Hi Guys
Just update of levels of interest on Nasdaq for sell setups.
I am ultimately looking for price to reach the thick red line in the larger rectangle for a strong reaction but there are other levels which may present some intraday selling opportunities if price keeps pushing up to the red line.
The smaller blue rectangle has fib levels from more recent swing highs and lows and the yellow line outside the boxes is first level I will be looking to see if can get lower time frame setups.
I am still looking to add longs on pull backs with tight stops because price action still suggest to me that there is more value with long entries than shorts at this moment. Price has reclaimed 20 MA with green candle close above another and well above its 5day moving average making what looked to be turning into a bearish scenario, very much bullish again. Seems to be the recurring theme with the US indices so just have to go with the flow I guess because I am really wanting to see some sort of decent pullback in order to purchase some stocks that need to base and get closer to key moving averages and untested support levels so I can find a decent entry into them. I keep saying this run has gotten bit long in the tooth but like the S&P 500 really need to see strong candle closes under the 20ma and at least a change of character on daily to feel confident about holding any short positions for a larger move down.
safe trading all
Just update of levels of interest on Nasdaq for sell setups.
I am ultimately looking for price to reach the thick red line in the larger rectangle for a strong reaction but there are other levels which may present some intraday selling opportunities if price keeps pushing up to the red line.
The smaller blue rectangle has fib levels from more recent swing highs and lows and the yellow line outside the boxes is first level I will be looking to see if can get lower time frame setups.
I am still looking to add longs on pull backs with tight stops because price action still suggest to me that there is more value with long entries than shorts at this moment. Price has reclaimed 20 MA with green candle close above another and well above its 5day moving average making what looked to be turning into a bearish scenario, very much bullish again. Seems to be the recurring theme with the US indices so just have to go with the flow I guess because I am really wanting to see some sort of decent pullback in order to purchase some stocks that need to base and get closer to key moving averages and untested support levels so I can find a decent entry into them. I keep saying this run has gotten bit long in the tooth but like the S&P 500 really need to see strong candle closes under the 20ma and at least a change of character on daily to feel confident about holding any short positions for a larger move down.
safe trading all