NQ sits above long term channel resistance, and is likely to fall back into the channel this week given the pressure on NQ's weekly RSI, Stochastics and MACD which are rolling over from recent tops. High momentum names like Netflix (NFLX) and Tesla (TSLA) continue leading the topping process on NQ, anticipating the end of US QE in October. Visit goo.gl for...
Isn't it amazing that mediocre economic data can't make a market move but a crappy iwatch can turn the market on it's ear. That's what the markets have become.
The SPY is trying to break but no clear break down yet. We will watch the ES1! during the globex session for possible entries. Though we are expecting a bounce before any break.
The more time we consolidate below the most recent highs the higher likely hood we continue to the down side. That being said there is alot of unrest over seas and that can have an effect on the markets so be nimble.
This is a nice move in the NQ1! If you weren't positioned short last week you most likely missed this move. We were not short and since all the indices are heavy we will aggressively be shorting any bounces. Part of being a successful trader is not being married to one side of the trade.
