Will market be kind enough to give me another entry point to profit from? so far, market looks very healthy. I may enter long again.
NQ is showing relative weakness this morning vs. YM again. It may be due to net neutrality issue. Trump appointed net neutrality opponents to oversee FCC transition. It would worry me if this persists because NQ shows weakness first at the market top. but I believe this is not the sign that market is topping. Let's see what todays market action holds.
At the top, NQ shows weakness without any news. not all the time, but most of the time. market is very sneaky especially at the major top. for me it's easier to spot bottom than top. today, we have a news that explains nq's weakness. so we are not topping yet.
really? market that's all the pullback you've got? looks like I have to go back to "do nothing mode" Working hard in trading usually means do nothing ironically. took me almost 10 years to realize that.
ES is higher, yet market looks like it can drop 10-20 points at any moment. NQ's ongoing weakness is rather surprising. It's hard for me to grasp Trump's presidency can cause this much NQ/YM divergence. Simple rotation from big tech to industrials? Repatriation of overseas money? Vengeful Trump toward silicon valley elites? anyway, hopefully market will give sizable pullback next week so that I can get long again.
yesterday, ES dropped close to previous high(2184.25) 2185 area is one candidate to get long again though I would prefer 2175. let's see how today' market unfolds.
one good sign of opening action so far is that NQ is showing relative strength. NQ needs to catch up for spx uptrend to continue.
** position update ** long one ES @ 2191 per 200K (half size position) a little earlier than normal but it's Friday. not the ideal price, but price action tells me it's about time. I will enter another half if market pulls back further next week.