Some similarities to last week. Strong Open on Monday. Weak Tuesday. So far, we didn't dip below yesterday's LOD.
Still have NQ 12009.75 open, but missed it by 10 point, so never took the long. ES still looks like garbage so we'll see if it hits and what 3:00 and/or 3:30 look like.
It's obvious that short term outlook is still bullish atm. Only swing trades on the upside are risky presently because there should be at least another leg or two on the downside. We already saw another leg dropped after my previous post. I don't know if that counts.
I did pretty good overall, but yeah I had no monster trades. Thankfully I mainly trade NQ and it was a lot easier to trade than ES, as it often is for at least me. 3:00 o'clock setup working to the long side, but wasn't able to find an entry. If NQ would of went a little lower, I would of been in. Oh well, I am about to wrap it up, nothing really left to do now, I'd just be forcing a trade.
I see where the buy set-up was. This is one of my buddies' automated signals. Sometimes you get some false ones but this looks good so far.
May I ask why you think there should be? I was anticipating a sell myself going into last week, but last Monday's strong Open and associated input data changed my conviction to the long side for that week. I also recall a lot of bearish sentiment on ET last Tuesday which coincided with last Week's Low. I'm bullish for this week, too, but would probably change my mind on a drop below 3465. Just my 2 cents.
This was a pretty standard day, they cleared the first set of overbought's on ES and than almost cleared them on NQ shaking out weak hands and getting shorts to add in as fuel to take market up again. It's rare that NQ missed it's level by 10 points, but given how it was acting today not overly surprising. I just did a poor job of being flexible and despite having a decent day, I missed the deeper long that I wanted to catch.