What does it smell like ? Vomit ? B/c it looks like ES is about to puke. 4 hr making an M formation right now. Don't want to be a long right now. Too much risk
Likely going to be tough. If I take any longs I will very likely be taking profits quickly. NQ pretty much cleared the 11506.50 last week that was looking for(11511 is close enough) and we got a nice bounce off of it, but now we still have 11208.00 outstanding below us and that is likely to be next, given: #1 The larger charts still haven't shown any improvement from a dynamic standpoint on the readings. #2 Nor have they shown any improvement from a static standpoint either. As there is still a lot of risk for NQ downside as long as we are trading below 11780.00. So, nothing has changed for me I have the same view as last week. As mentioned friday though ES and NQ are holding up extremely well given these readings, I am guessing that has to do with the election coming up. So, I am going to stay flexible since it's pretty rare for retraces to take this long given the readings and could result in a pretty hefty short covering rally, if we fail to break down further.
3400 does look like a good Bull Flag on the Daily, build out level * But note: market did go Limit down to Limit up on Trump / Hillary election day
Tough stuff. ES not doing a lot, but NQ looks like short cover rally to me. I took a quick long and caught some, but not really a lot. This is why I didn't aggressively short though.
Next up NQ 11208.00 has higher probability to be hit now at some point in the next couple of days, unfortunately have no short on. Short cover rally scared me, so I covered quickly on pull backs.