The goal for today would be to get down to about 3855 if possible. I'll hold short over the weekend provided that I am not stopped out.
This was my predicted template for this week in the event that last week's low would hold. Not perfect, but not too far off, either. For next week, I'm thinking it's possible we'll see a trading range/consolidation. 3770 - 3940.
A gap up Monday RTH of near 1% would be an easy, high confidence fade for me. Bullish sentiment, although not unwarranted, seems high. Further, statistically, I see prices just entering areas often associated with corrections on a short term horizon as well as prices closely approaching an area associated with deeper, long term corrections. On the weekly chart, we had one of the largest, in-trend, wide range bars ever last week, which may be an early sign of exhaustion. I say “In-trend” to distinguish from continuation bars after significant corrections. On the other hand, a relatively quiet consolidation week with a range of say, 3840 to 3920 may suggest underlying strength along with longer term bullish implications.
3 scalp longs done. Sub-optimal entry (01,50) on my last long, but I think I will be made whole. Exit @ 3904-05. I intuit that we may have limited up-side today and should/could be seeing some consolidation after last week's monster move.
And out. Looks like a good day to do something else. My main hypothesis is that today will be a grind and range bound session with narrow ranges, but probably with a close above 3898. Other scenarios would be a move higher or a drop towards 3880. Good luck all.
The T-Day Boyz want their green, but this one may not close green. Potential reversal area, IMO. Could be one of those days where they pull the rug. 3911-3915 for my upside target. Let's see if we can get at least that first. Fairly range bound day so far. Cleaner up trend on NQ.