Hmmm this doesn't look overly exciting to trade to the long side. Very weak move so far from a daily chart perspective, particularly on the NQ where we haven't even managed to hit my Daily EMA yet. ES has hit it. Just going to see what it does at the open and than react.
Oh nq was leading ES? No clue tbh, just know ES above 32 really bullish for equity markets in general. Either way had setup for long, took it and made profit on NQ.
Well that morning pullback was pretty brutal and quick, likely stopped a lot of people out and baited shorts in. After we recovered that, was even more likely that it was the case, so I was only looking long and next benchmark was to see ES trading above 32 which it did and now some nice follow through.
These high flying tech stocks, the ones that have been beat down the most, they're all up nicely today. This is where I dig out Spooz's Fibonacci lines to figure out how high they'll get near term. Stocks like RBLX. When I wrote this yesterday morning: Pretty easy call really, based on that finish Friday. The Q's went straight up from $342 to $352 in just over an hour. With all the bearish sentiment last week, there was no way that wasn't gonna continue today. Time to break out the Fib lines on tech.