Anyone else here fade that move yest? I anticipated a ton of heat today but PA stayed consistent with current market behavior…..
this week is still figuring out what to do, getting people on board for both sides. markets could rally on news of war escalation too. doesnt really matter. structure in place is open to both possibilities. currently a doji.
So for the NQ/ES we have bounced down off a major fib level, broken down through an hourly up trend line, and now retraced up 38% for NQ and even less of a retracement for ES. So this looks pretty bearish to me now.
My gut would say the hypergrowth stocks will get another leg down. But I don't know if my gut is really the herds mass psychology, hard to distinguish.
And reversed off 4421 to the tick. 4421 = today's midpoint in RTH 4421 = this week's midpoint in RTH 4422 = yesterday's LOD If we can take out and trade above 4221 I think we can reverse higher again. Equally, I imagine breaking below the current LOD would trigger continuation lower.
well I currently have no directional bias with how this week has played out. I think it has rallied and failed at the typical spots. but as of today i just don't see an edge either direction. so for me, it would seem that the market could use the news as a catalyst to go either way.
The last time momentum on NQ Daily has been negative for this many days in a row, with these type of bearish readings was 11/15/2018. This certainly is adding to my bearish overall bias. Again I won't fight the market, just because of this if bulls come in. However, keeping my same benchmark which is now 14610 on NQ. Need to trade above that consistently / preferably candle close above for me to ease up on my bias.
14299 is bottom of a support / previous accumulation area, whatever terms you choose to use. If market going to bounce would be expecting one here relatively soon around this area. Below that for very long and no good for bulls.
I am trading / watching some smaller time frames... bullish divergence targets are still being hit or almost hit, so still a little long activity. But obviously not tons. Almost to the 14299. See if it holds at all.