Good forecast. Poor trading. In trading leveraged instruments timing is everything. I was too early and too large. Got the 3820 tag. I'm wondering if there can be enough juice left for 3830 by the Close? Probably too late. NQ's been a bit of a laggard this session not even taking out the pre-market high.
RTH... On a 3 minute chart, there was only breach of 3820, but no bar close. Volume stayed subdued on the up and the drift down. Air pockets live above. Trade On!
Does 3820 hold any special significance? On the daily chart - this looks like a fairly successful BO of the 3800 range. Will be watching for continuation tomorrow. If we assume a high % reading for the week ahead ranging from 3 - 5 % that projects to 3876 - 3951 for this week's high. If this really get legs maybe we can see the 4K level. That's pushing it in terms of what's normal, but we had a + 6 % high reading a few weeks back. So, it can happen. I think it's a good thing we took care of Friday's gap today. Let's see where she goes...
Overnight and/or tomorrow's RTH I expect, minimum, a pullback based on trading into prior reversal top 1st week of October as well prior to that a wide range red candle Sept 21st. Also yet another Tom DeMark study TD Differential (2 back-to-back up close bars, 2nd close bar has to have less buying pressure than 1st close bar - defined as TrueHigh-Close) that I use is signaling as I said already a minimum pullback, maybe more:-
Stock being up on worse PMI than expected + Geopolitical uncertainty (China / Brazil) is a good sign ! FED’s likely going to hike slower. There’s light at the end of the tunnel. Seen this interesting take by DarvasTrading
Hit some ST resistance, ST overbought and breadth wasn't great, even on the S&P 500, for a 1%+ day. Should learn a bit more about the market and how it responds to those conditions.