Sounds like a plan. What most bears don't realize that there can be huge rallies in a bearmarket. In 1929-30 the market retraced 50% (went back to 75% of the former high) before further down. That 50% retracement would be somehwere around 1150 or so, that would be my absolute max. high for the year. The max. low is 600. This is gonna be a sideways to down market there is no point in hoping huge 2-300 pts drops, just take the 50-100 pts here and there....
Everyone is leaning on NQ and NDX being up on the day. It is up to NQ then to lead the upside breakout .... Edit: It is very hard to do because if there is no AAPL, GOOG, and RIMM holding it up, NDX should be in red.
R1 only if Friday's high transforms from resistance to support. A failure to do so would suggest a retouch of the daily pivot.
daily floor trader pivot based on RTH (this is how ss calculates it) is 918.50 (provided I took the right numbers off the chart) R1 is 940.33 S1 is 904.00
Tick index by itself is messy as there are a lot more ticks ... However looking into the details you would see that since past few days the buying is not the usual crowd, throwing usual market behaviour out of the window. Edit: I remember mentioning the pattern here once, with back to back extreme tick reading on one side only (like buying only) for 2 days, a short term top is in. Last time that happened mkt sell off 80 pts straight down.
Let's just say the 918 zone. Even 919-920 would suffice as a downside target. Pound wise is better than penny foolish.