NDX is too strong to be shorting against the trend at this time. Edit: I see 75-ish zone as pivotal because of the 10 MA on the daily. We are also in the Friday's opening range. Heck, this could get really angry and fly up to 80s. Changing my bias and monitoring.
Order cxl - plan on going short 1275.75. Why? I expect the market to short from there. Target would be 1268 to start. What is strength? What is trend? When a market has a move up like today, who is buying and who is selling during that "strength"? What does the average close price of the last 10 days have to do with now?
We bounced very strongly off of 200 MA level today (I say level because different vendors have slightly different values), which is usually good for about 10 pts. If institutions are sellers currently, they will step in around the 10 MA level which is where we are right now. Overall though, we've been rangebound for the last three weeks with the downtrend since late April preceding it. My opinion is we'll at least go lower and retest the tsunami low even if we are to then rally strongly back into the 1300s. Shorting small here; will add if things deteriorate.
Jesus, keep playing the devil's advocate. Who said anything about holy grail? There's no such a thing. My long time observation just says rule of thumb is 50 MA is good for 5 pt fade and 200 about 10 and 20 MA is good for shit. 200 differs slightly if you use futures' or index's and also if you use exponential or simple. I'm too busy trying to make money so I won't bother with your cynicism anymore. Edit: and nice msg deletion so it seems like I'm talking to myself.