I'am long the QID. The QQQQ's and the rest of the market should follow on a selloff after the open. If I see the futures up I'll look for the selloff almost immediately. If the futures are flat I'll look for a signal to take a short in the es and nq as well for an intraday play. I use price and time not indicators.
I do use volume and pattern. Price and time are most important. Volume cant be ignored and is important as well.
the TICK hit 1300 on Friday, that's bullish for the next day or 2 imho If we don't sell of these higher prices soon on Monday, look for more buying.
Mondays are notoriously up days. the pattern we put in friday tells me we fall in the qqqq's on monday. its a humbling game but i have nailed it for quite some time.
the market, while still in a long term uptrend appears to be at a near term top. i think we see a sell off in the coming weeks. could actually be very ugly depending on FED and earnings outlooks. things arent as rosy as they origionally thought. while economy seems to be strong, i believe full effect of the housing crash hasnt been felt yet. in addition, i think inflation is just beginning to show its ugly head. still in an uptrend though. just stay cautious imo. watch your trading, hedge yourself. good luck
Lets not forget the broader market (S&P 500) hit a 6-year high on Wednesday... sure we had a pullback on Thursday, but doesn't it become costly to attempt to call tops like this? Personally, i'm waiting for some confirmation in the form of price action before going short... seems to make more sense to me. If the SPX takes out 1400 and fails to recover, then i'll start to look for opportunities to get short, imho.