What TF are you trading on? Looking at the weekly,daily and hourly charts they are all looking positive to me. The next level of resistence goes back to 2001 at 49.85. But short term I see 47 coming very soon. I am not trading it right now so I really don't have a bias I am just throwing in my 2 cents. Good luck with it and hopefully I am wrong.
Joab... your analysis was clearly wrong.. cut your losses. Its going to be an emotional ride down due to lots of support below the market as it is if we get a pullback. 46.25-46.38 is next target on the dailies.. I suggest adding on big there for a third time and place your stop at 46.56 NO HIGHER you can thank me later
Thanks for the feedback but my time frames may be different then yours. I've got a .80 premium on my spreads so I will cut those free if I go .80 underwater on them. The profit on this trade was potentially $2.75 and I'm only .53 underwater here so I'm still ok. happy trades I will re-evaluate tomorrow am I dont think were going too much further north today.
I ... was waiting to short @ 46.36 ... but short @ 46.27 Joab how would like to see QQQQ beat it's all time high ~112 hehe
Right or wrong I wish you the best on it. I always respect a person that makes their call and sticks to it. Best to you, 4re
We should see 46.50 tomorrow. With $ looking like it wants to go under shorting US equities here is not a good play imo. Go short the EEM where the weak $ will help your trade. I have been building a short position using EEM Sept Puts since 120 and am a little over 1/ 3 of the full position I plan to put on. Didn't add at all today but may on a pop in the AM. Good luck with your trade. FWIW my intermittent hedge has been long NQ.