X confirmed a monthly A up today. Up another 3.5%. The weekly A up is 19.66 (today's high was 19.62). We have 3 weeks till end of QTR and the QTR A up target is within reach.
Monthly A up in the spoos right here at 1670. If one really wants to short this market, this is the level.
A better idea though I think is to spread the NQ long against the ES short. Nasdaq made fresh 10 year highs today and most likely will confirm a monthly A up tomorrow. I suspect the ES will continue to underperform against the NQ.
This played out pretty much as expected. Actually put in a nice-3 day today. Perfect failed A up intra-day and then a confirmed A down. Sell the news event. Made an attempt at the monthly A up, ran out of steam and back below 500. This stock is going to be very messy the rest of the month. I would avoid trading it.
Spread was up $150 per unit today. I think that spread will play out well probably all through the fall.