Are You Feeling Bearish?
Are You Feeling Bearish?
It never fails. As soon as we see a news or rumor driven move to the downside the usual suspects crawl out of the woodworks pandering their inane predictions donning Hindenberg Omens, Dow signals, scary Mary wave counts, and what have you. Of course the same people quickly disappear the day after when the tape invariably snaps back courtesy of all the free manna by Saint Bernank.
So I told you about the 25-hour hurdle this morning and if you went long on a pop higher then wipe that silly smile of your face. We are now at the 100-hour which is the second hurdle and, if breached, brings us back to the house of pain we loved to hate so much. Technically speaking we’ve held the 25-day SMA just famously as well as that weekly NLSL at 1809. As I said this morning – until that one gives way nothing bearish happens.
The NQ is knocking at a NLBL which is a deja vu of one we saw last week. Apparently the 3,580 mark seems to be important – if we breach it I expect a run higher. There is a small edge in being short here below it for little risk – put your stop above 3,580 and see what happens. Then flip it if it busts higher.
My favorite equities related setup today however happens to be the Dow futures:
It's not too late - learn how to consistently trade without worrying about the news, the clickbait, the daily drama and misinformation. If you are interested in becoming a subscriber then don't waste time and sign up here. The Zero indicator service also offers access to all Gold posts, so you actually get double the bang for your buck.
Please login or subscribe here to see the remainder of this post.
Cheers,