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This is my take on the current technical outlook of $NDX from start to end of the week:
So the trump tweet last week was exactly what everyone thought, a big old bear trap which ended up with a Monday morning mega-squeeze, Tuesday and Wednesday we had distribution....
So the trump tweet last week was exactly what everyone thought, a big old bear trap which ended up with a Monday morning mega-squeeze, Tuesday and Wednesday we had distribution....
By the close of Wednesday we had an hourly bear flag under the bull gutter leading to Thursday's gap down...Thursday's gapped down invited a lot of BTDers which in my opinion were blindsided by the 3 pm move on Friday, whether that will be a trap or not depends on Monday's action
The daily candle on Thursday was very constructive BTD type and the close back under the bull gutter (+1 sd) does put late buyers in a tough situation
Those who didn't sell Friday came slamming sell hard early on...a close under bull gutter is very likely at this point...pressure on bulls now altho daily bands are sideways still
closing back under bull gutter after breaking out into it is not a good sign
weak (bear flaggish) hourly structure in the bear gutter (between -1 and -2 std dev)
Anything in 285-286 range on $QQQ is a decent short targeting 278.50-280 range with a stop on hourly close above 288.50
getting weaker on all timeframes under weekly
Anything in 285-286 range on $QQQ is a decent short targeting 278.50-280 range with a stop on hourly close above 288.50
getting weaker on all timeframes under weekly
trust the hourly gutters to hold
so much energy building here
Can take some profit and move stop down a bit but this is getting going now
We're under $280 now but please do tell me about the cup and candles bull flag pattern..
