● On the 120-min chart, the near-term uptrend that began with NQ on 10/4 has held and is now at the top end of that channel. ●… Read more “Technical Recap (NQ) – 10/15/2021”
Technical Recap (NQ) – 10/8/2021
● NQ has been bumping up against SMA(200) resistance since mid-Sept
● It hit 15K psychological resistance level yesterday and again today
● Odds are increasing that we’ll revisit 14,700 level (50 SMA and 23.6% Fib retracement) especially given another double top (similar to 9/24-9/26), but…
● Weakening momentum (3/10 oscillator) is saying that the bottom (14,367) may be in through the end of 2021
● However, it’s possible that we could see one final near-term (5th EW) leg down below the 14,367 low from Monday, but it most likely wouldn’t be much below 14K.
● NQ daily chart remains in an uptrend channel that began over a year ago.
● If a break below 14,367 happens, look for the SMA(200) to hold support.
● Waning downward momentum on the daily chart currently looks bullish.
The TGIF Effect
A few years ago, standard five-day workweek traditionalists were aghast when Forbes magazine published an article titled “Why Every Weekend Should Be A Three Day Weekend“. Based… Read more “The TGIF Effect”
Limited Predictive Value
We noticed the VIX ETFs closed Friday at essentially the same levels as they were back in early December. These are linked to time-decay of the underlying… Read more “Limited Predictive Value”
Making Sense of the Nonsensical
Barry Gibb of the Bee Gees once said “all bubbles have a way of bursting or being deflated in the end”. I suppose he would know. With… Read more “Making Sense of the Nonsensical”