Both /NQ & /ES flagged overnight & just recently hit the measured targets of those patterns in the pre-market session with /NQ currently trading on the 8317 support following a brief momo-fueled overshoot with the next sell signal to come on a break below this morning’s low although with the bear flags just hitting their measured targets & both /NQ & /ES trading just above support, at least a little more upside is likely before & possibly after the opening bell today.
NQ 60m Dec 10th
/ES kissed & (so far) reversed off the 3115 support with a backfill of Friday’s gap on SPY. Hard to say how much more upside is left in this bounce although a break below today’s low would likely trigger another leg down.
ES 60m Dec 10th
As expected, QQQ has backfilled Friday’s gap along with an almost perfect backfill of Friday’s gap on SPY. Previous QQQ 1-minute chart from yesterday’s ‘gap backfill’ trade idea posted in the trading room, followed by the updated 5-minute charts of QQQ & SPY showing the post & pre-market trades since yesterday’s close.
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- QQQ 1m Dec 9th
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- QQQ 5m Dec 10th
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- SPY 5m Dec 10th
JO hit the 4th price target (T4 from the previous trade) with a slight momentum-fueled overshoot to close back right around the 41.57ish resistance level. Consider booking partial or full profits and/or raising stops if holding out for additional gains. A tight stop could be set just below the uptrend line/steep rising wedge pattern and/or the 39ish support level.
JO daily Dec 9th close
A break below the minor uptrend line could be the catalyst for a move back down to the bottom of this 60-minute Ascending Broadening Wedge pattern on /KC coffee futures as the negative divergences & overbought conditions continue to build.
KC 60m Dec 10th