Equity Markets Update

My apologies for the lack of trade ideas & market updates this week. After returning from my 3-day trip/mini-vacation on Sunday night, I had planned to turn my focus back to the markets but I'm still completely preoccupied with wrapping up the final programming customizations & bug-fixes in order to roll out the new trading forum. We hope to have that ready to roll out in the next day or two at which point, I will once again be able to focus on finding new trade ideas and posting any significant market developements.

With that being said, the reversal in the U.S. equity markets today caught my attention so I took a look at the charts and noticed some potentially significant developments. Both the QQQ & IWM have hit the key downtrend lines that I've been highlighted on the 60-minute charts for a while now. Therefore, there is a decent chance that the rally from the late Sept lows ended with today's highs. I want to be clear that I have not had the time to sit down for an in-depth review of the charts since early last week & I might not be able to do so until Thursday of this week.

With that being said, I have now moved from a near-term bullish bias to a near-term & potentially longer-term bearish bias although I am still keeping my positioning light primarily because I am unable to provide my full attention to the markets right now (although this certainly looks like an objective shorting level with stops not too far above today's highs). Additional notes & comments in these 60-minute charts.

Oct 13, 2015 2:53pm|Categories: Equity Market Analysis|Tags: , , , , , |Comments Off on Equity Markets Update