Seems NQ support has been broken.

Bigbadwolf,

Usually, there will be a steady stream of bond buying 2:00 to 2:30 pm and also around 3:35-3:40 pm. Over the past year I have seen the 10 Year being bought with an abandon. Because the yield above 3% would be critical for the stock market, and hence today’s sell off. Also, they will slam down the VIX towards the close. It is rising today but not yet at 20 (which is when I really have fun trading the markets, above 20). So watch the bonds. Bond buying decreases yields and it is positively correlated to stocks. That’s my simplistic version.

What are some of the signs of FED intervention?

I’ll also add that I think the Fed is fine with seeing some of the hot air come out of this overvalued, overloved stock market as they were finally starting to become concerned about the stock market bubble. I think that one of the biggest floors under market is all the planned share buybacks. I’d imagine a lot of companies have pre-determined levels where they will begin to step in & buy back shares if/when their stock falls to those levels. The big question is where are those levels are & will the forced selling from investors pulling money out of index funds & ETFs overwhelm any share buybacks from the market moving stocks?

Daily charts starting to get ugly with the PPO on SPX & NDX starting to roll over on the backtest of their zero lines from below plus the fact that the buy signals on the intraday charts only played out for a small bounce so far before getting sold into impulsively so just don’t get married to the trade G-luck!