Comments on: /NQ, /ES, SPY, & QQQ Breakout Levels

By: Blueberry

Blueberry — Mon, 27 Jun 2022 11:49:11 +0000

In reply to rsotc. Thanks Randy

By: rsotc

rsotc — Fri, 24 Jun 2022 13:09:56 +0000

In reply to Blueberry. Certainly possible, just watch those resistance levels just above on /NQ & /ES & don't stay married to a short position if they get taken out with conviction. Here's my updated $FTSE daily chart along with the last one I posted on May 25th. I still think it's headed to that 6840ish level but I've added on more support level before then where the $FTSE is trading now while oversold on the RSI (note what happened following the previous oversold reading).

By: Alan

Alan — Thu, 23 Jun 2022 18:53:05 +0000

In reply to Blueberry. It appears that way but let's see how the day and the week close out. I am cautiously bullish.

By: trade0039

trade0039 — Thu, 23 Jun 2022 17:47:35 +0000

In reply to rsotc. Thanks :)

By: Blueberry

Blueberry — Thu, 23 Jun 2022 16:29:09 +0000

@rsotc NQ looks like it is struggling to punch through 11,700 with each rally. Each rally being sold into. I can't see a decent bear rally soon but more downside. I'd feel more comfortable to stay on the short side than the long side. Yes I understand you talked about risk reward a lot, but if the overall trend and selling pressure points to more downside, why not stay on the short side like you have been hammering on the since last fall and spring? On another note, can you look at FTSE update please? Its tinkering on 7,000 support.

By: jmccallum

jmccallum — Thu, 23 Jun 2022 15:59:07 +0000

I wonder if this bounce is going to materialize. i have a small qqq long position but i’m looking at puts again

Amazing destruction of european banking going on right now

it’s going to hurt somebody

By: rsotc

rsotc — Thu, 23 Jun 2022 15:40:07 +0000

In reply to trade0039. Historically, the transports were a fairly decent leading indicator but I wouldn't read too much into that or any other sector or index under or outperforming at this time for a couple of reasons: 1) This has been a rolling bear market with one sector after another taking rolling over, starting with tech back last fall leading the pack, & then bear market rallies along with way with sector rotation all while the broader market falls. As such, I prefer to factor in what all the sectors look like collectively along with the broad market & market-leading stocks. 2) The Fed has pretty much destroyed the age-old process of "price discovery" with excessive manipulation & intervention into the financial markets, especially since covid hit (along with additional distortions from the fiscal stimulus out of DC). IYT is oversold on the weekly chart & just kissed long-term support/price target on my weekly chart around 205 & as such, I suspect it will mount a decent (multi-week to multi-month) bear market rally from here. Does that mean the bear market is over? No, not IMO.

By: trade0039

trade0039 — Thu, 23 Jun 2022 15:19:27 +0000

Hello Randy!

It’s been a while that I wanted to ask you about the leading indicators. I watch CNBC all the time and seems like most of them believe IWM and DJT are considered leading indicators. What are your thoughts and is there is any that you consider a leading indicator?

Thanks Sujan!