Comments on: /NQ QQQ (Nasdaq 100) Initial Swing Target Hit, Bounce Likely

By: Jeff Vandenburgh

Jeff Vandenburgh — Thu, 17 Aug 2023 14:51:33 +0000

In reply to Jeff Vandenburgh. With the US economy as strong as it is (big jump in this mornings Philly Fed Manufacturing numbers, and jobless claims continuing lower), it's hard to imagine the Fed reverses course any time soon. But a bounce in precious metals and tech could be in store for a reversion to the mean trade.

By: Jeff Vandenburgh

Jeff Vandenburgh — Thu, 17 Aug 2023 14:47:24 +0000

In reply to trade0039. GDX will be a good long once the Fed begins cutting interest rates, but when will that be?

By: trade0039

trade0039 — Thu, 17 Aug 2023 14:43:43 +0000

In reply to Jeff Vandenburgh.

You could be right here! looking at the longer term is the way to go!

I am out on both long and short now! I was long yesterday on SOXL got out quickly in the morning and now went long GDX!

Waiting for a good setup to Short the market again by loading FNGD or SOXS

By: Jeff Vandenburgh

Jeff Vandenburgh — Thu, 17 Aug 2023 14:36:10 +0000

In reply to Jeff Vandenburgh. Best not to look at short-term charts. Just look at daily, weekly, monthly and ask if you really want to try and play a bounce to the upside right now. Looking at longer-term, this correction is still just getting started.

By: Jeff Vandenburgh

Jeff Vandenburgh — Thu, 17 Aug 2023 14:32:53 +0000

Just another ugly day for the majority of stocks, as there is no reprieve from surging interest rates and USD.

By: Jeff Vandenburgh

Jeff Vandenburgh — Thu, 17 Aug 2023 14:21:26 +0000

In reply to Jeff Vandenburgh. Just look at the outperformance of DIA over QQQ over the past few weeks. The higher the TNX goes, the better DIA performs over QQQ.

By: Jeff Vandenburgh

Jeff Vandenburgh — Thu, 17 Aug 2023 14:13:59 +0000

The problem with getting long SPY or QQQ is that interest rates are back up at the 2022 highs, and those big tech stocks don’t like higher interest rates. For anyone really serious about putting on some bullish exposure, you may want to play the more value-oriented and economically-sensitive sectors.

By: Jeff Vandenburgh

Jeff Vandenburgh — Thu, 17 Aug 2023 14:00:49 +0000

/ES just could not get above the daily pivot at 4435. The overnight rally once again proved to be a bear-flag. But with the low of the expected move already tested, and lots of open interest down there in SPY and SPX at the 440 and 4400 level, it would behoove market makers to keep price above there going into tomorrow. 50dayMA looming overhead, though, certainly keeps things in Sell The Rip mode until and recaptured.

By: Jeff Vandenburgh

Jeff Vandenburgh — Thu, 17 Aug 2023 13:11:42 +0000

The lower end of /ES weekly expected move was tagged in the overnight at 4409.50. Perhaps it is re-tested during regular trading hours, otherwise the odds somewhat favor that the low holds into Friday.

By: rsotc

rsotc — Thu, 17 Aug 2023 13:02:34 +0000

For QQQ traders, here's my current preferred (solid arrows) and alternative (dotted) scenario, should the Q's regain the 50-day EMA & rally soon. 60-min chart.