I’ve decided to close out my /NQ longs here in the pre-market session for a quick 5%+ profit following Monday’s reversal off the lows (QQQ T2) & reversing to short in front of ADP report (at 8:30 am) with re-entry TBD, whether this 24214ish resistance level is taken out this morning or not. /NQ 60-minute chart below.
NQ 60m April 1st
Besides this being pretty decent resistance with /NQ overbought* (*typo edit) in the short-term with a pullback likely, as per yesterday’s video, I think the market has all eyes on the Middle East with the potential for a surprise miss on the ADP employment report.
I also suspect that we could start to see the start of the extremely tight, lock-step inverse correlation between the stock market & crude oil, with the /CL or USO, SCO, etc.. short trade continuing to play out with the stock market possibly pulling back with crude at some point this week and/or next, on potential demand destruction & near-term oversupply worries, especially if the remaining economic reports this week miss expectations.