Comments on: Stock Futures Testing Resistance

By: Blueberry

Blueberry — Thu, 26 Sep 2019 14:31:38 +0000

In reply to rsotc. Tried again on second reverse to long bounce at 7,741.5. Thanks Randy. Will slowly push up stop in anticipation for a short later. Edit: oh it did bounce near 7,760. I must be using a different chart

By: wilhud

wilhud — Thu, 26 Sep 2019 14:17:51 +0000

SOXS it will be interesting to see if MU can help the descending wedge finally break out https://www.tradingview.com/x/fYJgxbJD/

The data is looking appalling

“South Korea’s exports through the first 20 days of September were down 21.8% yr/yr with exports of semiconductors falling 39.8% yr/yr. Exports to China contracted 29.8% yr/yr.”

By: wilhud

wilhud — Thu, 26 Sep 2019 14:08:12 +0000

Annoyingly QQQ left a gap which presumably must be filled before we can get on with this painful manipulation

By: rsotc

rsotc — Thu, 26 Sep 2019 13:47:26 +0000

Nice, impulsive rejection off the downtrend line with /NQ likely to bounce off the initial tag of the 7760 S level. https://www.screencast.com/t/BhyAuETL

By: rsotc

rsotc — Thu, 26 Sep 2019 13:29:00 +0000

In reply to Nana. Shorting here is not the highest probability trade so consider waiting for a higher-probability sell signal, especially if you are not an active trader. I mentioned in last night's market wrap that I went home mildly short since QQQ & SPY closed at those 60-minute downtrend lines (basically the same ones on these futures charts). We might have some better clues later today after the regular session in underway but as far as shorting for a swing trade, I can't make a strong case to do so right now as the major indexes are still above those key support levels/trendlines on the daily charts.

By: Nana

Nana — Thu, 26 Sep 2019 13:20:11 +0000

@rsotc Is it good idea to get into SHORT here or stay in long position (indexes)..

By: rsotc

rsotc — Thu, 26 Sep 2019 13:16:59 +0000

Well, in hindsight, I should have been more accurate in stating that the indexes, especially with the leader /NQ (as well as /RTY) already at the downtrend line resistance, could start the pullback shortly before or after the market opens. As of now, it looks like the pullback may have started although the volume (and real move) comes in once the opening bell rings so a kiss of that TL by /ES is still possible.