QQQ & NQ futures update

Let's see if that bullish falling wedge on the 60 min NQ chart posted before the market opened today (first chart below) can get some traction & continue to R2 or fails here at R1, well shy of the measured target. The reversal in NQ at the bottom of the wedge earlier today coincided that that reaction of the 116 key support on QQQ. With an just over an hour left in today's trading session, are there enough buyers left in the market to close the markets above today's gaps or will the remaining longs use this technically induced bounce to [...]

Oct 13, 2016 3:02pm|Categories: Equity Market Analysis|Tags: , , |3 Comments

A Mixed Bag of Technicals on the Major Indexes

NQ (Nasdaq 100 emini futures) as well as ES & the the other US stock index futures have confirmed positive divergences in place confirming this falling wedge pattern (bullish) yet we only just recently broke down below key uptrend lines on the daily chart in all major US stock indices. Either these divergences fail to play out in the form of a meaningful rally -OR- the do play out with the most likely scenario being a backtest of the recently broken daily trendlines at higher levels before a lasting reversal & correction in US equities. As the daily time-frames [...]

Oct 13, 2016 9:21am|Categories: Equity Market Analysis|Tags: , , |Comments Off on A Mixed Bag of Technicals on the Major Indexes