NQ1!, The Boys are not Ready to Sell
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A revised chart with a smaller timeframe to see the action. A weak Globex session ended with a snappy buying from the RTH opening. It was a typical morning when the buyers don't give a chance anybody to get in at a good location :) 15 min later the Algos heard the news and reacted quite strongly shaking out buyers. The herd behavior is their signature. They created a strong momentum and it was not a good time to fade that move. A breakdown of the Globex low offered a short setup. However, in this bullish environment the target is tricky. Better not to overstay.
The reversal came quite quickly. One of my support zones was slightly violated. The overshoot is typical when the momentum is strong. After struggling to go lower the market offered a long setup.
The buyers quickly turned the table and created an upside action completely reversing the move. To be honest I did not anticipate a complete reversal. But the power of momentum should not be underestimated.
From the market perspective nothing has changed. However, the daily candles showing lower highs and lower lows. The price remains in the balance which will be eventually resolved. It feels the buyers are on a mission to tag 7200-7220 level. Tomorrow is the last day of February trading and the buyers are eager to finish it in green.
02/27/2019
The reversal came quite quickly. One of my support zones was slightly violated. The overshoot is typical when the momentum is strong. After struggling to go lower the market offered a long setup.
The buyers quickly turned the table and created an upside action completely reversing the move. To be honest I did not anticipate a complete reversal. But the power of momentum should not be underestimated.
From the market perspective nothing has changed. However, the daily candles showing lower highs and lower lows. The price remains in the balance which will be eventually resolved. It feels the buyers are on a mission to tag 7200-7220 level. Tomorrow is the last day of February trading and the buyers are eager to finish it in green.
02/27/2019
Komen
An inside day with low volume. The range is contracting, a breakout is on the horizon. Both bulls and bears made money today. I only consider longs above Globex low. 02/28/2019
Penafian
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