No more pullback, it looks like NQ especially will outperform for another few days at least. If you look at the 4hr rsi on SPX futures and NQ they were quite low on Thursday night's pullback, so another reset is likely. Watch for economic news and earnings (aapl in 3 days). I will be away most of the week.
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QQQ similar -
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We could see a pullback today but if it happens I expect buyers to step in. If something radically changes I will add a comment (TV doesn't allow updates through it's app for some reason) QQQ may be like this -
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choppy like a B, another push up likely on spy
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they broke down last night after the ending pump, I thought it would continue. We're below a strong support and broke trend - Looks like today "maybe" a down day, but the RSI is already quite low, so an attempt to get back over the resistance line is probable.
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something like this would be common, higher than that and we are going to new highs.
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they are trying to hold onto that suppoprt level, but it doesn't look good for BTD today.
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it's not impusive to the downside and the main trendline stands, one more high like the above idea is still very possible with the mega cap earnings.
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Gap down after the downgrade by Fitch, lost trend right now. www.cnbc.com/2023/08...ay-live-updates.html
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found support at the 18ma overnight (red line). They are out of the channel. Another low is possible, but the RSI is a bit too low for any sort of crash. Closing under the 18ma would be substantial - if it happens.
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the possibility of a short squeeze at open is strong, but it would likely be corrective and a sell at the top.
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no bounce, impulsive for sure. under the 18ma, so it's bearish. Q's are clearest to me. a bounce up overnight or tomorrow and sideways waiting for AAPL would be appropriate, but it could be very ugly the rest of the week after that.
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good morning, 3rd wave should be done. a choppy pop around and up today (probably most on qqq) before one more lower, then a more substantial bounce is likely.
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370-368 should still be the goal for QQQ
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initial reaction after numbers at 830 may be negative but I think it will go higher anyway.
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any pullback (if they come likely gets bought. ABC for 3rd wave underway IMO
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close to an important fib for NQ if this is a 3 of 5, i think it is. AAPL should help sell the market according to this, but let's see what happens later.
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looks like the 5th wave is starting here. keeping stops at todays high in case not
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the rsi is bothering me, so here's an alternate. 4th waves are notoriously choppy and take more time.
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traps all over the place, this is what it looks like - appl down likely for end of B, then pump overnight.
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NQ structure looks possible.
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Good morning, the 4th wave completed last night from what I can see. Choppy and indecisive until it started selling around 5am. Jobs data at 8:30 should get the 5th wave completed today or Monday, then a substantial bounce for a few days is likely. The close may be ugly today but I think it would be a buy.
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an alternate scenario is the 5th wave truncates, in which case the open may start the rally - like so.
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big swings after the numbers. Either we've completed the 1 wave of 5 - in which case the rest of the day will be selling, or we started an A wave. Both are noted below.
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the blue line has rejected the market since we've come down here. getting over it will be significant for bulls, but watch out for false breakouts - pump/dump at open.
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trendline still holding, watch for a surprise rally here. Shorts may get squeezed....
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If they breakdown here, it could be another C wave down before the bigger rally.
