NQ Update 5/15
Updated
I'm all cash so I slept in a bit.
Kinda funny, I drew up this plot yesterday and it bounced off the line so I figure I'd share it. The rally is over if it falls below the bottom trendline. I'm guessing we'll find out for sure on Monday, I bet the market throws a doji today.
I said yesterday that something didn't seem right and stayed out.... glad I did, MU, EWW, EWZ in the red., orobably should have bought some puts on the gap fill but I'm still half asleep, lol.
I keep repeating this because it's important.... my indicator system only works in a bull market. Do not rely on MFI and RSI indicators if the market tanks. I rely mostly on recognizable chart patterns when the market tanks....
CHart pattern is a gap fill then tank. Very bearish (Thanks you Captain Obvious, right?)
Kinda funny, I drew up this plot yesterday and it bounced off the line so I figure I'd share it. The rally is over if it falls below the bottom trendline. I'm guessing we'll find out for sure on Monday, I bet the market throws a doji today.
I said yesterday that something didn't seem right and stayed out.... glad I did, MU, EWW, EWZ in the red., orobably should have bought some puts on the gap fill but I'm still half asleep, lol.
I keep repeating this because it's important.... my indicator system only works in a bull market. Do not rely on MFI and RSI indicators if the market tanks. I rely mostly on recognizable chart patterns when the market tanks....
CHart pattern is a gap fill then tank. Very bearish (Thanks you Captain Obvious, right?)
Note
No trading today, all cash heading into the weekend. Good luck.
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