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NDX Update

I’ve annotated the charts below.

Click on the charts below to enlarge:
ndxowi591p8u.png
ndx8991234.png

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I expect that vertical trend in the NDX to break and the establishment of a more ‘sustainable uptrend’. This weakness needs to come this week or else this becomes invalid.

My expectation concerning the NDX falls in line with my expectations for the SPX, which is a call for weakness during the early half of Nov before bottoming and rallying late Nov. SPX 1500~ must hold on a closing basis or else we’ll see 1475 or 1450~.

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As an aside, I’m slightly favouring the long side for Monday and I took on a very small long AUD/CHF position at 1.0625.

Update: Promptly stopped out.

Update: Took on a small ES position at 1500.

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ndx234235.png

comp142.png

 

As for the All Ords, it seems 6667 is proving to be one tough nut to crack.  Although I’m bullish intermediate term, I think there’ll be some downside on Monday/Tuesday.

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NDX

Looks like 2112 was reached pretty quickly. This pretty much guarantees that 2136 will be reached soon. (Looks like heavy resistance on the NDX will be sliced through).

(As a side note, it looks like my call for an intermediate top on the All Ords would be negated assuming 6650 is breached convincingly).

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Market Status: NDX

For the new week, NDX looks like it may have the stamina to reach 2112 before a slightly larger pullback. My previous post on the NDX is that it has reached heavy resistance, and my view has not changed. It’s just on the very short term – perhaps lasting into Tuesday or Wednesday, I think we shall see slightly higher prices. If it blasts through 2112, then it should head for 2135 or so.

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Either it pulls back here or blasts to the moon.  Given how extended we are, I’m guessing we pullback.  This is merely a short term bearish stance.

I’ll short the NQ mini december contract accordingly in a little while.  I’m guessing they’ll run the market up into midday before fading into the afternoon.

See NDX chart below.
ndx8234235.png

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Shorted NQU7 @ 1994

Only 1 contract. I should have shorted earlier at 2001 when I had the chance.

Let’s see how I go with this trade.
I should have also bought spot Gold at 692 during Asian trading… 😦 .

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Crazy, I know. But the chart in the last post is telling me to short this sucker. That and the fact that AAPL tanked and will keep the Naz soft in the short term. Looking to short in the 2016-2023 zone in the NQU7. If it can close on an hourly basis above 2026, I’m out.  Low risk short IMHO if I get the opportunity.

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