What a nice bearish day, as expected.
It is a very easy day to trade today, as expected. See below the quotes from yesterday:
" But if NASDAQ can not breakout 1800, then a retest of 1770 is possible. In that case, I expect the market will break down 1770, and head to 1750 area, at least."
Once NASDAQ breaks down 1770, it surely will head to 1750 area, at least. Today's close is 1,746.17, nearly 5 points below 1750.
That's the power of chart reading ! it can tell us where is the "sure" money as well as the short term trading opportunities.
Great day ! Really, it is !
More charts analysis later tonight.
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Wish I saw your comment yesterday. Cry! I bot some QLD when NAZ@SMA50, @EMA50, @EMA200, cut all QLD when DJI broke 8200.
ReplyDeleteReally wish to know what other key levels to watch besides 1755 (ema200) and 1665 (May low).
my HT id is 90ufo. I've followed your blog for two months, after I saw your blog link from your comment in sweetTomato's blog. Thanks!
Nice to see my HT friends here. I have not visited HT for a while. Too busy recently. I will continue to post my insight and analysis in the blog. If there are special important updates, I will post them here as soon as possible.
ReplyDeleteI really enjoy sharing my views on the market development as well as knowing people can benefit from the views.
Tiger, so now QQQQ, SPY, IWM are touching the B.Bands lower boundry, do you expect the B.Bands mouth will open up? As the insane rally has lasted about four months amid weak fundamentals, we come back to reality. What does your chart tell you for near/mid term?
ReplyDeleteAnother note, I strongly beleve big MMs got a first look @ Q2 GDP. It must be below the expectation. The beginning of the fall on 07/01 wasn't accidental.
Lobster,I agree the market correction is overdue. That's why I am very careful after I called the local top of 1879.92. As mentioned last night, the year line become very critical now:
ReplyDelete1. IF the year line is successfully break down, then the market will head down very deeply
2. If the year line can not be successfully break down by the bears, then another leg UP is expected. See Nasdaq willtry to test 2000 area.
3. No matter what will happen, ups and downs around the year line is for sure. That's where you can make some money around the year line battle.